Melbourne’s Top 20 Major Development Projects

Melbourne looks set to press ahead with major development projects as it emerges from prolonged lockdowns following a second outbreak.

The city has been a ghost town since the beginning of the first wave of restrictions in March, with work-from-home orders remaining in place throughout the pandemic.

Based on historical growth rates pre-Covid, Melbourne was set to overtake Sydney as the nation's most populous city by 2026, placing growing strains on infrastructure, tenable office space and housing.

The Victorian government has more than doubled infrastructure spending—committing $47 billion and more than $10 billion promised over each of the next four years, in a bid to build for the expected population of 8 million by 2050.

It has also been quick to act in the face of the pandemic induced downturn fast-tracking a spate of high-profile “shovel-ready” projects across the state to bolster its’s construction pipeline.

From Australia's tallest building to the city-shaping metro tunnel and premium high-rise commercial and residential towers, here are Melbourne's major development projects.

Southbank by Beulah

Southbank by Beulah major development projects

Malaysian-backed developer Beulah has plans to build Australia's tallest building as part of a $2 billion redevelopment of the BMW site in Melbourne's Southbank.

The taller of the two towers, an apartment skyscraper, will rise to an eye-watering 356.2 metres under the proposal with the shorter of the towers comprising flexible commercial offices featuring both indoor and outdoor green terraces.

The 270,000sq m mixed-use precinct, dubbed Southbank by Beulah, will comprise 27,000sq m of office space, 21,000sq m of retail as well as almost 9500sq m in food and drinks premises, a 202-key hotel, and 789 dwellings.

The project's fast-tracked approved was granted in April in a bid to boost the state's pandemic-hit economy.

Related: Developing Australia’s Tallest Skyscraper During Covid

Key facts:

• Beulah purchased the BMW site in a $102 million deal at the end of 2017
• Designed in collaboration by
Dutch architecture firm UNStudio and Melbourne-based Cox Architecture
• Located on the corner of Southbank Boulevard and City Road.

555 Collins Street

555 Collins Street

Charter Hall is pressing ahead with ambitious plan for a $1.5 billion twin-tower office project in the heart of the mid-town section of Melbourne's prestigious Collins Street.

The two-stage premium office development is being built across an amalgamated site including 55 King Street, a site it has owned since 2016, and 555 Collins Street, which it acquired in October 2018 in a $140 million deal.

The 80,000sq m premium office tower, opposite the landmark Rialto Towers and a block from the Southern Cross station, is being built in two stages, the first of which will see 35 levels of technology-enabled office space.

Key facts:

• Designed by Cox Architecture and Gensler
• The combined site covers more than 4600sq m
• The development is being managed by Charter Hall's $5.4 billion wholesale Prime Office Fund (CPOF)

Collins Wharf

Collins Wharf

In June, the state government approved the the first two towers in Lendlease's five-building in a bundle of six projects the state government is fast-tracking in a bid to stimulate the second-largest state's pandemic-hit economy.

The two-tower project, at 938 Collins Street, will comprise 668 apartments when complete and forms part of the five-tower project at the $1.2 billion development precinct by the Yarra River at the west end of Collins Street.

The first two towers, known as Collins Wharf 2 and 3, will together house 659 apartments and reach 28 and 29 storeys respectively.

Key facts:

• Designed by Warren and Mahoney
• Collins Wharf will be home to five residential towers and 1,500 dwellings
• Two public parks are planned, with community facilities, office space and a shared cycle and pedestrian promenade around the entire neighbourhood.

600 Lonsdale Street

V-Leader Lonsdale and King Streets major development Melbourne

Plans for a 40-storey “stacked tower’’ on the corner of Lonsdale and King Streets in the west end of Melbourne’s CBD will move ahead after receiving development approval in July.

The $500 million building—set to comprise a hotel and A-grade office space—is backed by developer V-Leader, led by Andy Zhang.

Zhang secured the 600 Lonsdale building in May 2018, after 15 strata owners sold their share in the building for $48 million.

His development company paid a total of $52 million for the Lonsdale Court building after the final strata owner moved to sell a year later.

The tower will comprise a 280-room hotel atop 24,400sq m of A-grade office space.

Key facts:

• V-Leader secured the initial 600 Lonsdale building in May 2018
• Project designed by Skidmore Owings & Merrill and Fender Katsalidis

West Side Place

Melbourne major development projects - West Side Place by Far East Consortium

Hong Kong-listed developer Far East Consortium is pressing ahead with two towers in the developer's West Side Place project at 250 Spencer Street on the former The Age site.

