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Office development may go ahead without precommitment

Property Markets / Planning, Zoning, Infrastructure

Australia / Melbourne

Mar 19 2018

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With Melbourne’s office market in high demand, Poly Australia is expected to develop a Docklands office building without precommitment from a major tenant. 

The Chinese-backed developer is now seeking an anchor tenant for the project,  which will span about 31,500sq m of office space.

Poly Victoria executive director Steve Wang told The Australia that should the group secure an anchor tenant, it would be able to modify the specs of the building based on the tenant’s requirements and needs.

However construction is due to commence in late 2018, regardless. 

Mr Wang said the decision to move away from residential was due to concerns about a large pipeline of apartments planned for inner city Melbourne, along with the appealing condition of the office market, with a vacancy rate below 5 per cent. 

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