Cromwell receives $350m Approval for 700 Collins Street, Melbourne13 December 2020
Real estate investor and manager, Cromwell, has successfully obtained approval for a landmark $350 million mixed-use expansion of its existing 700 Collins Street property in Melbourne’s Docklands Precinct.
Cromwell acquired the 17-level, A-grade office tower with a net lettable area of 33,489 sqm in 2004 and has received approval to further develop the site. The vision for the site includes an additional 55-storey mixed-use building which includes office space, apartments and a 4.5-star, 182-room full service hotel, as well as a four-storey podium car park with 199 spaces.
The office aspect consists of approximately 13,000 sqm of additional A-grade office space across 13 floors, with extensive end-of-trip facilities and 278 bike parking spaces. The apartment living aspect will include up to 265 studio, one, two and three-bedroom apartments with access to a range of additional lifestyle amenity including concierge services, a swimming pool and a café. Cromwell were considering a build-to-rent model for the apartments.
Occupants will be less than 100 metres from Southern Cross Railway Station, a short walk from Marvel Stadium and will benefit from easy access to the wide range of amenity along Collins Street and the wider Docklands Precinct.
Cromwell’s Head of Property, Bobby Binning, commented, “The Docklands area has come a long way since we purchased 700 Collins Street in 2004. As one of the first commercial towers in the area, we saw the potential early and are now looking forward to investing further in the precinct.”
“Overall, Cromwell has line-of-sight to a c$1.1 billion pipeline of new value add development opportunities, and this will be another good example of what we can do in this area.”
“We will consider potential operating partners in the new year,” Mr Binning concluded.