423 Bourke Street

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As reported in <a href="https://www.theage.com.au/business/companies/cbus-set-to-swoop-on-1b-development-site-20180227-p4z1zs">The Age late last month</a> speculation is growing that developer Cbus Property is leading the charge to acquire a combined development site at 140-150 Queen Street and 27 McKillop Street.

This would follow what would appear to be a pre-emptive purchase of a neighbouring site at 423 Bourke Street, which an 11-storey office block currently occupies.

Combined all three sites would result in a approx. 3,000 sqm development site capable of accommodating a base Gross Floor Area of 54,000 sqm under the 18:1 Floor Area Ratio currently permitted in the Central City Zone.

With all this in mind, we at Urban.com.au have decided to revisit <a href="https://www.urban.com.au/news/development-scenario-140-150-queen-street">an earlier study</a> on the potential development opportunity of the sites sans 423 Bourke Street from late last year.

The piece also provides a brief history of the site and the protracted legal battle between adjoining owners CEL Australia (the now defunct Tower Melbourne) and Colonial Range (140 Queen Street + 27 McKillop Street).

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/diagram_03-01_0.png" rel="gallery-all" title="Previous UM study from November 2017"><img alt="" class="image-article-full-width-580px" height="294" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/diagram_03-01_0.png?itok=PRpCJD-E" title="Previous UM study from November 2017" width="580"></a>

<figcaption>Previous UM study from November 2017</figcaption></figure>Revisiting the development potential of the site, I decided to change tact from the previous study and work on the premise of achieving a similar height development to Tower Melbourne's 226m of height.

The expanded site area allowed for a re-orientation of commercial floor plates and the ability to provide a north facing park along the Queen Street frontage which ties into the surrounding laneway network.

A mixed-use building of 226m and 62-storeys was achieved providing a statement building to the corner which extends beyond the heights of the under construction 405 Bourke (39-storeys / 161m), 385 Bourke Street (43-storeys / 169m) and ANZ Gothic (37-storeys / 162m).

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/140-150_queen_proposal_driagram.png" rel="gallery-all" title="Indicative Development Proposal for consolidated site."><img alt="" class="image-article-full-width-580px" height="432" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/140-150_queen_proposal_driagram.png?itok=6j-XX9W0" title="Indicative Development Proposal for consolidated site." width="580"></a>

<figcaption>Indicative Development Proposal for consolidated site.</figcaption></figure>Programme breakdown:

<ul>
<li>1,000m2 park fronting Queen Street</li>
	<li>2,950m2 Sky Park at across levels 26 &amp; 27.</li>
	<li>Ground floor retail </li>
	<li>42-storeys of commercial office space (49,265 m2 GFA)  with floor plates varying from 1,475 - 1,575m2</li>
	<li>26-storeys of hotel (or residential)</li>
</ul>
<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/140-150_queen_program_diagram.png" rel="gallery-all" title="Breakdown of building program"><img alt="" class="image-article-full-width-580px" height="432" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/140-150_queen_program_diagram.png?itok=V4ptcaft" title="Breakdown of building program" width="580"></a>

<figcaption>Breakdown of building program</figcaption></figure>A development of this scale would result in an overall Gross Floor Area of 78,760m2 and an FAR of 26.25:1. This would require a Floor Area Uplift (FAU) of 8:1 or 24,760m2 which represents an additional 44% of floor area.

This breakdown is reflected in the diagram below. To achieve this, a number of public benefits would be required. These are covered by the provision of commercial floor space, public open space, the Sky Park, and the hotel component.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/140-150_queen_far_fau_diagram.png" rel="gallery-all" title="Floor Area Ratio GFA and Floor Area Uplift GFA comparison"><img alt="" class="image-article-full-width-580px" height="432" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/140-150_queen_far_fau_diagram.png?itok=wGe3qdzJ" title="Floor Area Ratio GFA and Floor Area Uplift GFA comparison" width="580"></a>

<figcaption>Floor Area Ratio GFA and Floor Area Uplift GFA comparison</figcaption></figure>
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423 Bourke Street

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