ASX-listed real estate investor and manager Cromwell Property Group has lodged a development application for 700 Collins Street in Melbourne’s Docklands Precinct.
Cromwell Property Group plans to develop a 55-storey mixed-use project worth A$350 million, comprising office, hotel and apartment living, as well as a four-storey podium car park with 199 spaces.
The office aspect consists of approximately 13,000 sqm of additional A-grade office space across 13 floors, with a much sought after Collins Street address.
The development application also proposes up to 265 studio, one, two and three-bedroom apartments for which Cromwell is considering a build-to-rent model. An exhaustive suite of additional amenities including concierge services, swimming pool and café will also be available. The development application also includes a 4.5-star, 182-room full service hotel.
”This is another exciting value-add development opportunity for Cromwell and follows hot on the heels of the $75 million development approval received at Chatswood on Sydney’s North Shore,” said Bobby Binning, Cromwell’s Head of Property.
“The success of our asset recycling initiatives is evidenced by the recent sale of Northpoint Tower, following a $130 million redevelopment which boasts extensive culinary options as well as a rooftop bar, an eight-storey, 187-room Vibe Hotel complete with conference facilities, as well as a rooftop pool and gym.
“There are a number of similar value-add opportunities being considered in the portfolio,” he said.
The Collins Street site is adjacent to the Southern Cross Railway Station. The proposed development will provide unobstructed 360-degree views across Port Phillip Bay, Docklands and the Melbourne CBD.