Melbourne

Leasing debut for Melbourne's first Cross Laminated Timber office building

The first Cross Laminated Timber (CLT) office building approved in Melbourne has hit the leasing market in a move tipped to generate significant interest.

04 Jul 2018

The first Cross Laminated Timber (CLT) office building approved in Melbourne has hit the leasing market in a move tipped to generate significant interest.

WOODWORK, on Waterfront Way in the newly revitalised The District Docklands, has Planning Permit approval for a ground floor lobby, retail space and four large upper levels that can be interlinked to create functional, open plan space of almost 8,000sqm. 

Owner AsheMorgan has appointed CBRE’s Anthony Park and Scott McGlone in conjunction with Colliers’ Michael Darvell and Matt Cosgrave to steer the marketing.

WOODWORK is comprised of 80% CLT, an efficient prefabricated mass timber building method which has a far lower carbon footprint than other building materials. Its natural insulation moderates the internal climate within the building and all timber is sourced from sustainable forests.

“This is a unique building, which has 5.5-star NABERS and Green Star ratings due to the use of CLT, which has the structural strength of traditional concrete and steel but dramatically reduces the building’s environmental impact,” Mr Park said.

WOODWORK is part of the next phase of the $250m revitalisation of AsheMorgan’s The District, Docklands.

Also in the wings, and due to roll out in September 2018, is a new entertainment offering at The District. This will include a state-of-the-art Hoyts cinema complex, complemented by Archie Brothers Cirque Electriq (the company behind Strike tenpin bowling and mini-golf venue Holey Moley), as well as Asian hawker-style restaurant 8Street and the Urban Alley Brewery.  

This entertainment offering will be followed by The Market fresh food precinct, a 3,800sqm full-line Woolworths supermarket, complemented by Dan Murphy’s, a large scale Asian grocer and Priceline Pharmacy – all due to open in mid-2019.

Marriot Hotels is also building a 5-star, 200-room hotel at the site, which is anticipated to open in 2020. AsheMorgan is meanwhile progressing master-planning for an additional 200,000sqm of commercial office space.

Ahead of that, leasing has commenced for WOODWORK – a project easily accessible by car, tram, train and bus and serviced by a Skybus stop right outside The District Docklands’ front door.

AsheMorgan is also progressing a proposal to connect the precinct with West Melbourne train station, the Arden McCauley precinct, E-Gate and the new North Melbourne Metro Station.

The development benefits from 24/7 access to quality end-of-trip facilities within the building and significant retail and entertainment amenity for employees, hotels, medical and transport facilities and 2,400 car parks nearby. Mr Cosgrave said the precinct would offer a “one-stop shop” for tenants.

“The modern tenant is looking for a precinct as opposed to just an office building these days,” Mr Cosgrave said. “WOODWORK is one of the few offerings in the current Melbourne commercial market that has it all.

“The commercial landscape is changing and we are seeing a new focus from tenants. Landlords who create ‘destinations’, offering a wide range of facilities and services in one place, will find their property highly sought after.”

Michael Moss of AsheMorgan confirmed; “Our vision for WOODWORK is to create a commercial A-grade building designed with wellness in mind. We wanted to deliver open floor plans with exposed timber and high ceilings that promises comfort, quality and abundant natural light, with the possibility of natural ventilation and an energy efficient, low-temperature variable air volume system.”

Mr Park said AsheMorgan was looking for a tenant to pre-commit to at least 50% of the floor area with the remainder to either be separated or taken by another major tenant. Construction will take approximately 18 months, with the opportunity for an integrated tenant fitout.
 
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CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at https://www.cbre.com.