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House and land developer Country Land Australia has lodged plans for an apartment tower near Flagstaff Gardens in West Melbourne.
The 24-storey project, planned for a 500sq m site at 67-73 Jeffcott Street on the north-western corner of the Spencer and Batman streets intersection, will replace an ageing two-storey brick commercial building, according to BCI records.
Country Land Australia, headed by Intaj Kahn, has operated since 2016—predominantly in Melbourne’s greenfield market—and has a number of high-rise commercial projects on its books.
The proposed 97-apartment development, designed by local architects KUD, will border the high-rise suburb of Docklands and will be targeted at local buyers, predominantly in the owner-occupier market.
In planning documents, Country Land Australia pointed to a recent approval of a 32-storey building at 44-55 Dudley Street to the north of its site as an example of the “evolving character reflective of the current and emerging heights within the CBD” as well as North and West Melbourne, and broader City North precinct.
That project, being overseen by UAG Group and dubbed Flagstaff Hill, comprises 171 apartments and is estimated for completion in early 2023.
Country Land Australia’s development application comes as low new apartment commencements across Melbourne push the city close to a potentially severe undersupply in two years.
According to recent forecasts from consultancy Charter Keck Cramer, 28,000 build-to-sell apartment completions are this year expected across Australia’s three largest cities—Brisbane, Sydney and Melbourne—before halving to 11,000 in 2024 as a consequence of decade-low commencements of new apartments.
Throughout the pandemic, a number of approved projects experienced delays brought on by weakened pre-sale demand, rising land and building costs and stricter funding conditions.
Charter Keck Cramer noted that the slowdown has mostly been in inner-city areas affecting high-density developments, while smaller boutique projects on the city fringes continue.
Recent figures from the Australian Bereau of Statistics reveal however the number of dwelling approvals rose in Victoria by 91 per cent in Februry, driven by a large increase in apartment approvals.
Country Land Australia’s 11,500sq m tower, to be known as Jeffcott, will offer 57 one-bedroom, 38 two-bedroom and two three-bedroom apartments across its top levels.
Level one communal facilities include a gymnasium, a meeting room, and dining and lounge areas, with 400sq m of office space planned across the building’s second and third levels.
The building’s “wavy” architectural facade is reminiscent of Fragrance Group's 68-storey Premiere Tower at 134 Spencer Street, which required an innovative construction approach to formwork and the installation of the facade, according to builder Multiplex.
Country Land’s Jeffcott Street proposal will be built over a single basement level and will not provide any on-site parking, consistent with the proposed car parking overlay for the site. Thirty-three spaces for bicycle parking will be provided.
