Real Estate The IIG 401 Collins Trust asset

401 Collins Street

A property with an 80-year heritage, upgraded for a new economy tenant.

Published: November 13, 2017

About 401 Collins Street

We have rejuvenated 401 Collins Street to give it new life as a classic Melbourne city property. We restored the heritage façade, refurbished the lobby, modernised key services and filled the building with modern tenants.

WeWork, the global co-working giant, has made the building one of its central Melbourne locations, taking a 15 year lease over nine levels. The hospitality team behind Welcome to Thornbury have opened the ‘Natural History Bar & Grill’ in the ground floor and cellar.

Asset Type

Commercial Real Estate

Location

401 Collins Street, Melbourne

Lettable Area (after rejuvenation)

7,172m2

Levels

8, plus basement, ground, mezzanine and rooftop.

Rejuvenation Project Complete

July 2018

Anchor Tenant

WeWork

NABERS Base Building Energy

Pending: 4.5 Stars Targeted

Valuation

$66 million as of 31 March 2018

Impact

Environmental upgrades, a new economy tenant, and preserved heritage.

The main benefit of our work with 401, will be to improve the environmental performance of this building, which is more than 80 years old. Through the re-leasing campaign, we are also providing accomodations for a company with a mission to “build a global community of entrepreneurs, creatives and emerging companies by building spaces that foster collaboration”.

We believe that both the buildings tenants are attuned to society’s pressing social and economic shifts, and the need for business to operationally embed environmental stewardship.

Our restoration and maintenance works will also help retain the heritage of Melbourne’s built environment, and avoid the environmental inefficiencies of widespread demolishing and reconstruction.

Our environmental upgrades

  • Install thermal sub-metering for chilled water and heating hot water delivered to each floor;
  • Install electrical sub-metering of major plant;
  • Repair insulation on thermal pipework;
  • Upgrade existing chillers to high-efficiency air-cooled units;
  • Add variable speed drives to thermal plant chilled water and heating hot water pump sets;
  • Increase the size of outside air intake vents;
  • Replace toilet exhaust system with a more efficient system;
  • Upgrade and commission the Building Management System;
  • Replace 96 damaged windows;
  • Seal the roof from water infiltration;
  • Include regeneration drives for new lifts.