Construction has officially begun on Charter Hall’s $1.5 billion 555 Collins Street precinct, following the ceremonial sod turning ceremony.
Stage one of construction is expected to generate around 1500 jobs for Victoria.
Victorian Treasurer, Tim Pallas, said city-shaping projects like 555 Collins Street are key to the Melbourne CBD’s future as a vibrant, economic hub.
“This is significant for Melbourne and incredible news for jobs and our highly skilled workforce – this investment will contribute billions of dollars to the Victorian tech economy in the next 10 years and cement our position as the home of innovation in the nation,” Pallas said.
Melbourne Lord Mayor Sally Capp said the $1.5 billion 555 Collins Street project showed the resilience in the city’s economy coming out of the COVID-19 downturn.
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“Our city’s economic recovery is strengthening and this project will be a catalyst for further investment in this area of the CBD,” Capp said.
“1,500 construction jobs will be created as work gets underway and another crane in the sky is a sign of the confidence in our city’s economic future.”
Stage one of 555 Collins Street will include a $750 million, 48,000 square office tower on the corner of Collins Street and King Street. The stage two office tower will comprise 32,000 square metres. The ground plane will connect into Melbourne’s midtown, providing a food and beverage hub.
The towers will accommodate up to 7500 CBD workers and have been will include smart building technology that monitors air quality and touchless amenities to support enhanced health, hygiene and wellness.
Charter Hall Managing Director and Group CEO, David Harrison said the developer is providing inspiring, engaging and healthy workplaces for its business partners and tenant customers.
“The landmark development will add to the vibrancy of Melbourne’s CBD and provide a state-of-the- art, future-ready workplace to valued organisations like Amazon,” Harrison said.
“Charter Hall is proud to be moving construction forward onsite at 555 Collins Street, to continue to develop our portfolio of high quality assets for our investors and tenant customers, while creating more jobs for Victorians.”
Amazon has agreed to be the anchor tenant at 555 Collins street. Amazon Web Services Managing Director for Australia and New Zealand, Adam Beavis said the company is excited to be part of the reinvigoration of Melbourne CBD.
“Melbourne has a rich community of innovators, and we are looking forward to bringing Amazon’s growing local workforce to 555 Collins Street so we can continue to invent and innovate on behalf of customers across our Amazon and AWS businesses in Australia,” Beavis said.
“555 Collins comes with a 6 Star Green rating and is constructed under a carbon neutral framework, which will contribute to helping us reach our goal of net zero carbon emissions by 2040.”
Practical completion of stage one is scheduled for early 2023.