Dexus Completes $1.5bn 80 Collins Street

The 38-level office tower standing 216 metres tall at the Paris end of Collins Street, in Melbourne’s CBD, is officially complete.

Multiplex has completed work on the 80 Collins Street tower, now owned by ASX-listed property giant Dexus, which began construction during the first half of 2017.

The Darren Steinberg-led Dexus acquired the asset from QIC Global Real Estate in May last year for $1.5 billion.

The precinct, at the leafy top end of Collins Street, comprises a 38-level office tower spanning up to 43,000sq m of office space and a 255-room hotel.

Major refurbishments also took place to the existing 47 level A-grade office building.

On the tower’s construction, Multiplex’s Graham Cottam said around 7000 tonnes of structural steel and 30,000 cubic metres of concrete was used throughout the build.

“80 Collins Street was an extremely complex build, with the new office tower constructed to cantilever 12 metres over existing buildings on Collins Street,” he said.

“The first time this engineering feat has been achieved on such a scale.”

The building’s design was undertaken by Woods Bagot and Dutch firm UN Studio, on the facades of both the new office tower and hotel.

QIC led the tower to “topping out” stage in August last year.

Charter Hall and Mirvac had also vied for the 80 Collins Street deal in May last year, when Dexus acquired a 75 per cent ownership interest and Dexus Wholesale Property Fund (DWPF) acquired the remaining 25 per cent interest for a total acquisition price of $1.47 billion.

In Sydney, Multiplex has completed the first stage of 388 George Street, handing over the first stage of the $200 million redevelopment—a 28-storey tower—to Brookfield Properties and Investa Property Group.