Cbus Property’s 447 Collins reaches practical completion, setting new benchmark for office culture in Melbourne’s CBD

APRIL 2020

Cbus Property’s iconic Collins Arch project has achieved practical completion of its premium commercial office tower in a highly anticipated milestone for the $1.25 billion mixed-use precinct in Melbourne’s CBD. 

Architecturally designed by New York-based SHoP Architects in conjunction with Woods Bagot, and constructed by Multiplex, the landmark co-joined towers at 447 Collins Street has set a new benchmark for multi-purpose developments across Australia.

Co-owned by ISPT and referred to as 447 Collins, the western tower of the project comprises 49,870 square metres of premium office space, which has been fully leased to a diverse range of high-profile enterprises, including international law firms and key corporate players. It will be anchored by 1,900 square metres of landscaped public realm when the remainder of the landmark project reaches practical completion later this year.

Cbus Property’s Chief Executive Officer, Adrian Pozzo, said 447 Collins would play a pivotal role in the Collins Arch precinct becoming one of Australia’s largest integrated and most successful mixed-use developments.

“We would like to thank the City of Melbourne council and the Department of Environment, Land, Water and Planning for their overwhelming support of this transformative vision for our great city,” he said.

“When we set out to develop the commercial office component of 447 Collins in joint venture with ISPT, we were confident it would attract the highest-calibre tenants across a range of sectors, intent on providing their employees with the amenity, workplace environment and vibrancy that comes with a next-generation workplace.

“As we prepare to welcome our new partners, we usher in a new era of commercial office life in Melbourne, one more focused on tenant and employee wellness, attraction and ongoing engagement through flexible workspaces and first-class amenity.”

In line with Cbus Property’s commitment to net-zero emissions across its portfolio by 2030, 447 Collins will be one of Melbourne’s first WELL Platinum-rated commercial buildings. It is also targeting a 5.5 Star NABERS Energy rating and a 6 Star Green Star rating.

447 Collins’ suite of environmentally sustainable design and wellness features includes high-performance floor-to-ceiling glazing, encouraging natural light; a wellness studio with access to direct natural light; best-in-class end-of-trip facilities exceeding 6 Star Green Star requirements; electric vehicle charging stations; and enhanced, naturally lit egress/tenant-communication stairs.

ISPT’s General Manager for Commercial Services, Melinda van der Westhuizen, said the company was “delighted” with the market response to the outstanding commercial space.

“The office development has attracted a strong mix of customers, predominantly top-tier law firms and private sector organisations. Flexible workplace options are catered for through a co-working component,” she said.

“The success of the leasing campaign was assisted by the iconic nature of 447 Collins Street; the architectural and service design, amenity and central Collins Street location position it as a landmark mixed-use development.”

International law firm King & Wood Mallesons was the first company to snap up space in the renowned development, committing to 9,200 square metres across levels 23 to 27, equating to approximately 20 per cent of the net lettable area in the commercial component. 

It is one of four law firms, including Minter Ellison (10,760 square metres, levels 17-22), Gadens (5,400 square metres, part of levels 11-13) and HWL Ebsworth (6,500 square metres, levels 8-10), to lease space in the landmark project.

Singapore-based coworking company JustCo (levels 4-5), industry super fund Care Super (level 6), and sovereign wealth fund Future Fund (levels 14-16), are among other commercial tenants to progressively begin occupying 447 Collins from April 2020.

Colliers International’s national director for Office Leasing, Andrew Beasley, has been managing the leasing campaign since 2016 and said 447 Collins was one of the most successful campaigns the company had ever been appointed on.

“We are extremely proud to deliver such a successful outcome for our joint clients, Cbus Property and ISPT. It is a true testament to Cbus Property’s vision to deliver Melbourne with a quality mixed-use development,” he said.

“Cbus Property understood the key drivers for major tenants from the outset and delivered on these metrics, which is why the leasing has been so successful.”

Connected by a sky bridge at level 39, the eastern tower of the project will feature 184 luxury residential apartments from level 16; a five-star, 294-room W Melbourne hotel; and a 1,900-square-metre Market Street park, anticipated to be unveiled at the end of 2020.