(MELBOURNE) – Hines, one of the largest real estate investment and development managers in the world, is set to commence speculative construction on Melbourne’s tallest mass-engineered timber office building in Q3 2021.
Located just 2 kilometers from the CBD, 36 Wellington Street will feature 18,200 square meters of net leasable space across 15 floors, with average floor plates ranging from 900 to 1,500 square meters.
The site is well-connected by transport, surrounded by open green space, and close to a multitude of restaurants, bars and cafés at the heart of vibrant Collingwood.
Hines’ Simon Nasa said the project, known simply as ‘Wellington’ is targeting completion in Q3 2023. As Melbourne’s first timber building, it is designed to achieve 5 Star NABERS and 5.5 Star Green Star ratings as a minimum.
“Timber construction increases staff connection to their workplace, creating an enjoyable working environment which will appeal to forward-thinking tenants seeking a true “live, work, play” balance for their staff,” Nasa said. “We are all about creating collaborative and adaptive workspaces that respond to the changing needs of progressive businesses, blurring the boundaries of what an office can do. ‘Wellington’ will be a Collingwood office just like the suburb itself; a melting-pot of ideas and innovation.”
Hines has appointed Colliers’ Travis Myerscough and Damien Adkins as exclusive leasing agents.
Myerscough said the A-Grade building would offer “best in class, progressive workplace,” with flexible and creative spaces; premium lifestyle and end-of-trip facilities; and highly sought after sustainability credentials.
“There has never been a building like this in Melbourne. It is a next generation workplace located in one of the city’s most vibrant, diverse and growing fringe office precincts,” Myerscough said. “Collingwood is expected to become the next Cremorne thanks to its easy access to the CBD and appeal to quality staff in the northern suburbs of Melbourne.”
Myerscough said the building would offer flexible and creative spaces that foster collaboration, adapt to suit changing requirements and increase productivity of on-site staff.
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.0 billion ($3.3 billion including affiliates) and $40 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 240 cities in 27 countries. Hines oversees a portfolio of assets under management valued at approximately $160.9 billion¹, including $81.7 billion in assets under management for which Hines serves as investment manager, and $79.2 billion representing more than 172.9 million square feet of assets for which Hines provides third-party property-level services. Historically, Hines has developed, redeveloped or acquired approximately 1,450 properties, totaling over 485 million square feet. The firm has more than 180 developments currently underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information. ¹Includes both the global Hines organization as well as RIA AUM as of December 31, 2020.