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CBD | Olderfleet | 477 Collins Street | 158m | 38L | Office

Mark Baljak's picture
#1

Mirvac’s marvellous mid-town move
NICK LENAGHAN


AFR / Grimshaw

>> The Mirvac Group is advancing plans for a $500 million redevelopment in the heart of the fast-emerging mid-town section of Collins Street. This week the listed developer and investor finalised a deal to acquire 477 Collins Street from Aviva Investors for a figure in the low $70 million range. The Olderfleet Buildings is one of the best-preserved examples of the “marvellous Melbourne” era of the 1890s. The property combines three heritage frontages on Collins Street, with a modern office tower and car park to the rear. Mirvac will now pursue plans for a 40-storey tower behind the historic front sections. A new tower is expected to offer 50,000 square metres of space, with an end value near $500 million. A side core-style development by Grimshaw Architects will enable Mirvac to deliver 1600 square-metre floorplates into the premium office market.

>> “What is now happening is the ­emergence of a precinct which is very well connected to both ends of Collins Street,” he said. Over that period, the CBD has developed a strong north-south axis, with the Collins Street mid-town area around William and Queen Streets playing a central role . “Because of these factors, if you look at the potential value of redeveloping in the mid-town, it has got a whole lot going for it.” Mirvac’s latest acquisition will be held on balance sheet, delivering a ­commercial return, as Mirvac hunts tenants eager for accommodation in a new generation tower. Other big players are also taking positions in the burgeoning mid-town. Lorenz Grollo is preparing for a major revamp to the Rialto Towers, next to the Olderfleet. Across the street, he is planning an ultra-slender tower project at the Makers Mark site. Nearby, another Grollo scion, Daniel Grollo is pursuing a $600 million joint venture at 555 Collins Street. Further along, Investa is funding a $460 million new office tower emerging from Collins Street, just before Spencer Street.

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Alastair Taylor's picture

West End's cranking right up.

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Nicholas Harrison's picture

Project summary:

Development concept
– 36 level, 51,000sqm prime grade asset
– Retain historical and picturesque facade
– Tower with side core plate in excess of 1,600sqm

Commencement subject to a significant pre-commitment and relevant planning approvals being obtained.

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Alastair Taylor's picture

And what about interiors of the Olderfleet? That's the biggest question. Precincts like this require the highest level of sensitivity.

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Ryan Seychell's picture

I'd assume they're just demolishing the office building behind it that was built in the 80's

 

http://www.boeyphotography.com/uploads/1/1/3/4/11349897/252462_orig.jpg

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Nicholas Harrison's picture

They only kept the first ten metres of the Olderfleet buildings and the section plan shows what is left will be retained.

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Mark Baljak's picture

Probuild have a current tender on 477 Collins Street - not even submitted for approval yet

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Michael Berquez's picture

What do you mean Mark?

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Mark Baljak's picture

^^ tender for construction

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Mark Baljak's picture

ok i stuffed this one up, tenders are out for 447 Collins.

regardless this will be submitted for approval next month

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Ryan Seychell's picture

^ Not hard to, had to look twice. Hopefully it doesn't take them long to find a tenant and get this one going. Most anticipated office development for me this year i'd say..

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Fedsquared's picture

Mirvac's plans to develop 477 Collins Street move a step closer

Mirvac Group has cleared another round of regulations and lodged the development application for its 477 Collins Street, Melbourne project, estimated to be worth between $500 million to $600 million upon completion.
Located in Melbourne’s mid-town area, it will be the largest building constructed by Mirvac in Australia and will incorporate the heritage facade of the Olderfleet buildings, with a new 50,000 square metre office at the rear.
The façade is three buildings designed and constructed between 1887 and 1889. Each was conceptualised by different architects and as a result reflect varying styles of Gothic and Romanesque Victorian architecture.
At the time of its opening in 1899, the location near the main train station at Spencer Street was considered the ‘‘Paris end’’ of Collins Street, but which slowly migrated north over the years to be near Spring Street and the Victorian Parliament House.
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The heritage facade will be upgraded with all the mod-cons of Wi-Fi and cafes and will be the ‘‘grand entrance’’ into the ultra-modern office block behind.
Mirvac commissioned architect firm Grimshaw, which then had four of its global and Australian offices submit their own, independent design.
Mirvac’s group executive of commercial development, David Rolls, said designs from each office’s submission were selected and amalgamated to create the winning look of the building.
He said it would be a flagship property for Mirvac, offering new and some, yet unseen, principles of modern office designs.
‘‘We will incorporate the vertical village concept, that we have at 8 Chifley Square in Sydney, together with a campus-style, large floor plans with meeting areas and break-out spaces with natual ventilation,’’ Mr Rolls said.

