Sterling unveils plans for $590m redevelopment of heritage Collins Street site
Original article published by Green Street News. September 15, 2025.
Melbourne developer Sterling Global has unveiled plans to build a $590m, 42- storey mixed-use tower at 623 Collins Street, incorporating two of the CBD’s most historic buildings.
The developer acquired the amalgamated site in 2023 for a reported $55m, buying three adjoining properties from Bruce Mathieson and the Grollo family. Designed by Plus Studio, the project will deliver 320 apartments, with half configured as two-bedroom units. It also includes 2,700 sq m of office space across five levels and 900sq m of retail and hospitality space fronting Collins and Spencer Streets.
Two heritage-listed structures – the former State Savings Bank of Victoria, built in 1924, and the Batman’s Hill Hotel – will be restored and integrated into the development. The original banking chamber will be refurbished for use as a restaurant.
Construction will follow an amended planning approval secured last month, and marketing is underway.
Amenities for residents span more than 800sqm on level six, including a pool, a gym, a library, a yoga studio and a wellbeing retreat. Premium buyers in the upper-floor Reserve and Penthouse collections will also have access to a lounge, a whiskey bar and private dining on level 38. Interiors have been designed by Fiona Lynch.
Development director Brandon Yeoh said the project balances demand for new housing with heritage preservation. “We’ve taken a building that has been part of Melbourne’s story for a century and reimagined it for modern living,” he said.
Plus Studio director Ian Briggs said the design aims to connect the new tower with its context. “A podium that contributes to the streetscape, planted terraces that link heritage and new, and a tower that takes its place on the skyline with clarity and restraint,” he said.
Sterling Global, founded in 2012, has a $1.6bn pipeline that includes projects in South Yarra and Toorak.
Original article published by Green Street News. September 15, 2025.
