Leading property investment company Phileo has submitted a development application for a new retail building on the corner of Collins and Elizabeth Streets in the centre of the Melbourne CBD.

Located at 303 Collins Street and designed by Carr, this striking building will provide potential tenants with a rare and significant exposure in the sought-after precinct.

303 Collins will be the first major development in the centre of the CBD for a significant time.

Straddling the retail heart of the CBD and part of the office precinct, the proposed new building developed by Phileo will sit in front of an existing 30-level office tower and is anticipated to reach practical completion in late 2024.

The building will offer tenancies ranging from 500sq m to 700sq m on the ground floor and 200sq m to 900sq m on level one, with space being marketed by Gary Loo and Alex Alamsyah of Knight Frank.

The lucrative space in the new building is expected to attract interest from both overseas and major Australian retail tenants looking for a flagship store in the city, with expansive five-metre glazing providing exceptional branding and exposure opportunities.

Future tenants will also have the opportunity to adapt the interior space to accommodate their commercial or retail needs.

Mr Loo said with the location currently lacking a key retail site of substantial size, 303 Collins was expected to attract a diverse cohort of premium retailers.

“This is one of the most premium, prominent corners in the Melbourne CBD, with extensive exposure to both Collins and Elizabeth Streets, and surrounded by many high-end retailers including Tiffanys, Longines, Burberry and Hugo Boss,” he said.

“We are currently fielding several Expressions of Interest for these premises, which would suit prestige brands for high-end retail or restaurant operators.

“303 Collins is a once-in-a-generation opportunity to occupy a high-exposure retail premise in one of Melbourne’s best and busiest retail corners.”

Engaged for architecture and interiors, Carr has designed a new podium building that complements the existing tower’s patinated concrete. Interacting with the quality of sunlight during the day and offering a display of shifting colour tones and textures, 303 Collins engages with both the street edge and the existing tower with picture windows that celebrate the location with an active and continuous shopfront façade.

Already home to significant foot traffic from office workers and tourists, the 303 Collins new build will benefit from the trend of decreasing retail vacancy rates, and the return of both local and international visitors.