555 Collins Street

<html><body>
<p>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. </p>

<p>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<br>
adjoining CPOF owned 55 King Street.</p>

<p>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.</p>

<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/555c_collins_st.jpg" rel="gallery-all" title="555 Collins Street. Image: Charter Hall"><img alt="" class="image-article-full-width-580px" height="750" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/555c_collins_st.jpg?itok=Lmp3-XxX" title="555 Collins Street. Image: Charter Hall" width="580"></a>

<figcaption>555 Collins Street. Image: Charter Hall</figcaption></figure><p>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.<br><br>
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.</p>

<p>Stage 1 of the proposed redevelopment will deliver approximately 45,000 sqm of Premium Grade, technology-enabled office space spanning 35 levels.</p>

<p>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.</p>

<p>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.</p>

<p>Cox Architecture and Gensler's vision for the precinct responds to a simple question; <em>"what makes a great building?</em>" 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.</p>

<p>Charter Hall has appointed JLL and Colliers as conjunctional leasing agents for the project, with completion targeted for mid-2022.</p>

<h2><strong>What they say...</strong></h2>

<blockquote>
<p><span style="font-size:16px;"><strong><em>“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.</em></strong></span></p>

<p><span style="font-size:16px;"><strong><em>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.” </em></strong></span></p>

<p><em>- Simon Stockfeld, Charter Hall’s Regional Development Director</em></p>
</blockquote>

<p> </p>

<blockquote>
<p><span style="font-size:16px;"><em><strong>“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.” </strong></em></span></p>

<p><em>-  Matthew Brown, CPOF Fund Manager</em></p>
</blockquote>
</body></html>

Laurence Dragomir

Charter Hall unveils $1.5 billion redevelopment of 555 Collins Street

<html><body>
<p><a href="/news/555-collins-street-continues-the-commercial-theme-for-2018">Late last year</a>, we penned a piece highlighting the changing nature of development and application activity within the Melbourne CBD. This followed from the announcement that Charter Hall had secured 555 Collins Street from Fragrance Group for a lazy 140 million dollarydoos, adding it to its portfolio which also includes the adjoining site at 55 King Street, resulting in a development site of 4,627 sqm,</p>

<p>As indicated in the article, applying a Plot Ratio of 18:1 would allow for a developable Gross Floor Area of 83,286sqm or approximately 67,000sqm NLA.</p>

<p>Property development and project management consultancy Armitage Jones announced via its Instagram account that it had been appointed to manage the design and build of 555 Collins Street on behalf of Charter Hall. Armitage Jones is also working with Charter Hall on its Wesley Place precinct in the CBD's north-eastern end.</p>

<p> </p>

<blockquote class="instagram-media" data-instgrm-permalink="https://www.instagram.com/p/Btu_l_FlZSJ/?utm_source=ig_embed&amp;utm_medium=loading" data-instgrm-version="12" style=" background:#FFF; border:0; border-radius:3px; box-shadow:0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width:540px; min-width:326px; padding:0; width:99.375%; width:-webkit-calc(100% - 2px); width:calc(100% - 2px);">
<div style="padding:16px;">
<div style=" display: flex; flex-direction: row; align-items: center;">
<div style="background-color: #F4F4F4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"> </div>

<div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;">
<div style=" background-color: #F4F4F4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"> </div>

<div style=" background-color: #F4F4F4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"> </div>
</div>
</div>

