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Melbourne’s Top 15 Major Development Projects

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Despite the crippling economic impacts of the recent coronavirus outbreak and the uncertainty hanging over the nation's property sector, Melbourne remains the midst of a development boom.

Australia's fastest-growing city looks set to press ahead with major projects as construction sites across Victoria remain exempt from the stage two business shutdown.

Based on current growth rates, Melbourne is 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.

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.


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
Probuild
• The residential development offers one, two and three bedroom apartments
• Over 3,000sq m of ground floor retail space


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


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


Southbank by Beulah

Melbourne major development projects Southbank by Beulah


Malaysian-backed developer Beulah International 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.

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


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

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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.

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.

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

Melbourne major development project Collins Arch by Cbus Property


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
• Project leads are striving for a 6-star Greenstar accreditation and 5.5 star NABERS energy rating
• JLL will manage common areas and key logistical elements of the mixed-use development


555 Collins Street

Melbourne major development project 555 Collins Street by Charter Hall


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)

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Article originally posted at: https://theurbandeveloper.com/articles/melbourne-major-development-projects