Designed by Plus Studio with interiors by Fiona Lynch, it will comprise 320
residences across four distinct collections — Heirloom, Signature, The Reserve
and The Penthouse — alongside more than 2,700 sq m of office space and 900
sq m of retail and hospitality fronting both Collins and Spencer streets.

The appointment of Hacer marks a major milestone for the developer, which last
year abandoned plans to develop a luxury $520m hotel on the landmark site.

Located on the corner of Collins and Spencer streets, diagonally opposite
Southern Cross Station, the site is steeped in history as it is home to the
heritage-listed 1920s-built former State Savings Bank building.

The site was owned by pub baron Bruce Mathieson for decades before Sterling
Global acquired the land in 2023 for around $55m.

Sterling Global director Brandon Yeoh said the appointment of Hacer reflects
the importance of partnering with a builder capable of delivering both technical
excellence and long-term value on a site of exceptional significance.

“623 Collins Street is about stewardship as much as it is development. This is a
complex heritage site at the heart of the city, and it demands a delivery partner
with the experience, discipline and respect required to do it justice,”
Yeoh said Hacer brings a proven track record across large-scale design-led
developments including projects requiring deep collaboration across heritage,
commercial and residential typologies.

The project is the pair’s third collaboration.

Hacer director Vin Sammartino said the company was proud to be appointed to
deliver one of Melbourne’s most prominent CBD restorations.

“623 Collins Street is a rare opportunity to contribute to the renewal of a truly
significant Melbourne address.

“The integration of heritage fabric with a contemporary tower requires careful
planning, collaboration and craftsmanship, and we’re pleased to be working
alongside Sterling Global and the broader consultant team to bring this project
forward,” Sammartino said.

Deputy Lord Mayor of Melbourne Roshena Campbell said projects that invest in
the city’s heritage while delivering new homes and economic activity are vital to
the city’s continued renewal.

“The restoration of the State Savings Bank building at 623 Collins Street shows
how Melbourne can honour its proud architectural history while creating new
opportunities for people to live and work in the heart of the CBD,” she added.

Completion is currently anticipated in Q4 2029.

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Published at Greenstreet, March 18, 2026