The milestone comes as Melbourne’s city centre experiences a resurgence in large-scale residential and mixed-use construction, signalling renewed confidence in the capital’s urban core and a growing pipeline of design-led, heritage-sensitive developments.

The appointment marks a key milestone for the 42-storey project, which will rise from the former State Savings Bank of Victoria, integrating two heritage-listed buildings — the 1924 banking chamber and the former Batman’s Hill Hotel — into a contemporary residential, commercial and retail destination at the western end of Collins Street.

Hacer Group has been selected for its extensive experience delivering complex, large-scale developments, including projects requiring deep collaboration across heritage, commercial and residential typologies. The project represents Sterling Global’s third collaboration with Hacer Group.

Designed by Plus Studio with interiors by Fiona Lynch, 623 Collins Street will comprise 320 residences across four distinct collections — Heirloom, Signature, The Reserve and The Penthouse — alongside more than 2,700sqm of office space and 900sqm of retail and hospitality fronting both Collins and Spencer streets.

Two heritage-listed buildings will be carefully retained, restored and integrated into the new development, including the refurbishment of the original banking chamber for a future hospitality offering, reinforcing the site’s longstanding civic role within the city.

Throughout construction, the project is expected to support approximately 2,000 jobs, generating approximately $800 million in economic activity for Victoria.

Sterling Global Director Brandon Yeoh said the appointment 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,” said Brandon.

“Hacer Group brings a proven track record across large-scale, design-led projects, and we look forward to working closely together as the project progresses toward construction.”

Hacer Group 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,” he said.

“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.”

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 Melbourne’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 said.

Residents at 623 Collins Street will have access to more than 800sqm of wellness-led amenities on level six, including a gym, yoga studio, private dining spaces, library, games room and The Bathhouse — featuring a pool, sauna, spa, steam room and cold plunge. An additional suite of exclusive amenities on level 38 will offer residents of The Reserve and Penthouse Collection access to a private lounge, whiskey bar, dining spaces and terrace entertaining.

Completion is currently anticipated in Q4 2029.

---

Published March 19, 2026.