The 81-storey Tower 1, which will house the Ritz-Carlton, will be 281 metres tall and once complete will be the tallest hotel in Australia, while the 64-storey Tower 2 will be 221 metres.

Construction has already commenced on West Side Place, with apartment amenities having been installed up to level 24 at Tower 1 and level 23 at Tower 2.

Residential amenities are also beginning to take shape with fit outs commenced for the pool, gym, cinema, karaoke room and virtual golf rooms.

Once complete the project will comprise 1,376 apartments and 257 luxury hotel suites, with Stage 1 anticipated for completion in 2021.

Key facts:

• FEC bought the site from developer ISPT in 2012 for $75 million
• The Cottee Parker design for the site was approved in 2014
• The project is being built by
• The residential development offers one, two and three bedroom apartments
• Over 3,000sq m of ground floor retail space

2 Montague Street

2-28 Montague Street Gurner

Gurner is pressing ahead with plans to turn a 1-hectare island site at 2-28 Montague Street—on the eastern edge of the 485-hectare Fisherman's Bend urban regeneration precinct—into a $1.5 billion mixed-use precinct.

The multi-tower mixed-use precinct will comprise 700 residences and hotel rooms, 24 affordable housing units, 14,453sq m of commercial space and 5,668sq m of retail.

After a three year planning process the 10,000sq m island site was approved as part of the Victorian government’s acceleration program for shovel ready projects.

Key facts:

• Designed by Cox Architecture
• The site was secured off-market in a joint venture with the Nossbaum family
• The site is currently occupied by a Mazda dealership and elevator company Otis

435 Bourke Street

Melbourne major development projects - 435 Bourke Street by Cbus property

Late last year, Cbus Property won endorsement from Melbourne's city planners for a $1 billion-plus office tower which straddles four addresses around the corner of Bourke and Queen streets.

The 59,000sq m office tower will reach 49-storeys and will be one of the first buildings to be approved under the Victorian government's C270 amendment.

Demolition of the site’s existing infrastructure has commenced, with construction completion slated for 2023.

Key facts:

• The project is designed by Bates-Smart
• Floorplates range between 1,300 and 1,700 square metres
• Cbus is targeting a 6-star Green Star rating, 5.5-star NABERS Energy rating and a Platinum WELL rating

Pentridge Prison

Shayher’s $1bn Pentridge Prison Project

Shayher Group is moving forward on its $1 billion retail and residential transformation of the historic Pentridge Prison in Melbourne’s inner-north.

Built in the 1850s, the former Pentridge prison is listed the Victorian Heritage Register and has a requirement that its historical elements be restored.

The first stage of the shopping centre and apartment project is scheduled to open at the end of the year and includes a 15-screen cinema, more than 20 specialty stores and 500 underground carpark spaces.

Future stages on the 6.7-hectare heritage site at Wardens Walk, Coburg include up to 1,500 residences across 12 residential buildings as well as four multi-use buildings expected to accommodate up to 1,500 daily workers.

The 18-floor hotel is set to open in late 2021 which connects to the heritage listed former B-Division cell blocks.

Key facts:

• Shayher Group is part of the giant Taiwanese apartment developer Par Jar Group
• The Pentridge Prison site was purchased by Shayher in 2013

Melbourne Metro

Melbourne major development projects Melbourne Metro by Cross Yarra Partnership

The new $11 billion Metro Tunnel, a twin nine kilometre rail tunnel running through Melbourne's central business district from South Kensington to South Yarra is being delivered by the Cross Yarra Partnership comprising Lendlease Engineering, John Holland, Bouygues Construction and Capella Capital.

The upgrades will enable more than half a million extra passengers to use Melbourne’s rail network during peak periods every week, and save people up to 50 minutes each day during their commutes.

The project includes five new underground stations, North Melbourne, Parkville, State Library, Town Hall and Anzac, with designs drawing on each locations local character in their design and layout.

The transport project was earmarked to be completed by 2025, however, costs have been rumoured to already have blown out by as much as $2 billion, partially due to the scope of the project being widened and unexpected technical risks.

Key facts:

• Early works commenced in 2016
• New stations have been designed by Hassell in collaboration with Weston Williamson and London-based Rogers Stirk & Harbour and Partners

Queens Place

Melbourne major development projects - Queens Place Melbourne by 3L Alliance

Chinese-backed developer 3L Alliance is well under way with the construction of its $1 billion-plus twin tower project at the edge of Flagstaff Hill.

The major development project, located at 350 Queen Street, will comprise 1,800 apartments in twin 79-storey towers, making it one of the largest residential developments in the city.

The towers will feature retail and commercial office suites, a public plaza with a laneway shopping precinct, restaurants and cinemas.

