Argo, Hickory upsize proposed Melbourne office
Argo Group and Hickory – directed by different Argyrou brothers – will lengthen a proposed Melbourne CBD office after buying a neighbouring terrace.
The 23 level tower at 570 Little Bourke Street, on the north east corner of King, will now contain c21,000 sqm of net lettable area including retail and a restored Great Western Hotel.
The former design would have delivered 18,500 sqm of commercial space.
“Responding to market demand, Argo Group had purchased the adjacent property at 232 King St and enlarged then mixed-use development to…improve amenity,” a company spokesperson said.
Colliers’ Daniel Wolman and Oliver Hay were the agents.
The deal comes nine months since we reported Longriver outlaid $16.64m for two small shops neighbouring its ex-Melbourne Theosophical Society headquarters, allowing it to extend the size of a proposed hotel.
Hickory to restore another building
The City of Melbourne’s Future Melbourne Committee this month authorised Argo and Hickory’s amendments, which will see 570 Little Bourke St’s gross floor area circle 30,000 sqm (story continues below).
“The primary focus of the amendment, designed by renowned Melbourne firm Fender Katsalidis Architects, was to achieve enlarged floorplates of around 1000 sqm,” an Argo spokesperson said.
“The amendment will bring additional NLA…to deliver unequalled building amenity and an enhanced urban design outcome, rejuvenating the ground floor public realm,” they added.
As part of the revised permit, 232 King St must also be restored.
Construction is set to start later this year and take about 24 months.
Last May Hickory teamed with Charter Hall to purchase the former Goldfingers strip club at the north east corner of Lonsdale and King streets for c$50m from United Petroleum founders Eddie Hirsch and Avi Silver.
A 22 storey tower with 24,000 sqm of offices and 800 sqm of retail is planned, as is a restoration of the c1915 Kilkenny Inn.
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