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Cbus Property set to develop A$1B office tower in Melbourne

Melbourne-headquartered developer and investor Cbus Property is planning to build a A$1 billion office building in the Australian city, The Australian Financial Review reported, citing company CEO Adrian Pozzo.

The 55-floor development at 435 Bourke St. will comprise a number of plots that were previously intended for residential buildings. Collectively, the sites will yield 64,500 square meters of office area, for which planning control requirements were met, Pozzo was cited by the publication as saying.

Among the sites included in the development is the 150 Queen St. plot that Chip Eng Seng Corp. Ltd. has initially planned to construct its A$350 million Tower Melbourne project on. Chip Eng Seng had to abort the project and refund deposits from sales contracts after a legal dispute that started in 2013. Cbus eventually bought the site for A$55 million from the Singapore-based developer in March.

Another site attached to the Cbus development was acquired from a Bruneian family, the Dec. 21 report added.