Cromwell seeks approval for £195m mixed-use development in Australia

WCN Editorial Team 15 Jul 2019 OCEANIA BUILDINGS

Real estate investor and manager Cromwell Property Group (Cromwell) has sought approval for its A$350m (£195m) mixed-use development at 700 Collins Street in Melbourne CBD’s Docklands Precinct in Australia.

The firm has applied for development application (DA) for the 55-storey mixed-use scheme, which will comprise office, hotel and apartment living, as well as a four-storey podium car park with 199 spaces.

The office aspect features approximately 13,000m² of additional A-grade office space across 13 floors.

As part of the development, Cromwell plans to include up to 265 studio, one-, two- and three-bedroom apartments as well as an exhaustive suite of additional amenities, including concierge services, swimming pool and café.

Additionally, the Cromwell’s application comprises a 4.5-star, 182-room full service hotel.

Cromwell property head Bobby Binning said: “This is another exciting value-add development opportunity for Cromwell and follows hot on the heels of the $75 million development approval received at Chatswood on Sydney’s North Shore.

“The success of our asset recycling initiatives is evidenced by the recent sale of Northpoint Tower, following a $130 million redevelopment which boasts extensive culinary options as well as a rooftop bar, an eight-storey, 187-room Vibe Hotel complete with conference facilities, as well as a rooftop pool and gym.”

The firm said that the mixed-use development offers unobstructed 360-degree views across Port Phillip Bay, Docklands and the Melbourne CBD.

Cromwell said in a statement: “Cromwell has accelerated the execution of its ‘Invest to Manage’ strategy and recently successfully completed a $375 million institutional placement, executed a new three-year €225 million syndicated facility and announced the $300 million sale of its 50% interest in Northpoint Tower.

“These initiatives provide Cromwell with funding certainty to pursue a number of other acquisition and value-add development opportunities.”

In April 2019, Cromwell said that it has received Council approval for the proposed A$75m (£41.8m) DA for an integrated office and hotel development at Lower North Shore, Sydney.

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Image: Illustration of the proposed 55-storey mixed-use development in Melbourne, Australia. Photo: courtesy of Cromwell Property Group.

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