NAB to stay put until 2027
The deal includes plans for the bank to have a second premises at 700 Bourke Street, next to Etihad Stadium, which is being developed by industry superannuation fund Cbus.
NAB was one of the first big corporate players to set up in Docklands, moving into the colourful low-rise office tower in 2004.
Other corporate players, including ANZ and Myer, later followed with their own headquarters.
Under the deal with landlord, GPT Group's GPT Wholesale Office Fund, NAB will lease 60,000 square metres for 11 years to 2027. The rent was not disclosed but agents said it was "competitive". Average yearly rents in the area start at about $600 per square metre.
The lease agreement was managed directly between GPT and NAB by GPT's national director of leasing - office, logistics and business parks, Luke Briscoe.
NAB's general manager of property, Trevor Moore, said the decision to extend the tenancy was part of the bank's wider commitment to Bourke Street and Docklands.
"When NAB came together with GPT 10 years ago, this building was the first commercial development in the precinct," Mr Moore said.
"NAB is very pleased to cement our position in Docklands and we're excited to soon open a second site," he said.
The latest Property Council of Australia office data shows the Melbourne CBD has a vacancy rate of 5.6 per cent, the lowest on the eastern seaboard.
Frequently Asked Questions about this Article…
National Australia Bank (NAB) announced it will extend its tenancy at its 800 Bourke Street Docklands headquarters, signing a lease to remain there for 11 more years (to 2027).
Under the deal NAB will lease about 60,000 square metres of office space at 800 Bourke Street.
Yes. The deal includes plans for NAB to have a second premises at 700 Bourke Street, next to Etihad Stadium.
The landlord is GPT Group’s GPT Wholesale Office Fund, and the lease was managed directly between GPT and NAB by Luke Briscoe, GPT’s national director of leasing for office, logistics and business parks.
Rent for the NAB lease was not disclosed; agents described it as “competitive.” The article notes average yearly rents in the Docklands area start at about $600 per square metre.
The 700 Bourke Street site is being developed by Cbus, which is an industry superannuation fund acting as the project developer.
NAB was one of the first major corporates to move into Docklands when it moved into the 800 Bourke Street tower in 2004. Other large corporates such as ANZ and Myer later followed with their headquarters in the precinct.
The article cites Property Council of Australia data showing the Melbourne CBD has a vacancy rate of 5.6%, the lowest on the eastern seaboard. That low vacancy provides context for NAB’s decision to cement its position in Docklands and is a key metric investors often watch when assessing commercial property demand.
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