Contributing to economic prosperity and sustainable urban development across Australia's key cities
Our capacity to create value is tightly linked to the overall growth and prosperity of the cities where we operate.
One of the key megatrends impacting our business model is the continued growth of cities and urban densification. There is a mutual relationship between these growth drivers and the role that Dexus can, and does, play in shaping our cities for the future as desirable places to live, work and play. This is consistent with our strategy which is centred on delivering superior returns from high quality real estate located in Australia’s major cities.
The Leading Cities objective of our Sustainability Approach involves developing world-class office buildings that deliver customer-focused, sustainable workplaces and which enhance the amenity and vibrancy of central business districts (CBDs).
The location of our properties across key Australian CBDs means that their function is closely linked to the broader services, infrastructure and amenity provided by the city as a whole. For this reason, our success is tightly linked to the success of Australia’s major cities.
Cities deliver economic prosperity through enhancing opportunities for collaboration and supporting the exchange of knowledge and ideas. We contribute to this prosperity through the delivery and management of world class buildings that attract high calibre customers whose businesses support local, regional and national economies. We expand our reach and engage local communities through collaboration with authorities and industry associations, and work together with peers and other stakeholders to share insights and lift urban development standards.
Adding value for Leading Cities - FY20 Performance
Dexus office portfolio occupancy
Gross value added to the Australian economy from completed developments
Construction jobs supported
Group development pIpeline
Future focus for Leading Cities
We will continue to showcase sustainable urban development and generate economic impact to support our Leading Cities objective. Commitments guiding us in FY22 and beyond include:
- Maintain office portfolio occupancy above the Property Council of Australia market average
- Progress city-shaping precinct projects in Sydney, Brisbane, Melbourne, Perth and Adelaide that improve the amenity and vibrancy of Australia's CBD's
Grow industrial precincts by more than 200,000 square metres to meet the demand for high quality, highly accessible logistics facilities across the east coast of Australia
- Contribute to economic growth through the generation of employment and contribution to GVA from development projects
Expanding our Melbourne footprint
Dexus expanded its footprint in the core of the Melbourne CBD through establishing a new joint venture with a third party capital partner to acquire an iconic office building, progressing developments and attracting new customers, enhancing and embedding future value for investors.
In FY20, Dexus established a new Joint Venture with GIC that acquired a 50% interest in Rialto Towers at 525 Collins Street in Melbourne. Rialto Towers is a prime-grade, 55 storey building and is one of the largest office buildings in Melbourne’s CBD.
The property is expected to benefit from the positive supply-demand dynamics of Melbourne’s office market over the long term. The ‘Paris end’ of the Melbourne CBD is a prominent precinct of the city, with Dexus progressing key city projects at 80 Collins Street.