Hines, the international real estate firm, has acquired a prominent 2,120-square-meter corner site at 36-52 Wellington Street, Collingwood, one of Melbourne’s most rapidly gentrifying inner-city commercial sub-markets.
The site is well-connected to all key public transport networks and amenity precincts, with train, bus, tram, and cycle paths all within walking distance and Smith Street retail and dining strip less than five-minutes away.
The firm intends to develop a highly sustainable commercial office building adopting the Hines T3 strategy (Timber, Transit and Technology). Hines’ T3 construction methodology replaces traditional structural systems such as concrete and steel with prefabricated solid wood systems, to create best-in-class projects in a fast, clean, sustainable and aesthetically pleasing manner.
Jackson Clements Burrows Architects have been engaged to design the building, with architectural form to mediate between Collingwood’s significant industrial heritage and the wave of contemporary new developments currently being delivered. The building will cater to tenants who are seeking to improve the quality of their work/life balance and workplace experience, with an exceptional complement of amenities including common social areas; large tenant terraces; public third-space activation and premium End-of-Trip facilities. The site, which sits approximately 2.5 km from the center of Melbourne CBD, was purchased in an off-market transaction brokered by Andrew Ryan and Peter Bremner of Colliers International.
David Warneford, managing director at Hines, commented, “This project marks a significant milestone for our expansion in Australia and we are thrilled that the firm’s first Australian development will be with this T3 asset in Collingwood.”
Hines Director Simon Nasa added, “We are excited to bring this differentiated product with unique architecture to Melbourne. The location in an amenity-rich creative office market will enhance the live, work, play lifestyle that progressive tenants are seeking, to recruit and retain the best of today’s talent.”
In 2016, Hines completed its prototype T3 project in Minneapolis. The firm currently has T3 developments underway in Atlanta, Chicago, Denver and Toronto and announcements are forthcoming for other markets.
Since entering the Australian market in 2011, Hines has acquired, owned, managed and sold more than A$850m worth of assets on behalf of various mandates.