Leighton Properties closer to having prayers answered

Leighton Properties plans for their $450 million tower in Melbourne’s central business district have taken another big leap forward.

Plans have been lodged for the project at Wesley Upper Lonsdale Street that is to be made in conjunction with the Uniting Church. The building will be designed by Cox Architecture and will include a cultural and retail precinct.

The plans are for a 33 level office tower covering a total 55,000 square metres.

Uniting Church has given their acceptance to the project that would rise from church owned land and overlook Wesley Church.

It continues Leighton Properties string of massive developments in Melbourne where it is also in the process of developing a large office tower at 567 Collins Street.

The Wesley Church will be retained and restored under the proposals with the area including the manse, a school house and the caretaker’s cottage all to be left intact.  However the heritage listed Princess Mary Club building would be demolished under the plans.

Leighton Properties National Head of Commercial Andrew Borger

told the Australian Financial Review, “the exciting thing about the Wesley development is that it will be the combination of a heritage restoration in addition to a major new plaza and precinct for the area, with great access to public transport as well as Melbourne’s eastern suburbs.”

It will not be the first proposal for the site with a 20 storey tower rejected in 2011 due to its impact on residential amenity and excessive height.

There is a push for occupancy in the area with statistics showing the eastern part of Melbourne’s central business district low vacancy rate of 3 per cent.

Pre-commitments of 30-40 percent are expected before construction commences with the church currently committing 10 per cent.

Leighton Properties plans to take out a 125 year lease on the site.

It will be one of the first major city proposals considered by new Planning Minister Richard Wayne.