Green light for Collins Street development

Market Insights
8 years ago
1 minutes

A $1.25 billion dollar development in Collins Street will be given the tick of approval, if its revised to be 21.6 metres shorter than first proposed.

Victoria’s Planning Minister Richard Wynne rejected 447 Collins Street a few weeks ago, with concerns it will overshadow the Yarra River.

Lord Mayor Robert Doyle slammed the decision at the time as extremely disappointing.

But now, Mr Wynne says the developer, Cbus, will submit a new proposal to receive a planning permit for the former National Mutual Office site.

“This project takes in an entire city block and we have taken the time to make sure we provide for a future landmark on Collins Street,” he says.

“I judge every project on merit and make sure what is built does not negatively impact the surrounds, I want to encourage new towers without sacrificing amenity.”

The development will also include office space, apartments and a hotel, and there are plans to transform 2000 square metres of Market Street in to parkland.

The two towers will now stand at 41 metres tall, and will be connected by a sky bridge.

Cbus’ first proposal for the site, a 100-storey, 295 metre building was rejected by the former planning minister Matthew Guy in 2014.