Developer Phileo has filed plans with the City of Melbourne for a two-storey retail project in front of an existing tower in the heart of the Melbourne CBD.
The project would sit in front of the 30-storey office tower at 303 Collins Street, at the corner with Elizabeth Street.
Pending approval, the project is expected to be completed by late 2024.
Carr Architects has designed the plans for the project planned for the 1653sq m site.
Both floors will have retail tenancies.
Phileo said it wants to take advantage of nearby high-end retail tenants and brands, and the high level of foot traffic on the two streets.
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Retail tenancies will be between 500sq m and 700sq m on the ground floor and between 200sq m and 900sq m on the first floor.
Gary Loo and Alex Alamsyah of Knight Frank will hande leasing.
“This is one of the most premium, prominent corners in the Melbourne CBD, with extensive exposure to Collins and Elizabeth streets, and surrounded by many high-end retailers, including Tiffanys, Longines, Burberry and Hugo Boss,” Loo said.
“We are currently fielding several expressions of interest for these premises, which would suit prestige brands for top-end retail or restaurant operators.”
The development application has been lodged just as the City of Melbourne released a report that while businesses were returning to the city, the hospitality and tourism sectors are faring best.
Phileo is hoping to also take advantage of low retail vacancy rates and to offer brands the opportunity to have a flagship store in the CBD.
