A $180 million apartment development by joint venture partners Lechte Corporation, Crema Group and Abacus Property Group has been approved by the City of Melbourne on Spencer Street, West Melbourne.
The eight-storey development will be part of a revitalised western city fringe which will transform Spencer Street into a leafy boulevard and see an extension of tram lines along with the addition of cafes and retailers.
The 4,246sq m site is located in the heart of the West Melbourne Structure Plan within the central Spencer precinct. It is currently home to Rose Office furniture.
ASX-listed Abacus Property Group secured the land for the development in early 2017, flagging plans to create a $100 million-plus residential and retail project on the Spencer Street site.
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The site occupies a prime corner position with three street frontages on the northern side of Spencer Street between Roden Street and Stanley Street.
In addition to 193 apartments, the permit allows for 1,350sq m of landscaped space, an internal courtyard, a new laneway off Spencer Street and a 2,100sq m supermarket.
ALDI will be the anchor supermarket tenant, with the German supermarket chain signing a long-term lease.
274 car spaces will be provided with a further 65 allocated to the supermarket as a separate carpark.
“Our intention for 512-544 Spencer Street is a self-sufficient development or one-stop-shop that services not only the needs of its own residents, but anticipates the needs of West Melbourne’s expanding population,” Lechte director Christopher Paul said.
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Lechte holds the role of development manager for the project.
Architecture firm Plus Architecture said that the project’s design will reference the diverse building typologies characteristic of the area’s industrial past.
The development’s location will benefit from arterial road links to Melbourne’s CBD and North Melbourne, surrounded by a mix of commercial, industrial and residential uses within low to medium-scale development.