Dexus has shelved plans for a 43,200-square-metre office tower on the site of the former Reserve Bank of Australia in Melbourne’s Collins Street as higher interest rates and soaring construction costs hit the return profile needed to attract investors to the project.
ASX-listed Dexus secured approval in 2019 for a 39-level tower on the combined 52 and 60 Collins Street sites it bought for a total $230 million a year earlier, at the top of the market, a project that has since then been part of its uncommitted development pipeline.
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