Trinity College signs up for Elizabeth Street biomedical and education hub
The University of Melbourne’s Trinity College will open a new vertical campus on the former Melford Motors site at the top of Elizabeth Street, committing to 9,500sqm of space within the proposed $750 million biomedical and education development.
The project will span the Melbourne City Toyota dealership at 611-681 Elizabeth Street, owned by PDG Corporation, as well as the adjoining Bob Jane T-Mart site which is held by Jane Property Group.
PDG has lodged plans for a 19-storey tower with 20,000sqm for medical research and development use and a 14,000sqm office and retail building, with the heritage Melford Motors building to be retained. A 20-storey, 17,000sqm tower has been proposed for the Bob Jane property as part of an associated application.
The site is close to the University of Melbourne and the Royal Melbourne Hospital, Royal Women’s Hospital, and Peter MacCallum Cancer Centre, as well as the future site of the Parkville metro tunnel train station.
Swinburne University has just purchased the eight-level Invicta House building on Flinders Lane in the CBD for $45 million, which it will use for a vertical campus.
Dexus confirms 80 Collins Street megadeal: Dexus has acquired the 80 Collins Street commercial complex in the CBD’s east end for $1.476 billion from QIC, marking Melbourne’s biggest-ever property sale.
The development will comprise an existing 52-storey tower, previously known as Nauru House, around which is bring built a 39-storey office tower currently more than 50% leased, and a 300-room hotel and retail complex.
Across Exhibition Street is the combined 52 and 60 Collins Street corner site that Dexus acquired over two separate transactions last year for $230 million, on which it plans to build a 35,000sqm office complex.
Burwood buy expands Poly’s eastern suburbs holding: China-backed Poly Holding has acquired two three-storey Burwood Highway office buildings in Forest Hill on a 2.62ha block for $45.85 million.
Poly Holding now owns around 8.3 hectares of land opposite the Tally Ho Business Park, having last year acquired the Hewlett Packard office campus on a 5.68ha site next door for $88 million.
In the latest deal, 347-351 Burwood Highway sold with around 70% occupation and a 3.4-year WALE. Tenants include NEC.
The combined sites are zoned Commercial 1 the offer potential to bring in medium and high-density residential components.
Council considers city shake-up
In anticipation of daily visitors increasing from 911,000 to 1.4 million within 20 years, Melbourne City Council is considering a raft of options to make the CBD more pedestrian and bike friendly, according to The Age.
Measures to be discussed as part of a 10-year transport plan include closing the city’s “Little” Streets – Little Collins, Little Bourke, Little Lonsdale and Little La Trobe Streets – at different times; a new bridge over the Yarra River linking Collins Street and Fishermans Bend that would create a new route for trams, cyclists and pedestrians; lowering 40km/h speed limits to 30km/h, and ongoing removal of on-street car parking in favour of motorbike parking and expanding foothpaths. Some 30km of new bike lanes is also being considered.
Walking is estimated to account for around 90% of travel within the Hoddle Grid.
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