The Australian - April 11, 2006
The Australian government-controlled Transport Accident Commission has told developers a waterfront precinct known as the 'western wedge' is its preferred location for a 16,000sqm office building and 500 car spaces. TAC will lease back the building for an initial 15 years.
TAC wants to move by the start of 2009, giving developers only until the end of the month to register in a fast-tracked expressions of interest process run by PricewaterhouseCoopers. But with the TAC willing to pay an initial rent of $290 a square metre in a CBD where the current going rate is only $220/sqm, the offer has attracted a Melbourne Cup field, understood to include most major major developers and funds.
The third-party insurance authority is one of Australia's largest, with assets of $7.4 billion and liabilities of $6 billion. Its current head office is in Melbourne at the Allco-owned 222 Exhibition Street, where it occupies about 13,230sqm.
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Tuesday, April 18, 2006
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