Global investment manager Hines to begin construction of $200 million prefabricated timber office tower in Collingwood.
Hines oversees a portfolio of assets under management valued at approximately $160.9 billion, and has confirmed its plans to commence construction of the 15-level prefabricated timber building at 36-52 Wellington Street, Collingwood.
It acquired the 2,120 square metre corner site in 2019, and the prefabricated timber building is set to become the tallest of its kind in Melbourne.
It will be built adopting their T3 strategy—Timber, Transit and Technology.
See Hines T3 case study: https://www.hines.com/case-studies/t3
Designed by Jackson Clements Burrows Architects, the tower will offer 18,200 square metres of net lettable area and floor plates ranging from 900 to 1500 square metres.
Hines expects to complete prefabricated timber building by the third quarter of 2023, and is targeting five-star NABERS and 5.5-star Green Star ratings as a minimum.
A key consideration for the development is to create a ‘biophilic environment’, which according to studies found that: employees in offices featuring natural wooden surfaces reported higher personal productivity, mood, concentration, clarity, confidence and optimism.
What’s more, over 80 per cent of workers exposed to eight or more wooden surfaces in their workplaces reported being ‘satisfied or very satisfied’ with their work.
Industry reports from the UK also suggest that prefabricated timber buildings can command, on average, an additional 15% rent yield per square metre in comparison to conventional builds.
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