This article is from the Australian Property Journal archive
CROMWELL has obtained approval for a $350 million mixed use expansion of their 700 Collins Street in Melbourne’s Docklands precinct.
Cromwell acquired the property in 2004 which currently includes a 17-level A-grade office tower with 33,489 sqm of net lettable area.
“The Docklands area has come a long way since we purchased 700 Collins St in 2004. As one of the first commercial towers in the area, we saw the potential early and are now looking forward to investing further in the precinct,” said Bobby Binning, head of property at Cromwell.
The plans for the improved site consist of an additional 55 storeys of mixed-use space, including office space, apartments and a 4.5 star, 182-room full-service hotel, in addition to a four-storey podium car park with 199 spaces.
There will be about 13,00 sqm of additional A-grade office space across 13 floors, with extensive end-of trip facilities and 278 bike parking spaces.
The new apartment spaces will consist of up to 265 studio, one-, two- and three-bedroom apartments with access to amenities such as concierge services, a swimming pool and a café.
The site is right by Southern Cross Railway Station, at just 100 metres, and a short walk from Marvel Stadium.
“Cromwell has line-of-sight to a c$1.1 billion pipeline of new value add development opportunities, and this will be another good example of what we can do in this area.”
Operating partners and commencement dates have yet to be announced.
“We will consider potential operating partners in the new year,” concluded Binning.
