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Australia’s second-biggest city, Melbourne, is continuing to grow with number of high-profile multi-billion-dollar developments spearheading the city’s economic recovery.
Despite the city suffering through a world record lockdown, Melbourne’s growing build-to-rent pipeline is now nearly double Sydney’s and quadruple Brisbane’s while high-end residential developments and a number of high-profile commercial projects across the city continue to come out of the ground.
Malaysia’s OSK Property has topped out the first two buildings at its $2.8bn precinct in Southbank. The project on a former car park site at 93-119 Kavanagh Street is the city’s largest mixed-use development. Future stages will include a 29-floor office tower, a 600-room hotel operated by Hilton (due to open in 2022) and further residential towers.Address: 93–119 Kavanagh Street, Southbank, Victoria, 3006
Developer: OSK Property
Architect: Cox Architecture
Building type: Residential (2600 apartments) Hotel (687 guest rooms), Commercial (37,000sq m)
Height: Residential Tower 1 (231-metres), Residential Tower 2 (179-metres) Residential Tower 3 and 4 (175-metres), Hotel (180-metres), Commercial (145-metres)
Gross development value: $2.8 billion
Status: Under construction
Estimated completion: 2027
Malaysian-backed developer Beulah has been granted approval to build Australia’s tallest tower as part of a $2 billion redevelopment of the BMW site in Southbank. 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.
Address: 60 Southbank Boulevard, Southbank, Victoria, 3006
Developer: Beulah
Architect: UNStudio, Cox Architecture
Building type: Commercial (27,000sq m), Retail (21,000sq m), Dining (9500sq m) Hotel ( 202-guest rooms) and Residential (789 apartments)
Height: 102-storeys (366-metres), 59-storeys (251-metres)
Gross development value: $2 billion
Status: Approved
Estimated completion: 2027
Newmark Capital, Gurner and Qualitas are submitting $1.5-billion updated plans to convert Melbourne’s Jam Factory into a mixed-use precinct. Four residential towers with 400 apartments, a hotel with 180 keys, a 1700sq m plaza and amphitheatre, three levels of retail and entertainment including a cinema as well as 22,500sq m of commercial space would be added to the site.
Address: 500 Chapel Street, South Yarra, Victoria 3141
Developer: Gurner
Architect: Bates Smart
Building type: Residential (400 apartments), Hotel (180 guest rooms), Commercial (22,500sq m)
Height: 13-storeys (42.9-metres)
Gross development value: $1.5 billion
Status: Planning
Estimated completion: 2025
Charter Hall’s 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 $140m deal. The premium office tower, opposite the 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 office space.
Address: 555 Collins Street, CBD, Victoria, 3000
Developer: Charter Hall
Architect: Gensler, Cox Architects
Building type: Commercial (84,000sq m)
Height: 35-storeys (115.5-metres)
Gross development value: $1.5 billion
Status: Under construction
Estimated completion: 2023 (stage one)
US property giant Greystar has been given the green light to build a $500-million, dual tower build-to-rent project on a “super site” in Melbourne’s affluent suburb of South Yarra. The development is one of two seed projects in the Greystar Australia Multifamily Venture 1 fund, which has ambitions to house 5000 or more dwellings.
Address: 14-19 Yarra Street, South Yarra, Victoria 3141
Developer: Greystar
Architect: Fender Katsalidis
Building type: Residential (625 apartments)
Height: 30-storeys (115.5-metres), 21 storeys
Gross development value: $500 million
Status: Approved
Estimated completion: Undisclosed
The development of the Northbank wharf site, controlled by private developer Riverlee, forms a crucial link between the Docklands regeneration on one side of Wurundjeri Way and on the other, the last wedge of commercial space along the Yarra River. The project, to be known as Seafarers, has approval for a 5-star hotel with 280 rooms, 150 apartments and a 1000-seat function centre which will occupy part of the old Goods Shed No. 5.