Construction commenced in late 2018, to be delivered in two stages, the first is the tower to north of the site, which will then be followed by the southern tower. Completion on track for the second quarter of 2021.

Key facts:

• 3L Alliance acquired the massive site for $135 million in 2014
• The project is being built by Multiplex
• Designed in collaboration by Cox Architecture and Fender Katsalidis Architects

Aspire Tower

Melbourne major development projects Aspire Tower by ICD Property Group

ICD Property Group is developing its 65-storey high-rise residential tower at 299 King Street with joint venture partner financier MaxCap, which has both debt and equity positions on the project.

ICD secured construction funding for the Elenberg Fraser-designed tower from American investment bank Goldman Sachs for the $440 million high-rise tower.

The 594 apartment development, ICD's second central city residential development in Melbourne, is located opposite Flagstaff Gardens on King Street.

Early works commenced late last year with construction anticipated to take about three years to complete.

Key facts:

• Designed by Elenberg Fraser
• The project is being built by Melbourne-based builder Hickory
• The project comprises a mix of one, two, and three-bedroom apartments

The Malt District

Melbourne major development projects The Malt District by Caydon Property Group

Melbourne developer Caydon Property Group is undertaking a $1 billion mixed-use project at the Nylex maltings site overlooking the Yarra in Richmond.

Caydon secured heritage approval for its development of the Nylex site in March 2017 after a two-year battle with Heritage Victoria.

The 1.4 hectare Cremorne site in inner-city Melbourne was originally planned to be a residential precinct with up to 1,000 apartments across multiple buildings.

Earlier this year Caydon adjusted plans to now have just one 200-unit apartment building alongside two office towers, a hotel and a mix of retail, office suites and hospitality offerings.

The Malt District will also include a mix of loft and studio office spaces as well as retail and hospitality spaces, and be anchored by an IGA supermarket.

Key facts:

• Caydon acquired the site in late 2014 for just over $38 million
• Construction commenced mid-2018
• Accor has been chosen as the preferred operator for the new hotel
• Colliers International has been appointed to secure commercial tenants

405 Bourke Street

Melbourne major development projects - 404 Bourke Street by Brookfield

Canadian giant Brookfield, in collaboration with funds management giant ISPT, is constructing an $800 million commercial tower between Elizabeth and Queen Streets in the heart of the city.

The 39-level building will reach approximately 167 metres high and offer 66,000sq m of A-grade office space.

Brookfield is also looking to activate the surrounding laneways and the tower will sport an outdoor roof terrace.

Practical completion is expected to be reached in the first quarter of 2021 with anchor tenant NAB expected to occupy 43,000sq m of the new tower.

The new office tower will complement NAB’s existing sites, 700 and 800 Bourke Street, and will also consolidate Melbourne offices at 500 Bourke Street, 8 Exhibition Street and 101 Collins Street, Melbourne.

Key facts:

• The project is being built by Multiplex
• Construction commenced in early 2018
• National Australia Bank is the anchor tenant for the building on a 12-year lease
• The project will comprise floor plates of up to 2,300sq m
• The development is targeting a 5 Star GreenStar and 5 Star NABERS rating

Melbourne Square


Malaysia's OSK Property is pressing ahead with one of the largest single development proposals in Melbourne, a $2.8 billion mixed-use project in Southbank.

The six-tower project is a joint venture between Malaysian pension fund, Employees Provident Fund and the property arm of OSK Group.

The first stage of the development, known as Melbourne Square, is two residential towers of 54 and 69 levels, comprising 1,048 apartments.

When complete, the entire project will have 2,600 apartments, a hotel and serviced apartment tower, a commercial office building, along with Woolworths' first first full-line supermarket in Southbank.

Key facts:

• The project is being built by Multiplex
• The project was designed by Cox Architecture

Australia 108

Melbourne major development projects Australia 108 by World Class Global

Singapore-based property group World Class Global, a subsidiary of listed Singaporean group Aspial, is set to complete Australia's tallest tower at 319 metres in height, located at 70 Southbank Boulevard, later this year.

The $900 million skyscraper, which was approved in June of 2014, will comprise 1,105 apartments across 99 levels.

It was designed as a sister tower to gold-topped Eureka Tower nearby, with its own golden starburst feature at levels 70 and 71.

Residents began moving into the tower in mid-2018 as part of a staged handover having access to lower level apartments and completed amenities.

The 500sq m penthouse was purchased for $25 million in 2015, a sales record at the time.

In June, the 100-storey tower topped out with its roof complete and glass facade in place.

