Melbourne newspaper building enters a new age

Axiom and Industry Superannuation Property Trust have settled the purchase of The Age's Melbourne headquarters at 250 Spencer Street for $66.1 million.

The Age will relocate to a new building, called Media House, which is expected to be complete by mid-2009. In the meantime, the newspaper will lease back all of the buildings on the current property at 250 Spencer Street for the remaining three years, providing Axiom and ISPT with surplus income whilst master planning the redevelopment.

"We think this is an opportunity to accommodate major office tenants and apartments dwellers with environmentally sustainable space in a village atmosphere with all of the transport access and retail conveniences everybody wants," said Ben Laurance, managing director of Axiom.

"The size, prominence and location of this site will enable partners to transform this site from The Age site to a New Age site."

Got a view on this story? Drop us a line and let us know