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720 Bourke Street (Medibank Place) Ground Plane Strategy

Client: CBUS Property

Services: Asset Management Support and Strategic Advisory- Non-office uses, vision strategy, design briefs and commercial analysis

Year: 2023-24

BellRinger was engaged by CBUS Property to provide asset and strategic advisory services for 720 Bourke Street in Melbourne’s Docklands precinct. With Medibank occupying 80% of the building and facing significant post-COVID impacts, occupancy levels had dropped to circa 30% of pre-COVID levels impacting building vibrancy, viability of ground plane retail operators, and impacting the buildings desirability as a place to work. With Medibank’s lease expiring in late 2024, there was an urgent need to enhance the building’s appeal for prospective tenants through updated non-office uses and experiences.

In collaboration with Place Narrative & Research and working with Oculus landscape Architect, and Craig Tan Architects BellRinger prepared a comprehensive vision and strategy for the ground plane. Extensive research into current workers’ work place needs, emotional drivers and other data informed our approach to a revised strategy to make 720 Bourke a more attractive destination. The updated vision considered various workspaces, amenities, and experiences for each sub-precinct, resulting in a detailed project and design brief.

Additionally, we provided commercial advice on local retail competition, indicative income, and lease terms to inform CBUS’s asset strategy, ensuring a holistic and competitive approach to revitalising 720 Bourke Street.

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