Prominent Melbourne CBD corner set to get Tiffany-style glass retail building
It’s one of the Melbourne CBD’s most prominent corners and it could soon be the home of a stunning new glass retail building to showcase a top Australian – or overseas – brand, as well as the location itself.
A two-storey edifice is being proposed to be placed in front of the existing 30-level tower at the junction of Collins and Elizabeth streets. It will also provide a “celebratory” new entryway to the skyscraper.
“We’re all really excited by this,” said Michael Nunan, state director leasing at Knight Frank Australia.
“The landlord has been planning to upgrade the ground floor and the other facilities in the building for a while, and to replace the old add-on that was made to its front.
“But this is planned to take its place and provide a bit of a statement to the building. It’s going to be a great addition to Collins Street and to the retail space.”
It’s hoped the new podium addition at 303 Collins, put forward by property investment company Phileo, will be completed in late 2024. It will offer tenancies ranging from 500 to 700 square metres on the ground floor, and 200 to 900 square metres on level one.
With large five-metre glazing for the picture windows, along with the steel and masonry, it’s expected to attract interest from prestige retailers, both local and from overseas.
Architect Kenneth Wong of Carr Design says the project is envisioned to add context to what’s already a very, very busy street corner, while taking into account the plans to pedestrianise Elizabeth Street.
“Looking at the tower, which was done in the 1970s, we realised it was quite beautiful, but the addition there made it quite landlocked and gave almost a keyhole passage into the lobby,” he said.
“But this will engage the street edge and become almost a companion building with a connection with the outdoors. It will also provide a high-end shopfront with great windows – like Tiffany’s, as a classic example.”
There will also be landscaping on the roof terrace to provide an element of biophilia.
Knight Frank leasing partner Gary Loo said that, with few substantial-sized retail spaces at the site, it was expected it would lure a range of premium brands.
“This is one of the most prominent corners in the Melbourne CBD, with extensive exposure to both Collins and Elizabeth streets, and surrounded by many high-end retailers including Tiffany’s, Longines, Burberry and Hugo Boss,” he said.
“We are currently fielding several expressions of interest for these premises, which would suit prestige brands for high-end retail or restaurant operators.
“It’s a once-in-a-generation opportunity to occupy a high-exposure retail premise on one of Melbourne’s best and busiest retail corners.”
With a huge amount of passing foot traffic, it’s thought that 303 Collins will also boost retail occupancy rates, particularly with the return of overseas and interstate visitors.
