Melbourne developer Sterling Global has announced plans for 623 Collins, a $590 million, 42-storey mixed-use development that will integrate modern living with heritage preservation at one of the city’s most significant addresses.
Rising above the former State Savings Bank of Victoria, the project is designed by Plus Studio and will blend contemporary residences with carefully restored historic buildings.
The tower will deliver 320 apartments, with half comprising two-bedroom configurations, across four residential collections — Heirloom, Signature, The Reserve and The Penthouse.
Two heritage-listed assets, the State Savings Bank of Victoria (1924) and the Batman’s Hill Hotel, will be retained and restored, with the original banking chamber refurbished to house a future restaurant.
The development will also provide 2,700sqm of office space, 900sqm of retail and hospitality, and more than 800sqm of resident amenities on level six, including a pool, gym, yoga studio, library, games room and The Bathhouse wellness retreat.
Upper-level amenities on level 38 will cater exclusively to The Reserve and Penthouse residences with a dedicated lounge, private dining areas, terrace entertaining and whiskey bar.
Interiors, including the ground-floor lobby, have been designed by Fiona Lynch, establishing a refined material palette throughout the project.
Sterling Global Development Director Brandon Yeoh said 623 Collins represents a milestone for Melbourne’s urban evolution.
“Melbourne is at a pivotal point in its growth; demand for inner-city living continues to outpace supply, which makes it all the more important to deliver projects that are designed with longevity in mind,” he said.
“At 623 Collins, we’ve taken a heritage building that has been part of Melbourne’s story for a century and reimagined it for modern living.
“While new towers will continue to rise across the CBD, buildings with genuine heritage fabric and craftsmanship remain rare and ultimately, that carries not only lasting value for residents, but for the city itself.”
Plus Studio Director Ian Briggs said the design reflects both the site’s rich past and the city’s future.
“Our design approach has been to connect the building closely with its context — a podium that contributes to the streetscape, planted terraces that articulate the transition between heritage and new, and a tower that takes its place on the skyline with clarity and restraint.
“Partnering with Sterling Global on a site of this significance is a privilege, and we’re excited to see the project become part of Melbourne’s evolving story.”
Sterling Global secured the 2,000sqm amalgamated site in 2023 and obtained an amended planning permit last month, paving the way for the construction of what will become a striking addition to the Collins Street precinct.
