Collins St former banking chamber to undergo 10-year redevelopment

By Jemma Van Zaanen

The historic Collins St former banking chamber will be redeveloped into a concept showroom by global retailer Cosentino.

460 Collins St will undergo a 10-year redevelopment deal with two five-year options at $280,000 per annum.

During the next year, work will begin to transform the basement and ground floor into a Cosentini City concept location, which focuses on delivering and creating spaces where design professionals can “meet and be inspired”.

The development will allow advisory services for projects, conferences and networking events, and tools for professionals to familiarise themselves with the company’s offerings.

The deal was negotiated by Fitzroy’s CBD retail leasing team on behalf of a private landlord, according to a press release issued by the real estate company.

A Fitzroys leasing team member Franklin Pikas said the new showroom was well-placed to complement post-COVID ideas of modern CBD work experiences.

“This is a space that can accommodate a wide range of uses, and we had interest from prestige retailers, supermarkets, and showroom users, through to major hospitality operators,” Mr Pikas said.

Cosentino was attracted to the property’s location in the new heart of Collins St. The CBD core has shifted west with the introductions of the new Collins Arch and Olderfleet commercial developments.

The original 1930s heritage features from the NAB banking chamber will stay and the space will feature a high-clearance 413sqm ground floor area and an internal stairway to the basement.

Fitzroy’s CBD leasing team has also negotiated new retail leasing deals throughout the CBD to a mix of tenants recently.

Some signees include EB Games, Moi Moi Jewellery and Florence-based perfumery Santa Maria Novella.

Fitzroy’s Travis Keenan said CBD businesses were looking towards an ongoing rebound in day-to-day trade over spring and summer as more people returned to the workplace.