IIG announces rejuvenation of historic Collins Street building
Impact Investment Group (IIG) has announced the rejuvenation of its iconic art deco building at 401 Collins Street, Melbourne, with plans to create a dynamic centre for modern working and hospitality.
IIG is in negotiations with a pair of Melbourne restaurateurs with plans to establish a new hospitality brand on the ground floor. Meanwhile, WeWork has leased the building’s rooftop and the entire nine floors of commercial space.
IIG has started an extensive program of capital works that includes restoration of 401 Collins’ heritage stone front façade, replacement of the two lobby lifts, major mechanical upgrades and environmental sustainability measures.
Levels mezzanine to nine and the rooftop will receive new fitouts primarily designed by WeWork. Newly claimed space on the rooftop and in the basement will see the net lettable area (NLA) increase by 360 square metres, bringing the total NLA to approximately 6,291 square metres.
IIG’s CEO, Chris Lock, says, “This marks the start of a new era for 401 Collins. We’re proud to be setting up the next chapter in this remarkable building’s life. When we buy older properties like this one, we look for ways to adapt them for modern use, whether it’s making them more energy efficient, or fitting them out to support the kinds of jobs that will exist in the new economy.
IIG has identified opportunities to improve the energy efficiency of the base building, by upgrading the heating, ventilation, air conditioning system, building management system, and electrical services. The company will work closely with WeWork and the hospitality tenants, encouraging them to create a healthy and productive space, while minimising the environmental impact of the fit out. Lock confirms, “It shows that these pre-war buildings, built to endure as they were, can still contribute to Australia’s move towards lower carbon emissions.”
In addition, WeWork’s extensive fit out will aim to meet leading modern standards while being sympathetic to 401 Collins’ historical character. “This is a great location to be redesigning commercial space,” Lock says. “It is a landmark in the heart of Melbourne’s banking and financial services district, where we can see demand for high quality working spaces. It’s a bonus to have such a distinguished building to work on.”
WeWork has set up more than 120 shared work spaces across the globe since February 2010, when the company launched in New York. WeWork provides work spaces, collaborative networks, community platforms and services to its more than 90,000 members in 32 cities.