Chinese developer Zone Q has unveiled its plans to ‘unlock’ the potential of two city blocks along Melbourne’s Flinders Street.
The 4,200sq m site, bordered by a 100 metre frontage to Flinders and Siddeley Streets, will now be developed into a ‘campus style’ office precinct catering to Melbourne’s evolving Riverside precinct.
Earlier this year, Zone Q purchased the site for $122 million from Sydney fund manager and adviser Anton Capital.
The building is currently occupied by the Victoria Police force which is due to leave in 2020 to occupy a new home being developed by Cbus Property on Spencer Street.
The rare infill development will introduce a total of approximately 26,000 square metres of A-grade office space across 14-storeys.
Designed by Cox Architecture, the new 637 Flinders Street will feature a piazza style entrance, automated smart car parking and terraces with views of the Melbourne city, the Yarra River, Port Philip Bay and Southbank.
The facade will also feature clear glass to further open the building to the surrounding streetscape, with project managers targeting a 4.5 NABERS rating.
The developer highlighted a focus on “contemporary workplace design” to drive demand for the project.
“637 Flinders Street is perfectly positioned for a full refurbishment that will elevate the precinct to a premium standard that aligns with its prominent location,” Zone Q acquisitions manager Daniel Crotty said.
Zone Q’s portfolio has now reached $650 million across Perth, Sydney, Melbourne and Auckland.
The developer is actively looking at counter cyclical opportunities for infill developments in Perth and Brisbane.
“Our current strategy is to acquire sites with value-add opportunities and breathe new life into under-utilised assets,” Crotty said.
“We look for sites that are well located and supported by strong fundamentals such as good natural light, flexible floor plates and existing amenity nearby.”
In 2018 alone, Zone Q has acquired two buildings on St Georges Terrace in Perth, for $45 million and $25 million respectively, while also picking up Westralia Plaza for $87 million.
The Perth acquisitions added to their swelling West Australian portfolio which also includes the $70 million mixed-use “Pinnacle” development in South Perth.
The developer also recently commenced construction of its $155m 63-apartment project in Sydney’s Milsons Point as well as development site in Cherrybrook in Sydney’s north-west.
Construction at 637 Flinders Street is expected to commence in mid 2020, with completion expected late 2021.