Deal Profile | Gadens advises Cbus Property as it welcomes CBA to $1bn ‘next-generation’ development – 435 Bourke Street, Melbourne

Gadens has acted for leading national integrated property investor and developer, Cbus Property, in relation to the preparation and negotiation of lease and development agreements in connection with the Commonwealth Bank of Australia (CBA) leasing approximately 15,000sqm of office space at Cbus Property’s latest commercial development, 435 Bourke Street, in Melbourne’s CBD. The $1bn development is currently under construction and anticipated for completion in 2026.

CBA last week committed to leasing office space across levels one to eight of 435 Bourke Street, located on the same block as CBA’s flagship 385 Bourke Street branch.

435 Bourke Street will comprise approximately 60,000sqm of premium office space across 48 levels, 1,300sqm of retail space, 116 carparking spaces and will capture 360-degree views across Melbourne from the top six levels. It is expected the new commercial precinct at the corners of Bourke and Queen streets will provide office space to more than 5,500 city workers. Architecturally designed by the internationally acclaimed Bates Smart, 435 Bourke Street will set a new benchmark for sustainable office development and design, being one of the first office towers in the world to feature a ‘solar skin’ façade.

Andrew Kennedy, Partner, commented:

“435 Bourke Street represents a cutting-edge commercial development and a landmark project for Melbourne’s CBD. We are pleased to support Cbus Property in relation to the leasing negotiations and agreements with CBA. I consider that this project will bring some much-needed confidence to Melbourne’s office development market.

“It is exciting to see the project progress to the next phase. We look forward to continuing to work closely with Cbus Property as the development moves toward completion.”

Adrian Pozzo, Cbus Property’s Chief Executive Officer, said:

“Our vision is to create another world-class commercial building that represents Cbus Property’s leadership in resilient and sustainable people-centric development, while enabling a diversity of experiences and working environments that respond and adapt to dynamic and evolving customer requirements.

 “435 Bourke is a pioneer project for the city, responding to a future Melbourne workforce and delivering on all of CBA’s requirements for a broad diversity of workspaces, sustainable design and premium on-site and surrounding amenity.”

Practice groups: Real Estate and Construction

Key team members: Gadens Partner Andrew Kennedy in the Real Estate and Construction Group led on the leasing negotiation and agreements, supported by Rachel Yard (Senior Associate). Daniel Middleton (Partner) and the Construction Team are providing ongoing advice in relation to the Building Contract, consultancy agreements and other development aspects of the development.