Cbus Property sets September launch for Collins Street landmark Read more: http://www.afr.com/real-estate/cbus-property-sets-september-launch-for-collins-street-landmark-20160627-gpsns5#ixzz4D2qxHlDL Follow us: @FinancialReview on Twitter | financialreview on Facebook

Super fund developer Cbus Property will begin work in September on its landmark $1.25 billion Collins Street project after confirming top tier legal firm King & Wood Mallesons as its first anchor tenant.

The legal eagles, now perched at AMP Capital's 600 Bourke Street, will take up 8300 square metres from levels 23 to 27.

That tenancy will account for around 20 per cent of the development's 49,000 square metres of commercial space, which also includes premium apartments and a hotel.

"We'll start with a 20 per cent pre-commitment in September. Slowly but surely other tenants will come," chief executive Adrian Pozzo told The Australian Financial Review during an on-site interview.

But what Mr Pozzo did not reveal is that his team are already set to secure the next tenant, rival law firm MinterEllison, which could take up as much as 10,000 square metres.

Designed by Woods Bagot and New York-based SHoP Architects, the new building has generated considerable attention already, with an innovative sky bridge linking the two towers.

'Perfect fit'

That buzz, along with the vibrancy of a hotel and apartment project, certainly won over King & Wood Mallesons Melbourne partner in charge Jonathan Oldham.

"It's a landmark development. Architecturally it's going to be one of the most interesting buildings in the CBD. We want to be part of that," he said.

"It's consistent with our brand, which is about looking to the future and innovation. It's a perfect fit."

It is hoped the 42-storey project will become Melbourne's first WELL-rated commercial building when it's completed in 2019.

That's another important factor for Mr Oldham and his staff, along with the building facilities and the space they work in.

"They spend a lot of time in the office and we'd like them to enjoy their surrounds," Mr Oldham said.

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"Staff retention is a big business issue at the moment. It's not just facilities but the whole offering. That's something I think we'll deliver on."

It has been a long saga for Cbus Property, which acquired the vast 6000 sq m island site in 2013 for $100 million from ISPT, which retains a right to buy back into the project.

Mr Pozzo and his team had three attempts to win approval. A 100-storey tower was rejected by former planning minister Matthew Guy in October 2014 and then a 47-storey concept knocked back earlier this year.

Public space key

A key component of the project is the 2000 sq m of public space created around the towers, which may eventually be expanded with the partial closure of an adjoining street.

Brookfield Multiplex will begin excavating six storeys down in September. It may take a year before the new tower emerges above the ground.

It will include 205 luxury apartments – to be known as Collins Arch – and a 294-room hotel. Cbus Property is currently sifting through bids from investors and operators of the hotel.

Colliers International's Andrew Beasley said there is strong interest in the remaining commercial space: "We anticipate being able to announce further details over the course of the next few weeks."

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