Developer Time & Place believes a shortage of suitable office space for small companies in the CBD will drive demand for its Hotel Lindrum office tower.
The tower will rise above the Hotel Lindrum site on Flinders StreetPlace believes the Melbourne CBD office market will be a much more “positive” story in three years – especially for boutique buildings – and has lodged plans to build a 30-storey commercial tower on the famous Hotel Lindrum site at the “Paris End” of the city.
“You don’t get many pre-commitments with 400sq m floor plates, and the number of pre-commitments in the metro market generally is reducing,” he said. “We’re at a moment in time where there are lots of conversations about cap rates, values and the longer-term place of offices in our working world. But we believe this project stands aside from all that,” Mr Price said.He added that the grandeur associated with the building, its colourful history and views of the Yarra, Botanic Gardens, arts and sporting precincts in the new tower would all be appealing to prospective tenants.
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