Singaporean property investment company Peakstone has begun the restoration process of 637 Flinders Street in Northbank, after acquiring the asset in 2018.
Built has been appointed as the contractor for the redevelopment of the building, which was formerly used by Victoria Police as their headquarters.
Peakstone’s Head of Australia and New Zealand, Chris Khoo, says the redevelopment is part of a wider strategy to breathe new life into underutilised assets.
“637 Flinders Street is a rare infill opportunity in the city, sitting between the Yarra River and Melbourne’s traditional CBD grid, enhancing connectivity and making it a well-balanced workplace and lifestyle destination,” he says.
“Occupying a significant 4,200-square-metre site with 100-metre frontages to Flinders and Siddeley
Streets, our goal is to elevate the precinct to a premium standard that aligns with its prominent location, and we are confident that Built’s expertise can deliver on this vision.”
Designed by Cox Architecture, 637 Flinders Street will be transformed from a police building into a “campus-style” office precinct, with a 5-star NABERS Energy rating and focus on contemporary wellness amenity and increasing connectivity.
Khoo says the construction of the 14-level PCA A-Grade tower underlines the property developer’s commitment to the Melbourne office market.
“We are confident we will secure tenants during the development phase. The prime location of 637 Flinders Street, opposite Lendlease’s Melbourne Quarter precinct, with exceptional arterial connectivity and proximity to Southern Cross Station, together with the significant development occurring in the wider, ever-evolving Northbank area and our focus on contemporary workplace design, will drive demand for this project,” he says.
“We have seen an increased appetite in Melbourne’s city centre for well-designed buildings that meet the needs of a modern workplace and future workforce.”
Chris Piasente, Artifex Property Group’s Director, who’s company was engaged as the development manager, says Northbank’s ‘renaissance period’ will assist in attracting prospective tenants to the precinct.
“With Riverlee’s luxury residential and hotel project, Seafarers Place, underway and Mirvac’s $1 billion Flinders West office and retail development and a build-to-rent complex recently approved, 637 Flinders Street will create a new southern gateway to the Hoddle Grid,” he says.
“We are excited to work with Built for the first time, and selected the company for its extensive experience working on similar projects to restore and refurbish existing buildings.”
The building’s refurbishment will retain and utilise the existing façade features, adding
approximately 2,062 square metres to the building’s current net leasable area for a total of 25,112 square metres.
Campus-style floors from Levels 3 to 8 will have numerous terraces accessed from their office spaces, while Level 9 will incorporate an expansive rooftop terrace and external communal area, with flexibility to be developed into recreation space.
Approximately 970 square metres of retail space at ground level will target two food and beverage
operators and a convenience based supermarket. A range of end-of-trip facilities will also be provided in the refurbishment, including 202 bike racks, 321 lockers, 25 showers and changerooms.
Built has commenced construction, with completion slated for the third quarter of 2022. Visit 637flinders.com.au for more info.