This article is from the Australian Property Journal archive
A $500 million urban precinct on an island site on the edge of the Melbourne CBD is the latest project to be given the green light through the Victorian government’s Development Facilitation Program (DFP).
Time & Place has received development approval for its South Melbourne project on an amalgamated 2,398 sqm site bordered by Dorcas and Wells Streets and Middleton Lane, near St Kilda Road, and which is product of five separate acquisitions over 18 months.
The Bates Smart-designed development will have 243 residences across one, two-, three-bedroom and penthouse apartments, with four-metre penthouse ceiling heights, across two boutique sculptural towers connected via a central garden bridge.
There will also be ground-floor dining and retail options, amenities and a community activation.
The façade’s “articulation, of the overall sculptural design, is an exercise of maximising quality of light, views and experience for the apartments,” Time & Place said.
“The façade design, with generous floor to ceiling glazing, strategically frames direct and peripheral views of the Botanic Garden, Shrine of Remembrance, and surrounding civic features; seamlessly integrating the architecture with the location’s historic and urban context.”
Tim Price, founder and director of Time & Place, said acquiring the sites allow for the introduction of a superior design and place-making outcome.
“In this vibrant corner of South Melbourne, seamlessly connected to South Yarra and the Botanic Gardens and just 1.6 kilometres from the CBD, we envision an innovative, amenity-rich village that fosters community engagement with the Domain precinct.
“Our goal is to provide sophisticated yet attainable residential designs that complement the prestige of this remarkable location.
“In South Melbourne, we’re dedicated to redefining inner-city living. Embracing the 15-minute neighbourhood concept, we’re amplifying the local dining and lifestyle amenities, addressing many longstanding gaps felt in the location, and infusing the suburb with economic vitality and social vibrancy.”
Sales will commence on the yet to be named project later in 2025, with construction set to follow shortly after.
This is the latest major project to be approved via Victoria’s Allan government’s DFP.
The accelerated assessment pathway includes a 10% affordable housing requirement for residential projects.
Time & Place has already been a beneficiary of the program, obtaining the green light for a $150 million mixed-use development in the south-east suburb of Glen Iris in partnership with supermarket giant Woolworths. It will have 60 apartments, including affordable homes, with a full-line Woolworths supermarket on the ground floor.
In December, the Allan government approved Malaysian developer UEM Sunrise and US giant Greystar’s transformation of an old Honda dealership in Collingwood into 400 build-to-rent and affordable homes, following on from it moving forward with plans for 1,000 homes, a school, and sports centre to be delivered on nearly four hectares of land at the nearby Fitzroy Gasworks site.
Inner North Collective Joint Venture, comprised of Assemble, Milieu and Hickory, with capital partners AustralianSuper and HESTA, will deliver 820 homes on Parcels B and C at the site. Hundreds of those will be operated by a community housing provider.
The Melbourne market has typically delivered around 13,400 apartments per year over the past decade. Charter Keck Cramer’s projections suggest that over the next three years, annual completions will average only around 8,000 apartments. