6 BIG PROJECTS ON MELBOURNE’S HORIZON
01 Apr 2020
Australia’s fastest-growing city is remaining focused on the future, despite the recent economic uncertainty, and has a number of major public projects on the horizon. We take a look.
Melbourne Square by OSK Property
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 six of Melbourne's major development projects.
WEST SIDE PLACE
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. 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 fitouts commenced for the pool, gym, cinema, karaoke room and virtual golf rooms.
Once complete the project will comprise 1376 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
- It will feature over 3000sqm of groundfloor retail space
MELBOURNE METRO
Melbourne Metro by Cross Yarra Partnership
The new $11 billion Metro Tunnel is a twin nine-kilometre rail tunnel running through Melbourne's central business district from South Kensington to South Yarra. The tunnel 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 location’s 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
Queens Place Melbourne by 3L Alliance
Chinese-backed developer 3L Alliance is well underway 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 1800 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 north of the site, which will then be followed by the southern tower. Completion is currently 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
SOUTHBANK
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 356.2 metres under the proposal, with the shorter of the towers comprising flexible commercial offices featuring both indoor and outdoor green terraces.
The 270,000sqm mixed-use precinct, dubbed Southbank by Beulah, will comprise 27,000sqm of office space, 21,000sqm of retail as well as almost 9500sqm 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
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
MELBOURNE SQUARE
Melbourne Square by OSK Property
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 1048 apartments.
When complete, the entire project will have 2600 apartments, a hotel and serviced apartment tower and a commercial office building, along with Woolworths' first full-line supermarket in Southbank.
Key facts:
- The project is being built by Multiplex
- The project was designed by Cox Architecture
Via Urban Developer