<div style="padding: 19% 0;"> </div>

<div style="display:block; height:50px; margin:0 auto 12px; width:50px;"><a href="https://www.instagram.com/p/Btu_l_FlZSJ/?utm_source=ig_embed&amp;utm_medium=loading" style=" background:#FFFFFF; line-height:0; padding:0 0; text-align:center; text-decoration:none; width:100%;" target="_blank"><svg height="50px" version="1.1" viewbox="0 0 60 60" width="50px" xmlns="https://www.w3.org/2000/svg" xmlns:xlink="https://www.w3.org/1999/xlink"><g fill="none" fill-rule="evenodd" stroke="none" stroke-width="1"><g fill="#000000" transform="translate(-511.000000, -20.000000)"><g><path d="M556.869,30.41 C554.814,30.41 553.148,32.076 553.148,34.131 C553.148,36.186 554.814,37.852 556.869,37.852 C558.924,37.852 560.59,36.186 560.59,34.131 C560.59,32.076 558.924,30.41 556.869,30.41 M541,60.657 C535.114,60.657 530.342,55.887 530.342,50 C530.342,44.114 535.114,39.342 541,39.342 C546.887,39.342 551.658,44.114 551.658,50 C551.658,55.887 546.887,60.657 541,60.657 M541,33.886 C532.1,33.886 524.886,41.1 524.886,50 C524.886,58.899 532.1,66.113 541,66.113 C549.9,66.113 557.115,58.899 557.115,50 C557.115,41.1 549.9,33.886 541,33.886 M565.378,62.101 C565.244,65.022 564.756,66.606 564.346,67.663 C563.803,69.06 563.154,70.057 562.106,71.106 C561.058,72.155 560.06,72.803 558.662,73.347 C557.607,73.757 556.021,74.244 553.102,74.378 C549.944,74.521 548.997,74.552 541,74.552 C533.003,74.552 532.056,74.521 528.898,74.378 C525.979,74.244 524.393,73.757 523.338,73.347 C521.94,72.803 520.942,72.155 519.894,71.106 C518.846,70.057 518.197,69.06 517.654,67.663 C517.244,66.606 516.755,65.022 516.623,62.101 C516.479,58.943 516.448,57.996 516.448,50 C516.448,42.003 516.479,41.056 516.623,37.899 C516.755,34.978 517.244,33.391 517.654,32.338 C518.197,30.938 518.846,29.942 519.894,28.894 C520.942,27.846 521.94,27.196 523.338,26.654 C524.393,26.244 525.979,25.756 528.898,25.623 C532.057,25.479 533.004,25.448 541,25.448 C548.997,25.448 549.943,25.479 553.102,25.623 C556.021,25.756 557.607,26.244 558.662,26.654 C560.06,27.196 561.058,27.846 562.106,28.894 C563.154,29.942 563.803,30.938 564.346,32.338 C564.756,33.391 565.244,34.978 565.378,37.899 C565.522,41.056 565.552,42.003 565.552,50 C565.552,57.996 565.522,58.943 565.378,62.101 M570.82,37.631 C570.674,34.438 570.167,32.258 569.425,30.349 C568.659,28.377 567.633,26.702 565.965,25.035 C564.297,23.368 562.623,22.342 560.652,21.575 C558.743,20.834 556.562,20.326 553.369,20.18 C550.169,20.033 549.148,20 541,20 C532.853,20 531.831,20.033 528.631,20.18 C525.438,20.326 523.257,20.834 521.349,21.575 C519.376,22.342 517.703,23.368 516.035,25.035 C514.368,26.702 513.342,28.377 512.574,30.349 C511.834,32.258 511.326,34.438 511.181,37.631 C511.035,40.831 511,41.851 511,50 C511,58.147 511.035,59.17 511.181,62.369 C511.326,65.562 511.834,67.743 512.574,69.651 C513.342,71.625 514.368,73.296 516.035,74.965 C517.703,76.634 519.376,77.658 521.349,78.425 C523.257,79.167 525.438,79.673 528.631,79.82 C531.831,79.965 532.853,80.001 541,80.001 C549.148,80.001 550.169,79.965 553.369,79.82 C556.562,79.673 558.743,79.167 560.652,78.425 C562.623,77.658 564.297,76.634 565.965,74.965 C567.633,73.296 568.659,71.625 569.425,69.651 C570.167,67.743 570.674,65.562 570.82,62.369 C570.966,59.17 571,58.147 571,50 C571,41.851 570.966,40.831 570.82,37.631"></path></g></g></g></svg></a></div>

<div style="padding-top: 8px;">
<div style=" color:#3897f0; font-family:Arial,sans-serif; font-size:14px; font-style:normal; font-weight:550; line-height:18px;"><a href="https://www.instagram.com/p/Btu_l_FlZSJ/?utm_source=ig_embed&amp;utm_medium=loading" style=" background:#FFFFFF; line-height:0; padding:0 0; text-align:center; text-decoration:none; width:100%;" target="_blank">View this post on Instagram</a></div>
</div>

<div style="padding: 12.5% 0;"> </div>

<div style="display: flex; flex-direction: row; margin-bottom: 14px; align-items: center;">
<div>
<div style="background-color: #F4F4F4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(0px) translateY(7px);"> </div>

<div style="background-color: #F4F4F4; height: 12.5px; transform: rotate(-45deg) translateX(3px) translateY(1px); width: 12.5px; flex-grow: 0; margin-right: 14px; margin-left: 2px;"> </div>

<div style="background-color: #F4F4F4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(9px) translateY(-18px);"> </div>
</div>

<div style="margin-left: 8px;">
<div style=" background-color: #F4F4F4; border-radius: 50%; flex-grow: 0; height: 20px; width: 20px;"> </div>