Address: 731 Finders Street, Docklands, Victoria 3008
Developer: Riverlee
Architect: Fender Katsalidis
Building type: Hotel (280 guest rooms), Residential (123 apartments)
Height: 17-storeys (56-metres)
Gross development value: $500 million
Status: Under construction
Estimated completion: 2024
Situated on a prominent corner in Melbourne’s legal precinct, the 42-story building will comprise 24,400sq m of A-grade office space, a 280-key boutique hotel, amenities, and retail space. V-Leader secured the existing 600 Lonsdale building in May 2018 after 15 strata owners sold their share in the building for $48 million. A total of $52m was paid for the Lonsdale Court building after the final strata owner moved to sell a year later.
Address: 600 Lonsdale Street, CBD, Victoria 3000
Developer: V-Leader
Architect: Skidmore Owings and Merril, Fender Katsalidis
Building type: Commercial (24,400sq m), Hotel (280 guest rooms)
Height: 42-storeys (138-metres)
Gross development value: $500 million
Status: Approved
Estimated completion: Undisclosed
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. Once complete the project will comprise 1,376 apartments and 257 luxury hotel suites, with Stage 1 anticipated for completion in 2021.
Address: 250 Spencer Street, CBD, Victoria 3000
Developer: Far East Consortium
Architect: Cottee Parker Architects
Building type: Residential (1376 apartments), Hotel (257 guest rooms)
Height: 81-storeys (281-metres), 64-storeys (221-metres)
Gross development value: $1 billion
Status: Under construction
Estimated completion: 2022
The waterfront project, being delivered by Gurner, kicked off after securing a $300 million senior debt facility from ANZ in 2019. The project’s penthouse apartment, which sold for $30 million, will be spread over two levels and includes seven bedrooms, seven bathrooms, a 10 car garage, cigar room, wine cellar, and two story water feature.
Address: 14–16 The Esplanade, St Kilda, Victoria 3182
Developer: Gurner
Architect: Fender Katsalidis, Koichi Takada Architects
Building type: Residential (120 apartments)
Height: 8-storeys (26-metres)
Gross development value: $540 million
Status: Under construction
Estimated completion: 2022
Mirvac will break ground on a new A-grade office tower in central Melbourne after securing planning approval for the site it bought for $122 million in late 2018. The development is in Melbourne CBD’s legal precinct and close to Flagstaff train station. It will replace a seven-level B-grade office building.
Address: 383 La Trobe Street, CBD, Victoria 3000
Developer: Mirvac
Architect: Cox Architecture
Building type: Commercial (44,000sq m)
Height: 31-storeys (102.3-metres)
Gross development value: Undisclosed
Status: Approved
Estimated completion: 2025
Vicinity Centres has plans to build a $1bn precinct over two large land holdings in Box Hill including an office tower, hotel, new town square and 1900 apartments.The first three applications worth $683 million were lodged mid-2020 as part of the larger 250,000sq m mixed-use development across seven sites.
Address: 1 Main Street, Box Hill, Victoria 3128
Developer: Vicinity Centres
Architect: Bates Smart
Building type: Residential (366 apartments), Commercial (42,000sq m)
Height: 48-storeys (158-metres), 25-storeys (82.5-metres)
Gross development value: $1 billion
Status: Planning
Estimated completion: Undisclosed
The 60,000sq m office tower will reach 48-storeys and will straddle four addresses around the corner of Bourke and Queen streets and will be known as 435 Bourke Street. The development which is anticipated to serve as a vertical village for more than 5500 city workers, is targeting a 6-star Green Star rating, 5.5-star NABERS Energy rating and a Platinum WELL rating—and will include a four-level wellness hub.
Address: 435 Bourke Street, CBD, Victoria 3000
Developer: Cbus Property
Architect: Bates Smart
Building type: Commercial (58,000sq m)
Height: 55-storeys (181-metres)
Gross development value: $1 billion
Status: Under construction
Estimated completion: 2023
Mirvac’s $1 billion plans for a 45,000sq m office tower and build-to-rent apartments on Melbourne’s Northbank have been approved with construction slated for later this year. The development site at 7 Spencer Street will include a 20-storey office tower and a second tower housing 472 apartments across 32 levels, designed exclusively for renters.
