CAN: 20-22 Currie St | 123m | 31lvls | Office

[ghs]

It all comes down to $$$.

CC8 would have been cheaper to rent for the ATO since its not as extravagant as this proposal.

[Ben]

Just to confirm this development isn't dead. There was an extension of time granted earlier this year which doesn't expire till February 2011.

is that merely a technicality though or is there actually a legit chance that this development will come to life again?

That's what I want to know too because I don't understand how they couldn't secure a tennant and yet CC8 quite quickly secured the ATO as a tennant for 3,000 (I think it was) employees? It's not like they were beaten to it by the CC8 developers, this proposal was approved a while ago now. Is it that even that kind of a pre-commitment still isn't enough for this development and the cost of the building requires an even larger tennant?

it's a number of things. Yes the rent was no doubt high, but today companies want larger floor plates. Basically CC8 has the same floor space but in 11 less levels.

[Benski81]

Understood. So that probably answers the previous question then as to whether or not it's likely this project will be revived. Unlikely in its current format because it isn't designed to meet market demand and is cost prohibitive.