<div style=" width: 0; height: 0; border-top: 2px solid transparent; border-left: 6px solid #f4f4f4; border-bottom: 2px solid transparent; transform: translateX(16px) translateY(-4px) rotate(30deg)"> </div>
</div>

<div style="margin-left: auto;">
<div style=" width: 0px; border-top: 8px solid #F4F4F4; border-right: 8px solid transparent; transform: translateY(16px);"> </div>

<div style=" background-color: #F4F4F4; flex-grow: 0; height: 12px; width: 16px; transform: translateY(-4px);"> </div>

<div style=" width: 0; height: 0; border-top: 8px solid #F4F4F4; border-left: 8px solid transparent; transform: translateY(-4px) translateX(8px);"> </div>
</div>
</div>

<div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center; margin-bottom: 24px;">
<div style=" background-color: #F4F4F4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 224px;"> </div>

<div style=" background-color: #F4F4F4; border-radius: 4px; flex-grow: 0; height: 14px; width: 144px;"> </div>
</div>

<p style=" color:#c9c8cd; font-family:Arial,sans-serif; font-size:14px; line-height:17px; margin-bottom:0; margin-top:8px; overflow:hidden; padding:8px 0 7px; text-align:center; text-overflow:ellipsis; white-space:nowrap;"><a href="https://www.instagram.com/p/Btu_l_FlZSJ/?utm_source=ig_embed&amp;utm_medium=loading" style=" color:#c9c8cd; font-family:Arial,sans-serif; font-size:14px; font-style:normal; font-weight:normal; line-height:17px; text-decoration:none;" target="_blank">A post shared by Armitage Jones (@armitagejones)</a> on <time datetime="2019-02-11T08:09:44+00:00" style=" font-family:Arial,sans-serif; font-size:14px; line-height:17px;">Feb 11, 2019 at 12:09am PST</time></p>
</div>
</blockquote>
<script async src="//www.instagram.com/embed.js"></script><blockquote>
<p><strong><span style="font-size:16px;">"WORKPLACE OF THE FUTURE - arriving in 2022!<br>
We are beyond excited to have been appointed to manage the design and construction of 555 Collins Street - @charterhallau ‘s largest office development and what will be a landmark tower of the world. Our appointment as Project Manager and Superintendent demonstrates the depth of experience and design and construction expertise across our team.  #insafehands #design#construction #architecture#propertydevelopment #realestate#skyscraper #melbourne"</span></strong></p>
</blockquote>

<p>For the purpose of the study below I initially used the maximum height of Fragrance's residential scheme designed by Bates Smart at 142m. Shadow testing indicated an overall height of 160m was achievable to the highest point with a sloping roof form.</p>

<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/555c_1.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="334" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/555c_1.png?itok=bcgVO78g" width="580"></a>

<figcaption>Section through centre of the site - solar angles @ winter solstice</figcaption></figure><p>I eventually landed on a dual tower scheme comprising;</p>

<ul>
<li>A 19-storeys (80m) to 55 King Street with floor plates of 1,980 sqm to podium levels and 1,490 sqm to tower levels. Total GFA ; and</li>
	<li>a 38-storey (160m to top of slope) tower to 555 Collins Street with floor plates of 1,960 sqm to podium levels and 1,100 sqm to tower levels</li>
	<li>A north-south laneway 6m wide along the western boundary</li>
</ul>
<p>This yields a GFA of 83,290sqm which isn't far off the 18:1 ratio.</p>

<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/555_collins_dual-01.png" rel="gallery-all" title="Is a dual tower scheme on the cards?"><img alt="" class="image-article-full-width-580px" height="240" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/555_collins_dual-01.png?itok=3GnxHpQi" title="Is a dual tower scheme on the cards?" width="580"></a>

<figcaption>Is a dual tower scheme on the cards?</figcaption></figure><p>The final outcome will eventually reveal itself when Charter Hall submits a revised application for the site. With Cbus Property and Bates Smart submitting an application for 435 Bourke Street  just prior to Christmas one would expect 555 Collins isn't too far behind.</p>
</body></html>

Lurking in the shadows - 555 Collins Street

<html><body>
<p>Earlier this year, Urban.com.au posed the question: "<a href="https://www.urban.com.au/news/is-2018-the-year-of-commercial-for-the-melbourne-market">Is 2018 the year of commercial for the Melbourne market?</a>" As 2018 has rolled on this notion has continued to be reinforced with developers snapping up and consolidating sites or scrapping their apartment developments all together, in favour of office. </p>

<p>At the beginning of the week we <a href="https://www.urban.com.au/news/double-delight-pdg-releases-new-images-of-two-key-melbourne-projects">highlighted PDG's revised development intentions</a> for the former Toyota site at the top end of Elizabeth Street. Dubbed Elizabeth North the three tower commercial scheme replaces an earlier four building residential scheme, in response to the current state of the residential apartment market.</p>

