Singapore-based developer Fragrance Group has received a planning permit for its 555 Collins Street apartment tower, two years after buying the site for more than $75 million.
The planning permit allows for the property - 100 per cent owned by Fragrance Collins - to be developed into a mixed-use multi-storey building for dwellings and retail premises and has a freehold tenure with a total land area of approximately 2,300 square metres.
The property is currently zoned “Capital City Zone 1” and strategically located at the intersection of Kings Street and Collins Street. 555 Collins Street is a unique corner site in the bustling Melbourne CBD underpinned as a central hub for business, and well connected by public transport.
The development which was approved based on a floor area ratio of 1:24, will comprise of retail and restaurant outlets on the ground floor, 625 residential units consisting of 1, 2, 3 bedroom apartments and penthouses with car parks located in the 4 basements.
Existing building at 555 Collins StreetOther than a whole floor dedicated to well-appointed residential amenities like lounges, gymnasium, swimming pool etc., residents will also be able to get to enjoy a variety of food and beverage and retail provisions on the ground floor amidst large recessed plazas and walkway connecting the development to the adjoining buildings.