Time and Place has been granted approval for an amended application for its 62-storey Queensbridge Building project in central Melbourne.
The developer had been planning to build a $200-million development across a 940sq m island site within the Crown precinct on the southern edge of the CBD before moving on a neighbouring 430sq m land holding, allowing for the extension of the building’s podium and overall footprint.
The now $400-million tower will increase in size from 60-storeys and 250 apartments to 367 apartments and a 200-key hotel in a taller tower.
Time and Place director Tim Price said the amalgamated 1370sq m site had allowed the developer to expand the project, alongside architecture firm Elenberg Fraser, to deliver a mixed-use building with a “strong legacy” for the area.
“Acquiring the site at 15-23 Kings Way allowed for a significant expansion in amenity and reinforces our development ethos to cultivate community-centric designs,” Price said.
Price said Time and Place hoped to create a true neighbourhood precinct offering high-quality homes with plenty of amenity.
“We envision the building becoming a destination that promotes social interaction and engagement, with the first floors of the building spilling into the surrounding street and creating a vibrant interface with the public.”
In exchange for boosting the number of levels in the permitted development, Time and Place has also undertaken to work with the City of Melbourne on the design and development of about 5000sq m of urban park under the adjacent Kingsway overpass.
Prefabrication specialist Hickory has now been appointed as the builder with preliminary site work, costing between $5 million and $10 million, due to commence imminently with the project’s estimated completion earmarked for 2024.
Since announcing the project, Time and Place has secured $100 million of apartment pre-sales selling across a range of product types and price points from $518,000 to upwards of $2 million.
At the time of its launch, the project was viewed as countercyclical in a Melbourne apartment market that would go on to slump throughout the Covid-19 pandemic.
Unlike other projects in the market, the high-end development offered services to residents such as running errands, cleaning and linen supply, dog walking and car washing.
“Our pre sales success speaks to buyer confidence in Southbank and in the wider Melbourne off-the-plan apartment market, with a mix of first-home buyers, right-sizers and investors securing the first release of apartments to date,” Time and Place sales director James Herbert said.
“Right-sizers have been drawn to the striking interior design by Flack Studio, with the option to customise interiors, alongside our central location offering unrivalled connectivity to Melbourne’s best lifestyle amenity.”
The tower will feature bookable outdoor cabanas, open and private pool, sauna and steam room, gym, yoga studio, boxing ring and private treatment rooms.
There will also be co-working spaces, a cafe, providore, private dining room, and a dog spa.
Herbert said following the flight to regional living through the pandemic, the developer had been witnessing strong interest from out-of-towners looking for an “inner-city crash pad”.
“Queensbridge offers an attractive location to visit the CBD for work, or for a weekend to enjoy the surrounding dining and arts precinct,” he said.
