The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
URBAN LEADER AWARDS ARE BACK! START YOUR NOMINATIONS
URBAN LEADER AWARDS ARE BACK! START YOUR NOMINATIONS
LEARN MOREDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
OtherAna NarvaezWed 10 Jul 19

Cromwell Lodges Plans for Collins Street Skyscraper, Eyes Build-to-Rent

TUD+ MEMBER CONTENT
73a192ac-de15-4d4e-a3bd-27a2d5739824
SHARE
9
print
Print

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

▲ Cromwell acquired the 17-storey asset for $133 million in 2004.


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.

ResidentialAustraliaMelbourneReal EstatePlanningPlanningProject
AUTHOR
Ana Narvaez
The Urban Developer - Editorial Director
More articles by this author
ADVERTISEMENT
TOP STORIES
Scape PBSA Kingsford EDM
Exclusive

It Takes More Than a Room: PBSA Evolves to Meet Student Demands

Clare Burnett
7 Min
Exclusive

Soheil Abedian: What’s Driven the Man Who’s Transformed a City

Phil Bartsch
7 Min
Exclusive

Robots Not a Miracle Cure for Housing Productivity Crisis

Vanessa Croll
6 Min
Exclusive

Where 600 Wealthy Families Are Putting Their Millions

Taryn Paris
6 Min
Brique Projects EDM
Exclusive

Brique Thrives in Cauldron of SE Queensland Development

Clare Burnett
7 Min
View All >
Scape PBSA Kingsford EDM
Exclusive

It Takes More Than a Room: PBSA Evolves to Meet Student Demands

Clare Burnett
Salvos Coliving EDM
Residential

Investa, Salvos Reveal Co-Living Plan for Sydney CBD

Clare Burnett
Infrastructure

Invest Gold Coast Launches Hunt for $500m Arena Partner

Renee McKeown AND Taryn Paris
Gold Coast Mayor Tom Tate is calling for global investors to help deliver the Gold Coast Arena ahead of the 2032 Games..…
LATEST
Scape PBSA Kingsford EDM
Exclusive

It Takes More Than a Room: PBSA Evolves to Meet Student Demands

Clare Burnett
7 Min
Salvos Coliving EDM
Residential

Investa, Salvos Reveal Co-Living Plan for Sydney CBD

Clare Burnett
2 Min
Infrastructure

Invest Gold Coast Launches Hunt for $500m Arena Partner

Renee McKeown AND Taryn Paris
3 Min
Queen's Whard EDM
Hotel

Star Back to Square One After Queens Wharf Deal Collapses

Clare Burnett
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/cromwell-lodges-plans-for-collins-street-skyscraper-eyes-build-to-rent-