A striking new 42-storey tower is set to rise above Collins St, blending modern residential living with one of Melbourne’s most historic addresses.
Developer Sterling Global has officially unveiled plans for 623 Collins, a $590 million mixed-use project designed by Plus Studio that will transform the former State Savings Bank of Victoria site.
The development will deliver 320 apartments across four collections – Heirloom, Signature, The Reserve and The Penthouse – with half of the residences configured as two-bedroom homes.
At the heart of the project, which was officially launched on September 11, is a commitment to heritage preservation. Two heritage-listed buildings – the 1924 State Savings Bank of Victoria and the neighbouring Batman’s Hill Hotel – will be retained, restored and integrated into the tower. The bank’s original chamber will be reimagined as a restaurant, continuing the site’s civic and cultural legacy.
Beyond its residences, 623 Collins will offer more than 2700sqm of office space and 900sqm of retail and hospitality outlets fronting Collins and Spencer streets. Residents will enjoy more than 800sqm of shared amenities on level six, including a pool, outdoor terrace, library, games room, gym, yoga studio and The Bathhouse – a wellness retreat complete with sauna, steam room, spa and cold plunge. Those living in the Reserve and Penthouse collections will also have exclusive access to a whisky bar, lounge and a terrace entertaining area on level 38.
The interiors, including the dramatic ground-floor lobby, have been crafted by acclaimed designer Fiona Lynch, whose contemporary aesthetic will shape the material palette throughout the tower.
Sterling Global development director Brandon Yeoh said the project represented a rare opportunity to fuse heritage with modern living. “Melbourne is at a pivotal point in its growth; demand for inner-city living continues to outpace supply,” Mr Yeoh said.
At 623 Collins, we’ve taken a heritage building that has been part of Melbourne’s story for a century and reimagined it for modern living. Towers will continue to rise across the CBD, but genuine heritage fabric is rare – and that carries lasting value for residents and the city itself.
Plus Studio director Ian Briggs said the architecture aimed to respect both history and the city’s future growth.
“Our design approach has been to connect the building closely with its context – a podium that contributes to the streetscape, planted terraces that mediate between heritage and new, and a tower that joins the skyline with clarity and restraint,” he said.
Sterling Global acquired the 2000sqm amalgamated site in 2023 and secured an amended planning permit last month. With a development pipeline exceeding $1.6 billion across Melbourne, the firm has positioned 623 Collins as one of its flagship projects.
