(MELBOURNE, AUSTRALIA) – Hines, the international real estate firm, has acquired one of the last remaining prime development sites, 600 Collins Street, in Melbourne’s CBD. Hines will seek to amend the existing mixed-use permit to deliver a 60,000-square-meter premium-grade office tower in the CBD’s burgeoning Western Core, solidifying the area as Melbourne’s premier corporate hub. The strategically located site offers over 70 meters of prime frontage on Collins Street, surrounded by a deep amenity base and major transport nodes.
Hines Director Simon Nasa, who led the Collins Street acquisition, notes that the move into development has been a deliberate transition for the firm’s growing business in Australia. “Hines’ global track record over generations of real estate development provides us with unique experience on which to draw,” he said. “600 Collins Street will be a core, best-in-class Hines product, utilizing forward-thinking design principles and globally informed construction methodologies to ensure the highest standard of quality and a top position amongst its competitive set.”
Hines Managing Director David Warneford commented that the acquisition reflects the firm’s global confidence in the long-term future of the office sector post-COVID. “We have witnessed an unprecedented experiment in work-from-home as a result of the pandemic, which has sparked change in the way people will work in the future,” he said. “Businesses will demand office space that responds to their unique needs such as: flexible ways of working; a strong focus on health and wellness; an atmosphere conducive to collaboration and continuity of corporate culture and seamless technology integration. 600 Collins Street will deliver those key elements to a level not yet seen in Melbourne.”
600 Collins will be one of five Hines projects currently in development across the APAC region—including 36-52 Wellington, an 18,200-square-metre, 15-story heavy timber creative office building in Melbourne and 9 Stewart Street a 5,000-square-metre, 10-story boutique creative office also in Melbourne. Both projects will embrace and expand Hines' T3 (Timber, Transit and Technology) platform.
The 600 Collins Street site was acquired from Melbourne-based property development firm, Landream, in a deal brokered by Paul Kempton of Knight Frank acting for Hines.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 225 cities in 25 countries. Hines has approximately US$144.1 billion¹ of assets under management, including US$75.5 billion for which Hines serves as investment manager, including non-real estate assets, and US$68.6 billion for which Hines provides third-party property-level services. The firm has 165 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,426 properties, totaling over 472 million square feet. The firm’s current property and asset management portfolio includes 576 properties, representing over 246 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information. ¹AUM includes both the global Hines organization as well as RIA AUM.