Lendlease Constructions has been appointed as builder for Charter Hall’s $750 million 555 Collins Street office development in Melbourne.
Construction has commenced on the project following demolition works that were completed in 2020.
The 555 project will include the corner 48,000 square metre tower as Stage 1, with the Stage 2 Tower comprising 32,000 square metres.
The project secured planning approval from the Victorian State Government under its Building Recovery Taskforce earlier in the year.
It has the capacity to accommodate up to 7500 CBD workers and includes advanced, tech-enabled environments.
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Charter Hall’s Managing Director and Group CEO David Harrison said 555 Collins Street is a visionary commercial precinct that will create a new benchmark for office development in Australia.
“We expect a flight to high quality modern office buildings as tenant customers refine their workplace to meet the changing appetite for modern, technology and health/hygiene driven accommodation requirements,” Harrison said.
Victorian Treasurer Tim Pallas said projects like 555 Collins Street would drive economic activity in the inner-city.
“This is exactly what Melbourne’s CBD – and our economy – needs right now: a project that will bring to life this end of town and create hundreds of construction jobs,” he said.
Victoria was the strongest economy in the country before the pandemic and with investments like these in the pipeline, we’re confident we’ll come back even better and stronger.”
Melbourne Lord Mayor Sally Capp said the $750 million first stage of the $1.5 billion 555 Collins Street project was a huge vote of confidence in the future of the city’s economy.
“Charter Hall’s development will create 1,500 construction jobs now and it also shows there is a strong belief in the strength of the city’s economic recovery,” she said.
“The city’s economy is beginning its recovery from COVID-19 but city businesses are still doing it tough. This is a project that we want to be a catalyst for further investment and new jobs in our city.”