The GPT Group has kicked off construction at its Queen & Collins redevelopment, previously known as 100 Queen Street, and once the global headquarters of ANZ Bank.
The GPT Wholesale Office Fund, which bought the building three years ago, plans a significant revitalisation designed to appeal to a wide range of businesses looking to have their own floor of distinctive premium grade space.
The refurbishment will also see a substantial upgrade of the ground plane and entrance, while maintaining the character of the gothic tower and heritage buildings below. The design of Queen & Collins will incorporate the heritage buildings at 90 Queen Street and 380 Collins Street, which are also to undergo a rejuvenation as part of the redevelopment.
GWOF Fund Manager Martin Ritchie said he was delighted the Fund is realising its strategy to undertake a major refurbishment and relaunch one of Melbourne's most recognisable and best-located towers. 'Following this refurbishment, Queen & Collins will offer a market-leading boutique office experience in one of Melbourne's most vibrant business locations,' said Mr Ritchie. 'With the leasing campaign to commence in early 2020, the Fund expects to capitalise on high levels of tenant demand, low vacancy rates and this unique offering to enhance returns to investors.'
Matthew Faddy, Head of Office and Logistics at GPT, said Queen & Collins is set to become a prominent space in the Melbourne CBD, with a diverse mix of businesses to be attracted to the high-end bespoke tenancies.
'Queen & Collins will continue to be one of Melbourne's iconic landmarks and as the largest owner of premium office space in Melbourne, we are excited by this vision to create a unique blend of heritage and contemporary high-end design,' said Mr Faddy. 'This tower will be one of Melbourne's leading office buildings in terms of design, amenity and quality workspace which we think will be of great appeal to premium occupiers.'
The Group will commence an office and retail leasing campaign in early 2020, and will target businesses seeking premium grade, boutique-style space in a prime location. Queen & Collins has a net lettable area in excess of 36,000 square metres, and an expected end value of more than $550 million.
GPT has appointed Probuild as the building partner for the project, with the project due for completion in early 2021. 'We are very excited to be partnering with The GPT Group on this iconic project in Melbourne. Queen & Collins is a huge fit out refurbishment project and will employ Probuild's high skill level and experience working on adaptive re-use projects,' said Luke Stambolis, Managing Director at Probuild.