CBUS receives planning approval for $1 billion Melbourne office tower

Cbus Property has received approval from the Department of Environment, Land, Water and Planning (DELWP) for a $1 billion office tower in Melbourne’s CBD.

The permit-approved Bates Smart-designed development, to be known as 435 Bourke Street, will comprise 59,000 square metres of office space across 49 storeys, encompassing four addresses on the corner of Bourke and Queen streets.

The commercial precinct will amalgamate the existing 140 and 150 Queen Street and 27 McKillop Street sites and is anticipated to serve as a vertical village for more than 5,500 city workers.

Cbus Property’s Chief Executive Officer, Adrian Pozzo said, “office vacancy rates in Melbourne’s CBD are at decade lows and there is little to no office space in the pipeline beyond 2023 so we are looking forward to sating some of this appetite with 435 Bourke Street.”

"The approved tower will form part of a new centre point in the Hoddle Grid and will feature multiple landscaped terraces providing an outlook across the Yarra River and iconic CBD landmarks, such as the MCG and Port Phillip Bay," he added

The diverse space will include a retail offering, double-height multi-function space for active wellness, flexible studio spaces and consulting rooms for passive wellness, as well as a rooftop garden retail offering. There will also be premium end-of-trip facilities, with accommodation for 600 bikes and associated amenities.

435 Bourke Street is targeting a 6-star Green Star rating, 5.5-star NABERS Energy rating and a Platinum WELL rating.

Demolition of the site’s existing infrastructure has commenced, with construction completion slated for 2023.