- Rustica signs lease at Queens and Collins redevelopment
- GPT Group purchased the buildings back in 2016
- Project expects to welcome people in August
The latest lessee to sign with GPT Group‘s (ASX: GPT) Queen and Collins development in Melbourne CBD is Rustica.
GPT Wholesale Office Fund (GWOF) purchased 100 Queen Street tower and associated heritage buildings, for $274.5 million back in 2016, allowing existing leases to expire before commencing extensive refurbishments.
Then the global headquarters of ANZ, their major lease expired a year ago on 30 June 2019.
35 levels of A-grade offices
Previously known as ‘100 Queen Street’, Queen and Collins comprises a 35 level A-Grade office tower flanked by three integrated heritage buildings known as 380 Collins Street (five-level former Stock Exchange Building), 90 Queen Street (seven-level Safe Deposit Building) and 388 Collins Street (five-level ANZ Branch Building).
Rustica will take up position as the flagship café in the development, located next to the main Queen & Collins tower entrance.
Currently in the process of fitting out the 163.5 square metre space, the project expects to open up in August.
The redevelopment also touted enhanced building connectivity, with the creation of semi open-air laneways, courtyards and intimate squares referred to as ‘Campiellos’.
A campiello is also known as a ‘little square’, such as those commonly found in Venice, Italy.
Filling the remaining spots in the building may be a challenge as office occupancies for Melbourne have remained low for some time. While occupancies did recover from 27% in February this year to 45% in May, the most recent lockdown will have an impact, although what that impact will be, simply can’t be estimated yet.
There is light at the end of the tunnel, Fitzroy’s James Lockwood said the commitment from Rustica “… is a huge vote of confidence for the future of the CBD.”
Fellow lease negotiator Rick Berry said the market is looking for character buildings and fit-outs “that provide something unique not just for employees within the building, but all city workers, visitors and Melburnians.”