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The building is being redeveloped to include about 30,000 square metres of offices and 1800 sq m of shops. The retail component will stretch over two levels, with shops fronting Collins Street, Flinders Lane and Fulham Place. CB Richard Ellis has been appointed to secure tenants.

CBRE senior negotiator Max Cookes said a high-end tennant was being targeted for the Collins Street frontage, such as a luxury fashion, jewellery or accessories retailer.

A 744 sq m restaurant area is also being marketed by the CBRE retail services team. The space can potentially be split in two.

Mr Cookes said the opportunity to capture the surrounding office workers was unmatched. "This is a fantastic opportunity for a quality restaurateur to establish a presence on Collins Street," he said.

The project's Fulham Place frontage is expected to be another drawcard for tenants, as it could become another popular Melbourne laneway.

"Australand will be taking full advantage of this opportunity by creating retail spaces along the lane to give food and beverage retailers the opportunity to offer alfresco dining and create a smarter version of Degraves Street," Mr Cookes said.

There will also be a pedestrian "track" connecting Collins Street to Flinders Lane via Fulham Place.

"The project will include an internal food hall allowing quality food and beverage tenants to cater to the passing traffic and immediate office workers. There will also be a number of opportunities for service retailers," he said.