Key facts:

• Designed by Fender Katsalidis
• The project is being built by Multiplex
• 10 levels of podium car parking: 558 car parks and 310 bicycle spaces
• The Starburst feature located at level 70 and 71 was inspired by the Federation Star on the Australian Flag
• Level 11 includes pool, sauna, steam room, golf simulator, theatrette plus an outdoor entertaining space and external deck

130 Lonsdale Street

Melbourne major development project 130 Lonsdale Street by Charter Hall

Charter Hall's $750 million 130 Lonsdale Street tower, part of its Wesley Place precinct, is well under way and slated for completion in midway through 2020.

The tower, designed by Cox Architecture, comprises a new technology enabled Premium-Grade tower a vertical campus style office across 35 floors as well as premium ground floor retail space.

The 60,000sq m commercial skyscraper, which has already been fully leased, is held in the unlisted Charter Hall Prime Office Fund and is one of three towers within the larger precinct along Lonsdale Street controlled by Charter Hall, on either side of the historic bluestone Wesley Unity Church.

Charter Hall’s total investment in the Wesley Place precinct, including the properties at 130, 140 and 150 Lonsdale Street, will rise to $1 billion upon completion.

In May, the state government granted 140 Lonsdale Street fast-tracked approval as part of its acceleration program for shovel ready projects.

Key facts:

• Designed by Cox Architecture
• AustralianSuper has struck a 12-year lease for 16,200sq m across the upper levels
• The project is targeting platinum WELL certification, 6 Star Green Star and 5 Star Nabers ratings

380 Melbourne

Melbourne major development project 380 Melbourne Brady Group

Developer Brady Group will round out its $500 million 380 Lonsdale Street project this year, its largest development to date, which features two towers rising 52 and 68 levels.

The under-construction skyscraper, dubbed 380 Melbourne, will feature 700 apartments as well as a 252-room Voco branded hotel lead by British accommodation giant IHG.

The project will rise from a seven-level podium with apartments comprising of 616 residential units and another 112 premium apartments and provisions for 254 car parks.

The project also features a covered pedestrian link, connecting Lonsdale and Little Lonsdale streets, complete with six-storey green wall.

Key facts:

• The project is designed by Elenberg Fraser
• The residential project replaces an existing seven-level carpark on the 3,165sq m site

Swanston Central

Melbourne major development project Swanston Central by Hengyi

Chinese property developer Hengyi is pressing ahead with a 72-storey residential tower in central Melbourne.

The major development, located at 170 Victoria Street in Carlton, will offer more than 1,000 apartments and includes 2,700sq m of mezzanine retail space with a food and beverage offering fronting Bouverie Street.

The Chinese group, an affiliate of mainland Chinese player Shandong HYI, acquired the former CUB site in Carlton from listed Singaporean developer Chip Eng Seng for $64.8 million in late 2017.

Key facts:

• Swanston Central is Hengyi's second project with builder Multiplex
• The development is the city's tallest tower outside the CBD

Collins Arch

Collins Arch Melbourne major development project

Cbus Property's 44-level twin-tower project at 447 Collins Street in the heart of Melbourne's CBD, affectionately dubbed “the Pantscraper”, is nearing completion.

The $1.25 billion development being built on a 6,000sq m corner site at Collins and William Street will comprise 49,500sq m of premium office space, 184 apartments and 294 hotel rooms in Melbourne's first five-star W hotel, along with 950sq m of ground-level retail.

Six storeys were removed from the original design to alleviate concerns that the skyscrapers would shade the north bank of the Yarra River.

Key facts:

• Designed in collaboration by local architects Woods Bagot and New York-based SHOP Architects
• The project is being built by Multiplex
• The development is co-owned by commercial property investment group ISPT
• JLL will manage common areas and key logistical elements of the mixed-use development

Moonee Valley Park

$2bn Moonee Valley Racecourse Regeneration

Moonee Valley Racing Club and developer Hamton are moving ahead with plans for a $2 billion residential masterplan in Melbourne’s north.

The 40-hectare race course is set to be redeveloped into an urban village delivering 2,000 new dwellings comprising townhouses and apartments, as well as cafes, shops and leisure areas that will be integrated with green spaces.

The mixed-use project will consist of retail and entertainment facilities, commercial office space and community and wellbeing spaces as well as the construction of a new grandstand and a new extended track surface.

Construction, to be overseen by Camillo Builders, has now commenced on the urban renewal project following the approval of a $73 million debt facility from an undisclosed major bank.

Key facts:

• The project’s initial stage, Feehan Row—the first of eight new precincts to be delivered within the masterplan—will see the delivery of 67 Rothelowman-designed terrace houses.

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