Charter Hall Group’s new $750 million ‘555 Collins Street’ office development will soon commence construction, having completed demolition works this year.
The ‘555’ project will comprise the corner 48,000 square metre (sqm) tower as Stage 1, with the Stage 2 Tower comprising 32,000sqm. The 48,000sqm of Premium Grade office space will include over 2,300sqm of retail amenity. The project secured planning approval from the Victorian State Government under its Building Recovery Taskforce earlier in the year.
Accommodating up to 7,500 CBD workers, the buildings will provide a future-proofed workplace that will empower tenants and their staff to work in their own authentic way, supported with world-leading tech-enabled environments and health and wellness facilities.
On-site works are already underway for 555 Collins Street’s first tower with Charter Hall confirming Lendlease Constructions as the construction partner, following their completion of the successful “Wesley” 130 Lonsdale Street, a 60,000sqm premium-grade office tower completed in June 2020.
Recently, Charter Hall’s flagship office fund CPOF agreed a pre-lease from a global technology company as the anchor tenant customer for 555.
Charter Hall’s Managing Director and Group CEO, David Harrison, said: “This major pre-commitment provides the momentum for CPOF to proceed with construction and advance further leasing interest during the development phase, as we did on the Wesley project, which was 100 per cent pre-committed 12 months before practical completion.”
Accommodating up to 7,500 CBD workers, the buildings will provide a future-proofed workplace that will empower tenants and their staff to work in their own authentic way, supported with world-leading tech-enabled environments and health and wellness facilities.
“555 Collins Street is a visionary commercial precinct that will create a new benchmark for office development in Australia. We expect a flight to high-quality modern office buildings as tenant customers refine their workplace to meet the changing appetite for modern, technology and health/hygiene driven accommodation requirements,” Mr Harrison commented.
Victorian Treasurer Tim Pallas said projects like 555 Collins Street will drive economic activity in the inner-city. It is one of a raft of major projects to be fast-tracked through the Building Victoria Recovery Taskforce established by the State Government in April to get building and development projects online as quickly as possible during the pandemic.
“This is exactly what Melbourne’s CBD – and our economy – needs right now: a project that will bring to life this end of town and create hundreds of construction jobs,” the Treasurer said.
Lord Mayor of Melbourne, Sally Capp, said the $750 million first stage of the $1.5 billion 555 Collins Street project is a huge vote of confidence in the future of the city’s economy.
“Charter Hall’s development will create 1,500 construction jobs now and it also shows there is a strong belief in the strength of the city’s economic recovery,” the Lord Mayor said.
The announcement follows the successful completion of the $830 million 130 Lonsdale Street project, which forms a part of the transformative Wesley Place precinct.
Charter Hall is also proceeding with construction of the $390 million fit-for-purpose tower for Australian Federal Police at 140 Lonsdale Street, and the refurbishment and expansion of the $300 million 150 Lonsdale Street building at Wesley Place.
The completed Wesley precinct will comprise a $1.55 billion showcase of how precinct projects can successfully transform CBD locations.
Charter Hall expects the 555 Collins Street precinct twin tower development to be another transformative precinct within the CBD.
Artist’s impression of 555 Collins (Stage 2), image courtesy of Charter Hall Group.
555 Collins Street is the result of a unique collaboration between Charter Hall as the owner and developer, Cox Architecture and global design practice, Gensler.
With a prestigious Collins Street address, the building’s design centres around the human experience, with particular attention to social, collaborative and creative experiences.
Encouraging building users to work their way, 555 Collins Street’s environments will support choice, engagement and flexibility as workplaces are reimagined post-COVID-19.
In response to the ongoing COVID-19 environment, 555 Collins Street will leverage next-generation health and hygiene technology and design. Bathrooms will be a touch-free environment, leveraging sensor technology for access and use. Heating, ventilation and air-conditioning systems will closely monitor air quality and contamination, while ultraviolet sanitisers will be available on escalators and in bathrooms.
Additional technology integrations will include touchless amenity that goes further, allowing users to access the building, call a lift to their specific floor or order and pay for their daily coffee using Charter Hall’s Charli app on their smartphone.
