$1.5 billion Collins Street project approved

24 April 2020, Written by Business News Australia

$1.5 billion Collins Street project approved

A major $1.5 billion office tower project on Collins Street in Melbourne has received development approval, putting the build on track for completion by late 2022.

The office development, to be built at 555 Collins Street, will comprise 84,000 square metres of office space and 2,300 square metres of retail space across two stages.

Uniquely, the building will have three street frontages on the corner of Collins and King Street, creating a new precinct in the popular midtown zone.

555 Collins Street will be brought to life by property developer and landowner Charter Hall and architecture firms Cox Architecture and Gensler.

The first tower on the site will comprise approximately 50,000 square metres across 34 levels, and will accommodate up to 5,000 CBD workers when completed.

The development's ground plane has been curated to complement the existing amenity of the CBD site and will include a 'Market Hall' and amphitheatre for tenant activations and events.

The ground level retail offering will provide convenience retail, including allied health services and a range of food and beverage options.

Charter Hall also intends to develop a series of "new connections" throughout the site to create a Melbourne laneway experience.

According to Charter Hall's regional development director Simon Stockfield, the Collins Street development will draw upon the developer's expertise in forward thinking, tech-ready builds.

"To deliver this world-class project at 555 Collins Street, we have brought together a globally connected and best-in-class team, leveraging and building on Charter Hall's depth of experience in creating premium grade, technology enabled workplaces, such as the Wesley Place Precinct in Lonsdale Street and the recently completed GPO Exchange building in the Adelaide CBD," says Stockfield.

"The result will be a workplace environment like no other, that puts the user experience first at all touchpoints throughout the building. Being both the developer and long-term owner allows us the unique opportunity to closely engage with our tenant customers on a regular basis to understand their evolving needs and expectations. By putting them at the centre and encouraging an active partnership model, greater community, innovation and a better workday is ultimately created."

An artist's impression of the proposed interior of 555 Collins Street

The building's façade and sculptural form design will combine scale, light and rhythm, with the crystalline tower lighting up the city skyline at night.

The stepped building form will also create a series of outdoor terraces designed to better connect occupants with the outdoors and environment around them, while taking in the city skyline views.

Demolition of the site at 555 Collins Street is currently well progressed and is to be completed imminently, with construction of the first building expected to commence in mid-2020. Completion of the first stage is targeted for late 2022.

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Author: Business News Australia

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