Cbus Property has submitted a development application for a residential tower on Spring Street in Melbourne’s CBD.
It is the second residential development on Spring Street for Cbus after launching 35 Spring Street – designed by Bates Smart – in early 2017.
The project, also designed by architecture firm Bates Smart, offers 84 apartments over 35-storeys – less than two and a half apartments per floor. Cbus acquired the site in September for about $70 million in an off-market purchase.
The site is currently home to Spring Street’s Mercure Melbourne Treasury Gardens Hotel.
Cbus’ proposal includes six one-bedroom, 24 two-bedroom and 48 three-bedroom apartments ranging from 133sq m to 207sq m. Six whole-level four-bedroom apartments and a dual-level penthouse will make up the remainder of the building’s units.
Related reading: City Shapers Podcast: Episode One — Cbus Property CEO Adrian Pozzo
Melbourne’s Spring Street has experienced a lot of development activity recently with Australian Unity’s headquarters mid-construction and Golden Age Group’s recent launch of their $500 million, 39-storey residential project at 85 Spring Street.
The $110 million Australian Unity building, designed by John Wardle, will become the new headquarters for the country’s largest healthcare property fund.
Cbus recently secured a $1 billion-plus development opportunity close to the Spring Street site, acquiring Singapore’s Chip Eng Seng embattled Tower Melbourne skyscraper as part of a massive aggregation of sites. Cbus paid $170 million for the four sites.
The image featured is of the site that's currently occupied by the Mercure Melbourne Treasury Gardens Hotel