Sterling Global has received development approval from the Victorian Department of Transport and Planning for its $520 million residential, hotel, and apartment project at 623 Collins Street in the heart of Melbourne’s CBD.
The 42-storey mixed-use tower, designed by Carr Architects, promises to be an iconic addition to the city skyline and a rare offering in the prestigious Collins Street precinct.
The development will feature 175 luxury apartments, 2,717 square metres of premium commercial space, and a 229-key lifestyle hotel with a fine dining restaurant.
Situated on a prime 1,972-square-metre site at the corner of Collins and Spencer Streets, the development aims to celebrate Melbourne’s heritage while introducing modern design elements.
In collaboration with heritage consultants Lovell Chen, the project will integrate the existing State Savings Bank building, constructed in 1923, by restoring and refurbishing its heritage facade and banking chamber.
“623 Collins Street reflects our commitment to preserving the city’s heritage fabric while contributing to the Victorian State Government’s housing policy of significantly increasing housing supply over the next decade,” said David Morgan, Development Director at Sterling Global.
The development marks a significant milestone in the ongoing revitalisation of the western end of Collins Street, joining other prestigious projects in the precinct, such as the completed 555 Collins Street and 447 Collins Arch developments, and the under-construction 600 Collins Street.
With a strong focus on placemaking, 623 Collins Street will offer diverse community-centric spaces and an activated pedestrian ground plane, complementing the existing amenities of the renowned Collins Street precinct.
Sterling Global plans to launch 623 Collins Street to the market in early 2025, with construction commencing next year and practical completion expected in early 2028.
The blue-chip development forms part of Sterling Global’s growing development pipeline, now worth more than $1.6 billion and including commercial, retail, residential, and land assets.
Other notable projects underway by Sterling Global include Como Terraces in South Yarra, a luxury residential project in partnership with CBUS Property, and Talbot Village, an exemplary urban infill project seeking to deliver a healthy and connected master-planned community in Melbourne’s southeast.
