Impact Investment Group’s objective

To confirm the financial viability of investing in an ageing heritage building within Melbourne’s CBD and to identify development opportunities to maintain the ongoing viability of the asset.


401 Collins Street is a commercial office tower with ground floor hospitality spaces.  

The building consists of a basement, ground floor with mezzanine and nine office levels. It holds significant heritage importance.

Johnstaff’s role

Johnstaff was initially engaged to provide Advisory services during the property’s acquisition, including a risk-based due diligence review that covered all existing infrastructure and the building fabric. After acquisition we continued working closely with Impact Investment Group to provide strategic planning advice and develop a program of priority works. The first of these was to repair the ageing sandstone façade. Johnstaff directly engaged a consultant team and specialist contractors to scope and undertake this critical and complex task to satisfy heritage requirements.

We then scoped, designed and constructed further priority works. These included lift modernisation works, cold shell and building infrastructure upgrades, rear façade and window restoration, and NABERS rating initiatives implementation.

401 Collins Street, Melbourne, Victoria

Addressing the issues

Johnstaff played a direct role in leasing negotiations with the client, then adopted a staged methodology to accommodate the agreements. That enabled the fast tracking of ground floor works in 2017, which included upgrading the base building infrastructure to accommodate a 400-person bar and restaurant.

The upgrades also included new, efficient chillers and boilers located on the roof. This required meticulous planning to crane the equipment into position from Collins Street. 

map of the project location


  • Due diligence review covered all existing infrastructure and the building fabric

  • Upgrades increased the NABERS star rating, while maintaining the best possible return on investment

  • New HVAC equipment craned onto the roof from busy Collins Street

  • Significant base build infrastructure works designed and completed