Cbus Property has appointed Hacer Group as the builder of its $300 million residential Spring Street development in the east end of Melbourne CBD, marking its second venture with the Melbourne-based builder.
The appointment comes as the pair wrap up the Holme apartment complex in Collingwood in the coming weeks.
The Bates Smart-designed 17 Spring Street project will be the first residential apartment development to start construction in Melbourne CBD this year with construction completion slated for mid-2022.
Cbus Property purchased the site, located on the site of the former Mercure Melbourne Treasury Gardens hotel, for around $70 million in 2017.
The 17 Spring Street development, which was submitted for town planning in April last year, will be the first C270-compliant residential development since the state introduced new planning controls, particularly centred on projects in the Hoddle Grid and Southbank.
Cbus Property chief executive Adrian Pozzo said the development will “enhance the top end of Melbourne’s CBD”.
“And promote the long-term liveability of the central city, overlooking the Treasury Gardens and complementing the civic buildings along Spring Street,” Pozzo said.
To date, more than 70 per cent of the residences have sold since May.
The project, which features a 468sq m penthouse with its own 240sq m terrace and private pool, will comprise a mix of two and three-bedroom apartments, along with half and whole-floor residences.