NAB consolidates at Docklands
THE National Australia Bank is securing its future staffing plans with the consolidation of six offices across the Melbourne central business district into its new six-star property at 700 Bourke Street.
By midyear, it will have the bulk of its staff in the three locations in Bourke Street. The new building, 14 storeys and 63,000 square metres, was developed by the owner, Cbus Property.
It has one of the largest floor plates of a building across the country at 5000 square metres and will accommodate the latest in activity-based workplace formats. It was designed by Woods Bagot.
NAB recently extended its lease at 800-810 Bourke Street, Docklands, until 2027 with the owner of that asset, GPT's wholesale office fund.
The head of commercial property at NAB, Monica Klyscz, said the plan to consolidate the businesses into the Docklands area was an indication that the banking sector remained a force in all capital cities.
"We went to the market with three properties shortlisted but the convenience and location of the Docklands precinct to transport for our staff was the key attraction," she said. "And being next to our headquarters gives us a very flexible footprint."
NAB is also undertaking a refurbishment of Campus MLC at North Sydney.
In the Property Council of Australia's office market report for the six months to January, Sydney's CBD vacancy rate fell from 8.l per cent to 7.2 per cent.
In contrast, Melbourne's rose from 5.6 per cent to 6.9 per cent, its highest in six years.
The national director of CBD leasing at Knight Frank, Hamish Sutherland, said the figures were in line with expectations, the Melbourne CBD market affected by consolidations in the public and finance sectors.