The Collins Street Precinct revitalization construction project was a project that was applauded and welcomed by the Australian construction industry players. The project in essence breathed new life into the Melbourne construction industry after the two year hiatus attributed to the COVID 19 pandemic. The $1.5 billion project was in fact the largest infrastructure development project associated with Melbourne’s CBD. According to Hon Tim Pallas, such city shaping construction projects such as the 555 Collins Street precinct revitalization projects are critical towards Melbourne future as a critical economic hub.
The project also revitalized the Melbourne’s construction sector as a significant number of construction workers who were forced to take a break during the pandemic were able to secure employment once again. Companies involved directly with the sector such as companies that deal with construction material supplies or companies that offer construction equipment rentals (companies that offer heavy machines such as excavators for hire within Melbourne) were able revive their revenue generation ability. These companies that were a critical component of the construction industry’s value chain had to shelve all operations due to the pandemic to the extent construction equipment rental companies in Melbourne were not able rent out a single excavator for weeks on end.
As for the project itself, it is expected that the project which will provide employment to Melbourne’s highly skilled workforce will eventually contribute billions directly to the ‘Tech Economy’ of Victoria within the next decade. The unique and strategic collaboration between the owner and developer of the 555 Collins Street Charter Hall and Cox Architecture will deliver stage one of the two phase projects that will comprise of 48,000 square metres of premium office space (Stage 1) and the subsequent stage two which is expected to deliver 32,000 square metres. These offices will eventually accommodate 7,500 central business district or CBD employees who will work in these two buildings modern and intelligent buildings.
According to those who had insight on the project, 555 Collins Street is a conceptual structure that raises the benchmark and sets completely new standards in work environment design and as well as functionality. It is mainly suited for the new generation of employees who have exceptionally high expectations and this building caters for those expectations as it offers more than just an ideal workplace. Even the buildings sustainability features are off the charts and without doubt it is among the building’s most significant features.
It is expected that the Victorian will be introducing more of such projects which not only boost Melbourne’s image, but also its economy as it stimulates various components of the local economy. Projects such as the 555 Collins Street and the Metro Tunnel are not only reviving industries, but they are also reviving the soul of Melbourne to new heights. More projects typically mean more employment and as we all already know, employment puts money in the pockets of people and when people have money, they spend which results in a positive economic cycle.
