A $50 million redevelopment of 260 Collins Street in Melbourne has been completed, with the precinct reopening on November 14 under the new name Collins Arcade.
The project, delivered by Kaipara Property Group in partnership with UBS Asset Management’s Global Real Assets business (UBSAMGRA), was completed on time and on budget.
“We are honoured to play a pivotal role in reinvigorating the Melbourne CBD as foot traffic returns to pre-pandemic levels,” said Toby Daniel, joint MD of Kaipara.
“We are looking forward to also welcoming additional tenants in the coming months as they reach completion.”
The site’s leasing was led by Zelman Ainsworth of Ainsworth Property, with the centre more than 90 per cent committed before opening, and its redesign was led by global design firm Buchan.
The completed restoration also reopens the internal pedestrian link between Collins and Little Collins Streets, which closed last September during construction.
The link provides improved access between Flinders Street Station and Bourke Street Mall.
The centre will see brands such as Kingpin, Kathmandu, Saba, Priceline Pharmacy and more, opening over the coming weeks, joining flagship anchor retailers Swatch, Birkenstock and Tag Heuer.
The launch comes as retail vacancy rates in Melbourne have dropped from 14.9 per cent to 6.9 per cent over the past year, according to industry data.
The Melbourne City Council also reported that entertainment spending is now 60 per cent above pre-pandemic levels.
“The repositioning of Collins Arcade reflects our conviction in the future of Melbourne’s CBD,” said John Mowat, head of real estate Apac at UBSAMGRA.
“The strong leasing success ahead of opening demonstrates confidence from leading retailers and highlights the precinct’s role in the resurgence of Melbourne’s CBD.”
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