Sterling Global Greenlit for Melbourne Heritage Highrise

A century after the State Savings Bank of Victoria opened its doors on Collins Street to serve Melbourne’s post-Gold Rush prosperity, the heritage-listed building is entering a new chapter as the cornerstone of a 42-level highrise. Melbourne developer Sterling Global has won approval for its $590-million development at 623 Collins Street that includes the Plus Studio-designed tower rising above a podium that integrates the former bank building. The development will deliver 320 apartments across four collections, alongside commercial office space and retail components. Two heritage buildings will be retained and restored as part of the project—the 1924-built State Savings Bank building and Batman’s Hill Hotel will be integrated into the new structure. The corner location at Collins and Spencer streets is a prominent entry point to Melbourne’s western CBD. Sterling Global development director Brandon Yeoh said the project was a new chapter for one of Melbourne’s most historically significant addresses. “Melbourne is at a pivotal point in its growth; demand for inner-city living continues to outpace supply, which makes it all the more important to deliver projects that are designed with longevity in mind,” Yeoh told The Urban Developer . The original banking chamber will be refurbished to accommodate a future restaurant space. “ The existing banking chamber has been severely modified over the last 100 years. Our intention to restore it, as well as the facades, to their original condition for a prominent hospitality use will involve extensive research and heritage building expertise, ” Yeoh said. ▲ The approved Collins Street tower features proportional glazing divisions inspired by the heritage buildings below. The residential component will span levels 1 to 41. Two-bedroom apartments will comprise 50 per cent of the mix across the Heirloom, Signature, Reserve and Penthouse collections and interiors have been designed by celebrated local studio Fiona Lynch. Sterling Global purchased the 2000sq m amalgamated site in 2023 and secured an amended planning permit in August 2025 following the May 2024 approval for an original mixed-use proposal . Yeoh said the approved proposal had increased the number of apartments to meet market demand for larger format apartments on Collins Street. Plus Studio director Ian Briggs told The Urban Developer that heritage preservation and celebration was central to the design. “We positioned the heritage asset as the project’s design cornerstone—using it as inspiration for the podium facade, glazing details and even the tower expression.” Commercial elements include more than 2700sq m of office space across five levels and 900sq m of retail and hospitality space fronting Collins and Spencer streets. Delete Resident amenities will span two levels and include an 800sq m facility on level six with pool, gym, library and wellness retreat called The Bathhouse. Yeoh said level six amenities had been dubbed the Riley Club after Ada Alberta Riley, the original Batman’s Hill Hotel proprietress. Level 38 will house the Sterling Club, offering exclusive amenities for Reserve and Penthouse residents, including a whisky bar, private dining areas and an outdoor terrace with city views. ▲ Plus Studio's design preserves the 1924 State Savings Bank facade within the tower's heritage podium. Briggs said the design approach had focused on connecting the building with its historical context. “Our approach has been to connect the building closely with its context—a podium that contributes to the streetscape, planted terraces that articulate the transition between heritage and new, and a tower that takes its place on the skyline with clarity and restraint,” Briggs said. He said the designs “preserved the heritage building’s volume rather than simply retaining facades, including existing floor levels of the State Savings Bank”. Green separator levels featuring continuous planters would create a buffer between the heritage podium and glazed tower above, while a new laneway between the buildings would provide access to both the residential lobby and heritage restaurant space. “The new podium facade would draw inspiration from the heritage building’s fenestration, with contemporary design elements including layered fins referencing the original architectural details,” Briggs said.

Sterling Global Greenlit for Melbourne Heritage Highrise

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