Why Melbourne’s smartest buyers are eyeing Collins Street

Celebrating heritage while looking to the future, a rare new project from Sterling Global is set to revitalise one of the most prestigious streets in Melbourne.

The new development, 623 Collins, State Bank House, is located on the corner of Collins and Spencer Streets and will comprise 320 apartments across 42 levels. 

The residential tower will be framed at ground level by an existing, heritage-listed building. 

“We considered how to sensitively add a contemporary addition to the heritage podium,” says Brandon Yeoh, director, Sterling Global. 

“We will preserve the building and bring it back to its former glory.” 

He says the choice of location responds to a renewed demand for luxurious homes in the Melbourne CBD. 

“This is part of the change in the area, which continues to evolve in a very exciting manner,” he says.

A rare opportunity

Collins Street is famous for being home to corporate head offices, prestige retail stores such as Chanel and Louis Vuitton, some of Melbourne’s finest restaurants, and theatres.

623 Collins is one of the very few new residential developments in the Melbourne CBD, and the only one on this iconic street, giving buyers an incredibly scarce opportunity to secure an address surrounded by Collins Street’s luxury and history.

Mr Yeoh says given how established the street is, building a brand-new residential tower is an unrepeatable opportunity and extremely compelling proposition for savvy buyers. 

“You have the heritage foundations, and yet you can have all the contemporary amenities—the swimming pool, gym, car parking, and dog wash areas,” he says.

“You can’t get these features in a straightforward refurbishment of an old building.”

Mr Yeoh says Sterling Global saw this as the perfect new project following the success of its Como Terraces development in South Yarra.  

“You have the coworking spaces, the resident’s lounge, barbecue terraces, library, games room, theatre, yoga studio— a holistic approach to community building, health and wellness,” he says.

The past meets the future  

The existing building at 623 Collins was built in 1896. It was once the State Savings Bank of Victoria, and currently, Batman’s Hill Hotel. 

Mr Yeoh says the team, including developer Sterling Global, architect Plus Studio, and interior designer Fiona Lynch, have planned a comprehensive restoration of the old banking chamber. 

They will also create a ‘green link’ to connect the heritage building and the new residences. 

“We wanted the tower to touch the base ‘very lightly’, so there is a green connector between the podium and the tower, so the tower appears to sort of float above the podium,” Mr Yeoh says.  

Buyers can choose from generously sized one-, two- and three-bedroom apartments, and there are also six larger sub-penthouses and one penthouse. 

For the apartment interiors, designer Fiona Lynch has focused on tactile and artistic features to represent the past and the future. 

“Fiona is a Melbourne-based designer, and she represents the character of Melbourne, but she has an international outlook and international appeal,” says Mr Yeoh.

The ultimate city lifestyle  

The location of 623 Collins allows residents to have a completely walkable lifestyle with everything they need just moments away.

“It’s a spot that isn’t as busy as Swanston or Bourke Streets, you’re one or two tram stops from that busyness, but you can come back to your relatively quiet spot and relax,” says Mr Yeoh.

The luxury retail and restaurants of Collins Street surround the address, and Southern Cross Station is directly across the road. 

Residents could easily walk to their CBD office, to the Royal Botanic Gardens for recreation, to the National Gallery of Victoria for culture, or Southbank for dining and cafes. 

When at home, residents can enjoy sweeping city views, possibly from their apartment or from the residents’ lounge on level 6. 

“It’s the rooftop of the existing hotel,” Mr Yeoh explains.

“You see the beautiful futuristic roof of Southern Cross Station and the buildings in Docklands, and down to the Yarra River. It’s great!”

CBD appeal

The area around 623 Collins has undergone a lot of change in recent years, with new international hotels opening, new offices, and new retail and restaurants.

These moves align with increased interest in buyer searches for apartments in the Melbourne CBD, which according to realestate.com.au were up 16% in the year to August 2025.

“We’ve had interest from downsizers and a lot of professionals as well,” Mr Yeoh says.

“We have also had interest from professionals living regionally who want a city base. The station is just at your doorstep.”

He also says the unusually spacious floorplans have added to the appeal.

For example, the two-bedroom apartments range from 75-117sqm, and the three-bedroom apartments are around 135-160sqm.

“They’re all very generous, which is generally not what the market has been offering the last few years,” he explains.

Buyers keen to learn more about 623 Collins, State Bank House and this rare opportunity for a premium Melbourne address, can register their interest now.

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