Hines has won permission to replace a low rise Collins Street commercial building, formerly part occupied by 7-Eleven, with a fully electric skyscraper.
The US based property giant is expected to now seek a pre-commitment for the 47 storey, 60,000 square metre Premium grade investment at #600.
It paid Landream $200 million for the block in December, 2020; that developer obtained a permit for a distinctive 55 level mixed use Mandarin Oriental Hotel and apartment building, penned by Zaha Hadid Architects.
Between 1997-2015, the four floor office and retail asset, on 2400 sqm, was held by local investment house Henkell Brothers.
Australia’s first fully electric building
Hines unveiled its 600 Collins St proposal in August – though the approximate size had been earmarked from when it bought the block; in effect, it retained the approved shell – 180 metres high.
The landlord is promising Premium quality offices, which is the best available; most of Melbourne’s CBD is A-grade and between them is Prime.
Designed by both Architectus and WilkinsonEyre, floors from about 22-up, will have unobstructed Victoria Harbour views.
With 70 metres of Collins St frontage, the project also includes a 10 level podium with casual and formal food and beverage zones, hotel style reception lounges, wellness centres, collaborative work areas and green spaces.
The developer said the asset would be Australia’s first fully electric building under the new Green Rating Buildings tool, aligning with its plans for a carbon neutral portfolio, without buying offsets, by 2040.
Upon completion it is anticipated to be one of the country’s most energy efficient and sustainable offices. It is also expected to carry a $1 billion end value (story continues below).
“When Hines acquired 600 Collins Street in the height of the COVID pandemic, we had the opportunity to define how the office could bring together the best elements of how people live, work and play while outperforming the market in sustainability,” the group’s managing director, Simon Nasa, said.
“600 Collins will be a destination shaped by experience, amenities, and our tenants partnering with us to create spaces that attract and retain the best talent…setting the standard for how developments in Australia can be both environmentally responsible and cutting edge,” he added.
Another premium office for the west
Elsewhere in the area, Charter Hall and GIC are marketing the first of two Premium grade offices at the south west corner of Collins and King streets – the site where William Pitt’s Federal Coffee Palace once stood – south to Flinders Lane.
All up that project will contain over 80,000 sqm of area, part of which has been pre-committed to Amazon.
Also in the city’s west, Hickory is proposing a 22 storey, 24,000 sqm building incorporating the Kilkenny Inn at the north east corner of King and Lonsdale streets.
Mirvac is planning an office too, rising 31 levels with 44,000 sqm of A-grade space at 383 La Trobe St, beside the historic former Royal Mint.
At Docklands, a 70,000 sqm 34 floor tower is under construction at 699 Collins St after selling on a funds through basis last August for $1.2b – the record price for an Australian office in 2021.
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