23 Jun 2023

Cbus Property welcomes Commonwealth Bank to 435 Bourke Street, Melbourne, as CBA commits to 15,000 square metres in $1 billion next-generation office tower

JUNE 2023

The Commonwealth Bank of Australia (CBA) has committed to leasing approximately 15,000 square metres of office space at national award-winning integrated property investor and developer Cbus Property’s latest commercial development, 435 Bourke Street, in Melbourne’s CBD.

CBA has signed an Agreement for Lease for an integrated fitout across levels one to eight in the $1 billion next-generation office tower on the corner of Bourke and Queen streets, which is currently under construction and anticipated for completion in 2026.

Cbus Property’s Chief Executive Officer, Adrian Pozzo, said the wholly owned subsidiary of Cbus was delighted to welcome CBA to 435 Bourke Street.

“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,” Mr Pozzo said.

“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.

“Understanding CBA’s high environmental, social and governance aspirations has resulted in discussions that directly contribute to a building that holistically meets these objectives. 435 Bourke’s focus on sustainability, nature, wellness and connection to the community aligns with what CBA is looking for in a workplace. We are looking forward to developing this landmark project for Melbourne and for CBA.”

CBA’s Executive General Manager for Group Corporate Services, Jennifer Saiz, said, “CBA is committed to providing our people with innovative workplaces that inspire them to deliver the best possible experiences for our customers and communities”.

“435 Bourke Street, located on the same block as CommBank’s flagship 385 Bourke Street branch, will bring our Melbourne teams together in an atrium-style workplace that focuses on being highly efficient, fully electric and targeting embodied carbon reductions.”

Mr Pozzo echoed this sentiment, saying 435 Bourke Street’s state-of-the-art services and technology would underpin CBA’s aspirations for its employees and connection to the workplace.

“Our acute awareness of the need to deliver an exceptional user experience to support CBA and our other future customers means we are also focused on the social value of the places we deliver,” he said.

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” facade.

Amalgamating four addresses on the corner of Bourke and Queen streets – 140 and 150 Queen Street, 27 McKillop Street and 423 Bourke Street – the new commercial precinct will optimise the sites’ potential and reinvigorate the Hoddle Grid as a “vertical village” for more than 5,500 city workers.

435 Bourke Street will comprise approximately 60,000 square metres of premium office space across 48 levels, 1,300 square metres of retail space and 116 car parks, as well as a sky garden accessible to all tenants. Several landscaped open-air or mixed-mode terraces will capture 360-degree views across Melbourne from the top six levels.

“In direct response to evolving customer requirements, we have worked diligently with CBA and Bates Smart to ensure the design of 435 Bourke Street is future ready,” Mr Pozzo said.

“435 Bourke’s industry-defining sky garden, ground plane and mixed-mode terraces will set an incredible new benchmark for diverse and naturally ventilated extensions of traditional workspaces.

“Contributing to this new idea of a vertical campus in the heart of Melbourne’s CBD with atrium-style physical and visual connectivity, 435 Bourke will meet customer demand for a holistic and collaborative work-life approach as a truly world’s-best-practice office tower.”

In line with Cbus Property’s commitment to net zero carbon (in operation) across its office portfolio, which was achieved in early 2022, 435 Bourke Street is also designed to achieve net zero carbon (in operation), with 20 per cent of its all-electric base building electricity requirements generated on site by its solar skin design. The balance of the building will be powered by off-site renewable electricity.

Cbus Property is also targeting more than a 30 per cent reduction in embodied carbon throughout the construction phase, as well as a 6 Star Green Star New Buildings rating and a Platinum WELL certified rating.

Approximately 3,500 jobs are anticipated to be created on site throughout the construction journey, with up to 300 workers on site each day during the peak construction period. Completion is anticipated for 2026.

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