Biomedical hub slated for Bob Jane T-Mart site
A proposed biomedical precinct on the edge of the Melbourne CBD is gathering momentum with planning approval for a $250 million office tower on the Bob Jane T-Mart site at the northern gateway into the city.
The approval of the 18-level building is the final piece in a broader, privately led proposal which spans an entire block at the northern end of Elizabeth Street, from Queensberry Street to the Haymarket intersection.
The ambitious scheme is spread across two major land holdings: the Toyota dealership, which incorporates the historic Melford Motors building and is controlled by developer PDG Corporation, and next to it the smaller Bob Jane site, which is held by the Jane Property Group.
Development work at the Toyota site is already under way, which will include blood products giant CSL’s new corporate headquarters and laboratories within a $1 billion research and education project.
The two towers planned for the PDG-controlled land are close to fully committed, with Toyota itself taking 15,000 square metres and the University of Melbourne’s Trinity College committing to almost 10,000sq m for educational space.
Attention has turned to the separately owned Bob Jane site, with the city council giving its approval for a 17,000sq m tower.
“We look forward to delivering a state-of-the-art building that further enhances Melbourne’s international reputation in the biomedical and education field,” a spokesman for the Jane Property Group said.
Tenants are already circling the freshly approved third tower in the precinct, according to Colliers International agents Edward Knowles and Michael Darvell, who are handling leasing for the building.
“We are targeting biomedical and state government occupiers with interest already from two tenants in the 5000sq m range,” Mr Knowles said.
Next door, the massive commitment from CSL has galvanised the proposed development, which will form a link between the CBD’s northern end and the existing Parkville biomedical precinct which includes the University of Melbourne, several hospitals and top research facilities such as the Doherty Institute for Infectious Disease.
ASX-listed CSL has a flu and anti-venom manufacturing facility on the far side of Parkville, while the creation of purpose-built labs at the new site represents a major investment in its capacity to commercialise new products.
