Sterling Global Secures Approval for $520 Million Collins Street Development

Sterling Global Collins Street Melbourne
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Sterling Global has announced that its $520 million residential and lifestyle hotel development at 623 Collins Street has received approval from the Victorian Department of Transport and Planning.

The development, a rare offering in Melbourne’s CBD, promises an unparalleled opportunity for luxurious apartment living and introduces a new lifestyle hotel for local workers, residents, and travelers. Situated at the prime intersection of Collins and Spencer Streets, the 42-storey mixed-use tower, designed by Carr Architects, will serve as a landmark entrance to the Melbourne CBD with a design that honors both its heritage and urban setting.

The project, spanning a 1972sqm site, includes 175 apartments and 2717sqm of premium commercial space. Additionally, it will feature a 229-key hotel occupying the upper heritage podium levels, complete with a fine dining restaurant.

^Sterling Global Collins Street Development Streetscape Facade (Image: Sterling Global)
^Sterling Global Collins Street Development Streetscape Facade (Image: Sterling Global)

Sterling Global Development Director David Morgan weighed in on the development approval achievement,

“Thanks to the Department of Transport and Planning’s swift and efficient management of the planning application process, we’re proud to add this prestige project, which includes our first hotel, to our rapidly growing development pipeline of high-quality assets.

“Soon to be a rare and timeless landmark for Melbourne, 623 Collins Street reflects our commitment to preserving the city’s heritage fabric while contributing to the Victorian State Government’s housing policy of significantly increasing housing supply over the next the decade.”

The development uniquely combines modern design with the historic site, offering a blend of old-world charm and contemporary luxury. In collaboration with heritage consultants Lovell Chen, the project ensures a sensitive integration of heritage and modern elements, with the upper-level tower set back from the existing Collins and Spencer Street facades. The heritage facade and banking chamber of the 1923 State Savings Bank on the site will be restored and refurbished as part of the project.

^Sterling Global Collins Street Development Restuarant and Bar (Image: Sterling Global)
^Sterling Global Collins Street Development Restuarant and Bar (Image: Sterling Global)

623 Collins Street is designed to enhance the renowned Collins Street precinct with community-centric spaces and an active pedestrian ground plane. This development signifies a key milestone in the ongoing transformation of the western end of Collins Street, joining other prestigious projects such as the completed 555 Collins Street office and 447 Collins Arch developments, and the under-construction 600 Collins Street.

The development is scheduled to hit the market in early 2025, with construction set to begin next year and practical completion anticipated in early 2028. This significant project is part of Sterling Global’s expanding development portfolio, now valued at over $1.6 billion, which includes commercial, retail, residential, and land assets. Other current projects include Como Terraces in South Yarra, a luxury residential development in partnership with CBUS Property, and Talbot Village, an urban infill project aimed at creating a connected community in Melbourne’s southeast.

Note: The information presented in this article is for general informational purposes only and should not be relied upon as legal, financial, or professional advice. While we make every effort to fact-check and verify the information presented, we cannot guarantee its accuracy or completeness. Readers are encouraged to independently verify any information they find on our website and to consult with relevant professionals before making any decisions based on the information presented. The Australian Development Review does not own the rights to the information included within this article, and furthermore, there is no infringement intended from the included text and images within.

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