Read more: http://www.smh.com.au/business/mirvacs-plans-to-develop-477-collins-stre...

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Laurence Dragomir's picture

Write up coming next week.

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Mark Baljak's picture

AFR
Mirvac’s Melbourne marvel a prime TIAA-CREF candidate

>>Mirvac Group has lodged plans for a $500 million-plus Melbourne tower ­rising from one of Collins Street’s most iconic heritage facades.

The 40-storey tower at 477 Collins Street will become the largest single commercial tower the listed developer has built in Australia.

It will also become a prime candidate for the alliance Mirvac has established with American financial services giant TIAA-CREF (Teachers Insurance and Annuity Association – College Retirement Equities Fund).

Under that arrangement, the US company has the first right to take out a half-stake in any prime assets Mirvac secures over the next three years. It is thought TIAA-CREF has already cast its eye over the Collins Street project as a potential investment.

“An incredible amount of experience and detail has gone into how this building has to look and perform to make it the most liveable office space we could create,” Mirvac’s group executive of commercial development, David Rolls, said.

“It does this while incorporating the facade of the neo-gothic Olderfleet Buildings into the burgeoning Collins Street area and knitting the classic ­fabric of Melbourne’s architectural history into the future workplace. From a design, heritage and construction perspective it is one of the most challenging projects Mirvac has undertaken, to sensitively preserve the integrity of one of our national treasures,” he added.

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Paolo's picture

Saw the application in the state register:

Application No. 2014002753
Status Awaiting Allocation
Description of Proposal Demolition of existing building and construction of a high rise office building
Date Received 22/07/2014

http://dsewebapps.dse.vic.gov.au/DSE/Planning/PHBPPAT.nsf/InternetAppLis...

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Laurence Dragomir's picture

38-storeys and 158.56m tall when measured from Flinders Lane.

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Alastair Taylor's picture

Precision++ :)

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Qantas743's picture

Hmm. I thought it looked a lot shorter.

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Laurence Dragomir's picture

When measured from Collins Street it is shorter due to the RL.

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Andrew's picture

Yes, much like the back of the Rialto next door, Flinders lane is quite a bit lower than Collins street in that city block.

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Rohan Storey's picture

The front sections of the three heritage buildings were all kept to a 'front section' depth which varies from 11 to 13 m - they all had rear wings which were knocked off in the 70s when I think it was National Mutual was trying to clear and develop the whole block; they wanted to knock down everything ! Big fight with the National Trust etc. The remaining sections are now all on the Victorian Heritage Register, so presumably they will all stay, along with their odd set of different floor levels (I once worked there; there were no decorative interiors, not even a fire place to speak of, but the structures were intact, so the rooms at the front were v generously sized).

I never did like what DCM did with their office block behind - its coloured glass was meant to be inspired by the Victoria Polychromy of the existing buildings, but I think it just detracted from the decorative parapets, especially the little clock tower of the olderfleet itself.

So sort of glad to see its going, and that the new design is relatively plain, be good to see more images though - would be great if the new tower was set back even further than the 13m, just to give that great steetscape some room. But I can see a leaning forward of the lower half, which is probably cantilevering over the heritage frontage ! On the other hand that drawing makes the whole thing look like it is set back further - anyone got an actual section ??

They are lucky that the (old) Rialto is next door to the west - never going to be a tower to block out views there !

And I was wondering, why is it that new office towers in Melbourne are so relatively short ? This is only 35 levels, and the one at 567 collins - a huge site - is only 33 levels, while famously the minister has removed height limits from the site next door to it to allow something v tall !

Lookingupatbuildings

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Andrew's picture

Big buildings take a long time to build, which means securing contracts and leases far in advance when companies want to be into their new building in a year or two, not four. Banks and mines can afford their own large buildings but because of the docklands they've gone the expensive and large campus style buildings instead of skyscrapers.

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Alastair Taylor's picture

Re: short(er) offices in the past 10-15 years: "The scourge of the groundscraper".

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Mark Baljak's picture

Images © Grimshaw Architects

site

context

shadow

tenancy mix

office floor

client floor

externals

Olderfleet use

internals

materials

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Rohan Storey's picture

Thanks for all those images Mark, good to see all the detail - I think its a fine design both in itself, and especially in its treatment of the Olderfleet group - a good setback, more than current glass facade, and relatively plain - though I note theres no image of it from directly across the street, so wondering what sort of backdrop the olderfleet clocktower will have - be good if it was just an area of plain glass, preferably black or grey.

Lookingupatbuildings

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Nicholas Harrison's picture

This one has been increase in height to 165.55m and 40 levels (43 above Flinders lane)

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