Address: 7-23 Spencer Street, CBD, Victoria, 3000
Developer: Mirvac
Architect: Fender Katsalidis
Building type: Residential (472 apartments), Commercial (45,000sq m)
Height: 32-storeys (105.6-metres), 20-storeys (66-metres)
Gross development value: $1 billion
Status: Approved
Estimated completion: 2025
Shayher Group is moving forward on its $1 billion retail and residential transformation of the heritage-listed Pentridge Prison in Melbourne’s inner-north. 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.
Address: 15 Urquhart Street, Coburg, Victoria 3058
Developer: Shayher Group
Architect: Cox Architecture
Building type: Hotel (120 guest rooms), Residential (1500 apartments), Retail (6000sq m), Commercial
Height: 19-storeys (Hotel), 8-storeys (Commercial)
Gross development value: $1 billion
Status: Under construction
Estimated completion: 2025
Goldfields Group has won permission for its controversial 12-storey 198-hotel room development on the site of the former Matt Blatt showroom at Richmond. The proposal for the 1700sq m site at 587-593 Church Street was referred to the Victorian Civil and Administrative Tribunal for determination after the Yarra City Council failed to make a decision during the statutory period.
Address: 587-593 Church Street, Richmond, Victoria 3121
Developer: Goldfields Group
Architect: Cox Architecture
Building type: Hotel (198 guest rooms)
Height: 12-storeys (39.6-metres)
Gross development value: $300 million
Status: Approved
Estimated completion: Undisclosed
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. 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.
Address: 350 Queen Street, CBD, Victoria 3000
Developer: 3L Alliance
Architect: Cox Architecture, Fender Katsalidis
Building type: Residential (1800 apartments)
Height: 79-storeys (251-metres), 79-storeys (249.9-metres)
Gross development value: $1 billion
Status: Under construction
Estimated completion: 2021
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. The 594 apartment development, ICD’s second central city residential development in Melbourne, is located opposite Flagstaff Gardens on King Street.
Address: 299 King Street, CBD, Victoria 3000
Developer: ICD Property Group
Architect: Elenberg Fraser
Building type: Residential (594 apartments)
Height: 65-storeys (211-metres)
Gross development value: $440 million
Status: Under construction
Estimated completion: 2023
Caydon secured heritage approval for its development of the Nylex site in March 2017 after a two-year battle with Heritage Victoria. The 1.4ha Cremorne site in inner-city Melbourne was originally planned to be a residential precinct with up to 1000 apartments but will now have just one 200-unit apartment building alongside two office towers, a hotel and a mix of retail and office suites.
Address: 154 Cremorne Street, Cremorne Victoria 3121
Developer: Caydon Property Group
Architect: Lovell Chen
Building type: Residential (200 apartments) Commercial (15,373sq m), Hotel (206 guest rooms)
Height: 15-storeys, 12-storeys, 12-storeys
Gross development value: $1 billion
Status: Under construction
Estimated completion: Undisclosed
Privately owned asset management and investment company APH Holding has secured a permit for the first stage of its $1-billion mixed-use business park in Forest Hill in Melbourne’s eastern suburbs. The first-stage of APH’s planned mini-city comprises twin six-level A-Grade office towers with large floor plates joined by a light-filled atrium.
Address: 353 Burwood Highway, Forest Hill, Victoria 3131
Developer: APH Holding
Architect: Unknown
Building type: Commercial (36,000sq m)
Height: 6-storeys (19.7-metres)
Gross development value: $1 billion
Status: Approved (first stage)
Estimated completion: Undisclosed
After a three year planning process the 10,000sq m island site was approved in Victoria’s latest tranche of shovel ready projects. The site at 2-28 Montague Street will become a multi-tower mixed-use precinct designed by Cox Architecture and comprise 700 residences and hotel rooms, 24 affordable housing units, 14,500sq m of commercial space and 5700sq m of retail.
Address: 2-28 Motague Street, South Melbourne, Victoria 3205
Developer: Gurner
Architect: Cox Architecture
Building type: Residential/Hotel (700 apartments/guest rooms), Commercial (14,500sq m), Retail (5700sq m)
Height: 34-storeys (112-metres), 28-storeys (92-metres), 26-storeys (85.8-metres)
Gross development value: $1 billion
Status: Approved
Estimated completion: Undisclosed
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