Charter Hall’s plans for a 34-storey mixed-use development at 555 Collins Street have ramped up after City of Melbourne councillors backed the billion-dollar project.
Located in Melbourne’s financial district, the development at the south-west end of Collins Street will comprise two Cox Architecture and Gensler Architecture-designed towers.
While council planners praised the project, the scheme is still subject to final approval from state government.
While the project is yet to secure an anchor tenant, Charter Hall’s regional development director Simon Stockfeld said the fund is currently “talking to a range of occupiers” along with plans to announce a builder on the project later this year.
Charter Hall lodged the development application for the $1.5 billion project, in April last year via its Prime Office Fund (CPOF).
After scaling back its plans for a 58-storey tower at 435 Bourke Street, Cbus Property last month won approval from Victorian state planners for its own $1 billion-plus office tower in Melbourne CBD.
The newly approved Bates-Smart designed tower will stand 49-storeys in Melbourne CBD.
Charter Hall also has a completion date for its $750 million A- grade tower at 130 Londsdale Street this year, known as Wesley Place.
Charter Hall's 555 Collins Street development site spans 50 metres of frontage to Collins Street and 100 metres of frontage to King Street, including the adjoining CPOF owned 55 King Street, which it purchased in 2016.
JLL and Colliers are leasing agents for the project, which aims to include 102,299sq m of office space, and 2,299sq m of retail.
The fund snapped up the central 555 Collins street site from Fragrance Group in late 2018 for $140 million.