<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/elizabeth-north_pdg_0.jpg" rel="gallery-all"><img alt="PDG's Elizabeth North at 611-697 Elizabeth Street. Image: PDG" class="image-article-full-width-580px" height="327" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/elizabeth-north_pdg_0.jpg?itok=ZtVJfM7Q" title="PDG's Elizabeth North at 611-697 Elizabeth Street. Image: PDG" width="580"></a>

<figcaption>PDG's Elizabeth North at 611-697 Elizabeth Street. Image: PDG</figcaption></figure><p>The latest site set to switch to commercial use appears to be <a href="/developments/melbourne-vic-3000">555 Collins Street</a>, after Fragrance Group sold the site to Charter Hall for a reported $140m, according to the <a href="https://www.afr.com/real-estate/charter-hall-swoops-as-singaporeans-exit-in-140m-collins-st-deal-20181025-h174ij">AFR</a>. This comes after Fragrance only managed to achieve sales of 46 per cent of the 625 total apartments in the 12 month period since the project was launched to the market.</p>

<p>Charter Hall's recent acquisition adds to its existing land holding at 55 King Street which adjoins 555 Collins Street and now forms part of a combined development site of 4,627 sqm. Applying a plot ratio of 18:1 as per the Central City planning controls would result in a developable Gross Floor Area of 83,286sqm or just shy of 67,000sqm NLA. </p>

<p>Taking into consideration floorplate sizes, setback requirements and overshadowing controls etc. a single commercial office building of around 30-35-storeys could be expected on the combined site. Charter Hall had previously investigated developing an office building of around 27-storeys at 55 King Street.</p>

<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/55_king_0.png" rel="gallery-all"><img alt="An unbuilt concept for 55 King Street. Image: Charter Hall" class="image-article-full-width-580px" height="234" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/55_king_0.png?itok=bw9Zfs_5" title="An unbuilt concept for 55 King Street. Image: Charter Hall" width="580"></a>

<figcaption>An unbuilt concept for 55 King Street. Image: Charter Hall</figcaption></figure><p>In recent months Mirvac has acquired the 383 LaTrobe Street site from Sterling Global for a cool $122m, after the latter gained approval for a 70-storey mixed-use tower designed by Ateliers Jean Nouvel. A 5-storey office building currently leased by the Australian Federal Police (AFP) occupies the 2,850 sqm site. The AFP are due to relocate to 311 Spencer Street in late 2020. In the interim it is understood that Mirvac have engaged Cox Architecture to develop a commercial scheme for the site.</p>

<p>Dexus, which sold a development site at 32-44 Flinders Street with a permit for a 54-storey tower, has in recent months snapped up two sites at 52 and 60 Collins Street for $230m allowing them to proceed with single commercial development. The site is located opposite QIC GRE's 80 Collins Street redevelopment which is currently under construction.</p>

<p>Finally, Cbus Property has resumed demolition of 150 Queen Street to allow for the creation of a temporary park, while it finalises plans for a Bates Smart-designed commercial development. Cbus' extensive redevelopment encompasses a consolidated land holding comprising 140 and 150 Queen Street, 27 McKillop Street and 423 Bourke Street, and is expected to have a development value of around $1bn, not too dissimilar to its <a href="/buildings/collins-arch-447-collins-street-melbourne">Collins Arch</a> project. </p>

<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/img-9337.jpg" rel="gallery-all"><img alt="Demolition has resumed on 150 Queen Street. Image: Mark Baljak" class="image-article-full-width-580px" height="387" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/img-9337.jpg?itok=s4u-c7JK" title="Demolition has resumed on 150 Queen Street. Image: Mark Baljak" width="580"></a>

<figcaption>Demolition has resumed on 150 Queen Street. Image: Mark Baljak</figcaption></figure><p>Based on the above, it looks like the commercial trend of 2018 is likely to drag on into 2019 as planning applications are lodged. Watch this space.</p>

<p> </p>
</body></html>

555 Collins Street

Editor's Picks

Have something to contribute?

The latest real estate & off the plan properties & news, delivered to your inbox.

Developments

New apartments

New townhouses

News

The latest real estate & off the plan properties & news, delivered to your inbox.

555 Collins Street

Editor's Picks

Receive the latest news stories to your inbox

Have something to contribute?

The latest real estate & off the plan properties & news, delivered to your inbox.

Developments

New apartments

New townhouses

News

The latest real estate & off the plan properties & news, delivered to your inbox.