Real estate investor and fund manager Cromwell Property Group (ASX:CMW) (Cromwell) has secured a significant lease renewal agreement with a longstanding tenant at its 700 Collins Street  property in Melbourne.  

Metro Trains Melbourne – a major Victorian Government transport partner – has been headquartered  at the property since 2015 and will extend its stay for another five years under the new lease agreement. The business occupies the top four levels of the 17-storey, A-grade tower – totalling more  than 10,500 sqm of floorspace. 

Cromwell Head of Property Operations Tessa Morrison said the lease renewal was negotiated and  signed in a particularly competitive Melbourne commercial office market. "We’re thrilled that Metro  Trains leadership has made the decision to extend their lease at 700 Collins Street," said Ms.  Morrison. "Their commitment reflects the continued attractiveness and demand for our property." 

“Cromwell maintains a positive relationship with its tenant-customers by addressing their office space needs and optimising the workspace for tenants to remain in the building. This mutually beneficial  approach helps tenants avoid relocation costs and business disruptions, while Cromwell maximizes  asset value with no downtime.” 

Situated in a prime location next to Southern Cross Station, 700 Collins Street provides convenient access to public transport, retail, and other amenities along Collins Street and the wider Docklands  Precinct. The Precinct provides good value for tenants making it easier for employees to reach the  workplace. 

Ms. Morrison said Cromwell are actively managing the asset with an upcoming refurbishment and further plant upgrades to enhance operational efficiency. This will ensure that 700 Collins Street  remains not only a well-located asset but also a well-managed one, positioned to retain tenants and  future-proofed for commercial growth and stability.  

“Cromwell has the structure and capability to implement strategies that future-proof the asset while collaborating closely with tenants to align with their objectives. The upcoming upgrades will enhance  operational performance and also improve the building’s sustainability performance, supporting our  goal to have assets under operational control net zero by 2035.” 

“Our exceptional in-house property development, project management, and technical capabilities allow us to identify and deliver value for our tenants. And I think that’s what sets us apart – we have the  breadth of expertise of a large organisation, coupled with a focus to be flexible and provide a  personalised service.”