Charter Hall unveils $1.5 billion redevelopment of 555 Collins Street
Charter Hall has announced it has submitted a planning application for a $1.5 billion office development at 555 Collins Street, Melbourne via its Prime Office Fund (CPOF). Charter Hall acquired the site in October 2018 from previous owner Fragrance Group, who failed to get its 46-storey apartment tower off the ground.
Located on the prominent corner of Collins and King Street, the 555 Collins Street development occupies a 4,620 sqm site with almost 50m of frontage along Collins Street and 100m of frontage to King Street including the
adjoining CPOF owned 55 King Street.
Pending development approval and tenant pre-commitments, the combined site provides a unique opportunity for CPOF to stage a redevelopment across the two parcels of land, with a separate application for demolition of the existing Enterprise House on site already submitted.
Charter Hall has engaged local architects Cox Architecture to partner with global design and architecture firm, Gensler on the project. The collaboration brings together the partners’ innate local knowledge with a unique global viewpoint of leading workspace design trends.
According to Charter Hall, the new commercial tower and future precinct represents a rare opportunity to create a lasting legacy of premium grade office buildings in a pivotal location.
Stage 1 of the proposed redevelopment will deliver approximately 45,000 sqm of Premium Grade, technology-enabled office space spanning 35 levels.
The proposed design includes an activated ground plane with connections between Collins Street, King street and Flinders Lane, a premium retail hub with food and beverage outlets and a landmark health and wellbeing offering.
The building will be one of the city’s most sustainable office buildings, targeting 6 Star Green Star, 5 Star NABERS Energy and Platinum WELL certification.
Cox Architecture and Gensler's vision for the precinct responds to a simple question; "what makes a great building?" In responding to this, the development team have taken a people-first approach at 555 Collins Street - ensuring it becomes a statement of values and beliefs, designed to unlock the full potential of its tenants.
Charter Hall has appointed JLL and Colliers as conjunctional leasing agents for the project, with completion targeted for mid-2022.
What they say...
“Our approach to workplace design is entrenched in extensive research into what tenants truly want and need, now and in the future. Through this people-centric approach, we are committed to creating workplace experiences which are designed to foster community, an instinctive way of working and ultimately result in a better workday for our tenant customers.
The vision for the site is to create a workplace experience like no other, where people will feel connected, inspired and engaged with their working day, and we are excited by this innovative methodology and how this development will shape the future of workplace.”
- Simon Stockfeld, Charter Hall’s Regional Development Director
“CPOF is actively growing its existing $5.4 billion portfolio of high quality assets. A redeveloped 555 Collins will further enhance CPOF’s portfolio quality and total return metrics and deliver our Fund investors a coveted new Premium Grade office building in the tightly held western core of Melbourne’s CBD, a location favoured by major corporate, legal and government occupiers.”
- Matthew Brown, CPOF Fund Manager