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QIC Moves Ahead With Collins Tower

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QIC has begun work on an $800 million office, hotel and retail complex in Collins Street that will be home to anchor tenant Macquarie's Melbourne headquarters, according to The Australian Financial Review.

Formally signing Macquarie up for a tenancy of around 6000 square metres has given QIC the investment it needed to move forward on the 39-storey tower.

But Macquarie won't have to move far, with its offices merely across the road. QIC will own and develop the property.

The $110 million hotel complex was due to open in 2018 or early 2019 but the project was delayed with QIC obtaining a 12-month extension to its planning permit to allow it time to find tenants.

Also according to the AFR, net face rent has reportedly been at 'close to' $750 million per square metre.

From the open space fronting Collins Street and Exhibition Street will rise a 39-storey premium-grade tower, with 43,000 sqm of office space.

The project is aiming for a 5-star NABERS energy and a 6-star Green Star office design ratings.

Along with the tower, the project includes 5800sq m of retail space, and a 250-room hotel.

Singapore-based hospitality group, SilverNeedle, last year announced a deal with QIC to bring a new iteration of the NEXT Hotels portfolio to the building. The proposed 4.5 star, 300 room hotel marks QIC’s first venture into hotel investment.

CEO of SilverNeedle Hospitality, Anand Nadathur, said: “At SilverNeedle, we believe that hotels are the perfect crucible for developing innovations in iconic design and interactive technologies, social and communal spaces.

“QIC is a visionary partner to help us drive our disruptive NEXT hotel brand across Australia, and connect with customers that are looking for more than just another hotel.’’

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Article originally posted at: https://theurbandeveloper.com/articles/qic-moves-forward-with-collins-tower