385 Bourke Street, Melbourne is an A-Grade office tower located in the heart of Melbourne’s CBD and perched above Galleria, two floors of retail and food court dining.
- Acquired in April 2014 by Dexus and the Dexus Office Partner, Dexus identified the potential to reposition the property to broaden the appeal to customers and improve occupancy including:
- Upgrading the end of trip facilities, remixed the retail offer, and refurbished the ground floor lobby and on-floor lobbies
- Diversifying the office space offer to appeal to a wider cross section of occupiers across full, multi floors, part floors and fitted suites
- Launching Dexus Place, a meeting room, training and event facility to provide flexibility for customers
- Dexus successfully attracted a diverse range of customers, achieving:
- Increased occupancy from 74% as at April 2014 to 98% as at 30 June 2017
- Improved WALE from 2.8 years as at April 2014 to 5.5 years as at 30 June 2017
- A valuation uplift of $195 million1 since acquisition
1. Includes fair value alignment.
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