Cbus Property is set to kick off construction on arguably its two most prized Melbourne developments.
447 Collins Street has landed builder Brookfield Multiplex in an early contractor involvement role, with works to begin during September. Usurping 447 Collins Street with an August construction start will be Classic East Melbourne, with the ultra high-end residential development looking to take advantage of strong demand for luxury apartment living.
Prompting 447 Collins Street's move to construction is news that law firm King & Wood Mallesons will anchor the commercial aspect of the development by taking 8,300sqm or 20% of the 49,000sqm of leasable commercial space available.
The development team will push for the project to become Melbourne's first WELL Building Standard-rated commercial tower. A WELL rating pertains to a given building's built environment health with behavior, operations and design taken into account. With a 2019 completion date set, King & Wood Mallesons staff will be among the many white collar workers within 447 Collins Street which will also sport extensive end of trip facilities.
With 447 Collins Street locked into construction Cbus Property and agent Colliers International will focus on leasing the balance of commercial space still available, whilst also preparing to launch the residential aspect of the project which will be known as Collins Arch. Marketing for the 205 luxury apartments will begin during September.
Meanwhile construction works are to commence next month on Cbus Property's Classic East Melbourne apartment project. The ultra-luxury development valued at $160 million is a joint venture with global property player Brookfield, finally realising plans to develop sites either side of the Pullman Hotel on East Melbourne's Wellington Parade.
Brookfield's entry into the Melbourne apartment market follows on from its acquisition of Thakral Holdings which initiated plans to develop the land holding the best part of a decade ago.
Aimed squarely at the higher end buyer, apartments within the tri-building project will be priced between $1.4 million and $6.5 million.
Lovell Chen have devised apartments within the 1882 Mosspenoch building. Originally designed by Charles Webb, the grand home will now be refashioned into six three bedroom apartments of between 167 to 273sqm. Modern additions are by Bates Smart and take the form of a seven level building at 22 Clarendon Street and a fourteen level build dubbed Parade fronting Wellington Parade.
Dwellings within 22 Clarendon Street maintain average internals of over 200sqm whilst Parade with 49 apartments included, is topped with a garden penthouse holding 306sqm of internal living space.
Overall Classic East Melbourne will encompass 67 apartments with project completion set for early 2018.