Client News

Cromwell Signs Metro Trains Melbourne

Metro TrainsLeading property trust and funds manager Cromwell Property Group is pleased to announce that Melbourne train provider Metro Trains has signed an agreement to lease three floors at its 700 Collins Street office tower. The 10-year lease with five-year option covers approximately 7,577 sqm of office space and 56 carparks and will take effect from 1 March 2015. Cromwell Director of Leasing Bobby Binning said the leasing agreement was further evidence of the success of Cromwell’s program to reposition the building. “Cromwell has a philosophy of actively managing our assets to enhance their value and the refurbishment of 700 Collins Street is a good example of this,” Mr Binning said. The refurbishment is expected to be completed in March 2015 and will see the large entry foyer modernised to the design of Nettleton Tribe Architects. The building amenity has also been improved with the addition of an Active Tenant Facility providing tenants with secure bike and shower facilities on levels 2 & 3 along with an upgrade to the indoor/outdoor cafe on Collins Street which will integrate seamlessly with the new foyer. The building already achieves a 4.5 Star NABERS Energy rating and 4 Star NABERS Water rating. “We are pleased that our efforts have helped to attract a tenant of the quality of Metro Trains.” Mr Binning said. 700 Collins Street is an A-Grade, 17-level office tower, acquired by Cromwell in 2004 and is located at the gateway to the Docklands Precinct at the western end of the Melbourne CBD next to Spencer Street Railway Station. It features impressive large floor plates, uninterrupted views and direct access to the city. Metro Trains Melbourne is the franchise operator of the suburban railway network of Melbourne. Metro Trains Melbourne is a joint venture between Hong Kong based MTR Corporation, John Holland Group and UGL Rail. Cromwell Property Group is in the S&P/ASX 200, has a property portfolio valued at $2.3 billion and a thriving funds management business with $1.3 billion of assets under management. ENDS.