Cbus secures approval for its 447 Collins Street project

Cbus Property has secured planning approval for one of Melbourne’s most prized CBD development sites, a mid-city island site with prospects for a $1.3 billion project.

The project was reduced in height to reduce any overshadowing of the Yarra River. 

The Victorian Planning Minister Richard Wynne reached agreement having previously knocked back an application in March this year for a 164-metre high, 47-storey twin tower proposal.

Dubbed the 'pantscraper' – the 447 Collins Street development that will be 21.6 metres shorter in height, cutting six stories from the tower complex and reducing overshadowing to just touch the northern bank of the Yarra River at mid-winter.

There are also plans for a bigger inner city park on Market Street. 

Melbourne-based Woods Bagot and SHoP Architects of New York won the competition to design the mixed-use property at 447 Collins Street in Melbourne.

The property to be built at the intersection of Collins and William Street will feature offices, residential houses, hotels, retail and public spaces.

Cbus Property exchanged contracts with Industry Superannuation Property Trust on 447 Collins Street, known as the Suncorp building, under a $91 million structured transaction.

The deal gives ISPT first right of refusal to buy back into the opportunity at a later date, through a fund-through or take-out arrangement.

“The acquisition of 447 Collins Street reflects our strategic commitment to development in Australia and in ­particular the Melbourne market,” Cbus Property boss Adrian Pozzo said.

It is a 6000 sq m site where ISPT applied for a demolition permit for 1960s era building as the anchor tenant, Suncorp, prepared to leave.

It was among a handful of CBD buildings rejected by the state government for heritage protection as some regarded the 27-level building as a prime example of post-war International style.