The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
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
Parallel Workshops Stockdale Housing PBSA project
Exclusive

Suburban Success Story Turns PBSA Thinking on its Head

Leon Della Bosca
7 Min
Exclusive

Interstate Developers Find Lots to Love in ‘Progressive, Affordable’ SA

Taryn Paris
5 Min
Bates Smart Richmond Sportslink HERO
Exclusive

BtR Focus Drives Bates Smart’s Richmond Sportslink Concept

Leon Della Bosca
6 Min
Exclusive

Carparking Correlation: How Parking Fees Provide Office Sector Health Check

Taryn Paris
6 Min
Molti chief Ben Teague out front of 32 Mercer Road Aramadale (rendering)
Exclusive

Buy to the Sound of Cannons: Molti’s Counter-Cyclical Move to Melbourne

Leon Della Bosca
5 Min
View All >
Third.i Crows Nest Dolls House render EDM
Build-to-Rent

Thirdi Scraps Office Tower for Crows Nest Over-Station Site

Vanessa Croll
Parallel Workshops Stockdale Housing PBSA project
Exclusive

Suburban Success Story Turns PBSA Thinking on its Head

Leon Della Bosca
Warren and Mahoney's rendering of Leftfield's project at 691-693 Burke Road, in Melbourne's Camberwell.
Residential

Leftfield Lifts Cover on 14-Storey Scheme at Camberwell

Marisa Wikramanayake
The 57-apartment proposal at Camberwell comes as Melbourne’s move toward densification gain pace...
LATEST
Third.i Crows Nest Dolls House render EDM
Build-to-Rent

Thirdi Scraps Office Tower for Crows Nest Over-Station Site

Vanessa Croll
4 Min
Parallel Workshops Stockdale Housing PBSA project
Exclusive

Suburban Success Story Turns PBSA Thinking on its Head

Leon Della Bosca
7 Min
Warren and Mahoney's rendering of Leftfield's project at 691-693 Burke Road, in Melbourne's Camberwell.
Residential

Leftfield Lifts Cover on 14-Storey Scheme at Camberwell

Marisa Wikramanayake
3 Min
Kangaroo Point Aria Canopy House Revised DA Approval hero
Development

Aria’s Revised Tower Greenlit for Inner-City Kangaroo Point

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