JOIN US FOR A ONE-DAY DEEP DIVE INTO THE FUTURE OF THE INDUSTRIAL SECTOR
FIND OUT HOW THE INDUSTRIAL MARKET IS CHANGING IN 2026
Resources
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
Fresh from its latest equity raising rounds, ASX-listed property fund Cromwell has lodged plans for a 55-storey skyscraper at 700 Collins Street in Melbourne’s Docklands precinct.
Cromwell said it is considering build-to-rent for the tower, with the development application proposing up to 265 one, two and three-bedroom residential units.
The $350 million redevelopment plans will greatly expand Cromwell’s 17-storey office tower, which it acquired for $133 million in 2004. The proposal includes 13,000sq m of A-grade office space, a four-storey podium car park and a 4.5-star 182-key hotel.
Cromwell is accelerating its billion-dollar value-add and acquisition pipeline, which it flagged during its equity raising presentation last month. The acquisitive group said it has more than $1 billion of identified opportunities currently in due diligence and advanced negotiations.
Cromwell head of property Bobby Binning said that the success of its $375 million institutional placement and the execution of a €225 million (A$365 million) syndicated facility has provided the group with funding certainty.
“There are a number of similar value-add opportunities being considered in the portfolio,” Binning said.
“[700 Collins Street] is another exciting value-add development opportunity and follows hot on the heels of the $75 million development approval received at Chatswood on Sydney’s North Shore.”
The approval for a $75 million integrated office and hotel development in Chatswood was received in April.
Related: Build to Rent Could Shake Up Real Estate but Won’t Take Off Without Major Tax Changes
The approval for a $75 million integrated office and hotel development in Chatswood was received in April.
The group is also eyeing $500 million of retail and office opportunities in Europe, and offloaded a $300 million half stake in North Sydney’s Northpoint tower earlier this month.
Other recent equity raising plays include fund giant Dexus raising a fully-underwritten $900 million to fund its mammoth 80 Collins Street buy and Mirvac launching a $750 million placement to help fund a $4 billion pipeline.
Cromwell has a direct property investment portfolio of $2.5 billion and total assets under management of $11.5 billion.
