Towering proposal

Developer Cromwell Property Group has lodged a proposal for a $350 million, 55-storey mixed-use tower for 700 Collins St.

The developer formally lodged the plans with state government in July, with the proposal including office, hotel and apartments, as well as a four-storey podium car park with 199 spaces.

Around 13,000sqm of office space will fill 13 floors, while up to 265 studio, one-, two- and three-bedroom apartments are being considered under a build-to-rent model by the developer. The proposal also includes a 4.5 star, 182-room full service hotel.

Cromwell’s head of property Bobby Binning said: “This is another exciting value-add development opportunity for Cromwell and follows hot on the heels of the $75 million development approval received at Chatswood on Sydney’s North Shore.”

The proposal is a major extension of the 700 Collins St site, which is already home to a 17-storey office tower. Cromwell acquired the site in October 2004.