United States development and investment giant Hines is paying a speculated $200 million for a Melbourne CBD site until recently earmarked for a Zaha Hadid hotel.
The incoming owner of 600 Collins Street is proposing a 60,000 square metre Premium-grade office it estimates will be worth c$1 billion upon completion.
The 2400 sqm site with a four storey mixed-use commercial complex was offloaded by Landream which paid $60m in 2015.
That vendor, the local Henkell Brothers, held it since 1997.
The property is next door to a 68-level residential tower Harry Stamoulis completed in 2015.
It is adjacent to 555 Collins St, where Charter Hall this month announced it pre-committed Amazon to nearly a third of a 34-storey, 48,000 sqm office.
Like 600 Collins St, that building will be rated Premium – the highest quality available and less common than A-grade (story continues below).
Hines in Melbourne
Elsewhere in Melbourne, Hines is proposing a sustainable 15-floor office at the south east corner of Wellington and Langridge streets, in Collingwood – replacing a 2120 sqm site it spent $28.5m on nearly two years ago.
In inner east Richmond the group has earmarked a 10-level commercial building at a 9-13 Stewart St, a prominent site with aspect over Swan.
Designed by Woods Bagot, and incorporating a double storey factory, that proposal will include 8000 sqm of commercial area, 300 sqm of ground floor shops and a rooftop deck.
Landream had pre-committed Mandarin Oriental Group to the Melbourne CBD site, also known as 582-606 Collins St, where it was permitted for a 55-floor tower with a lattice façade.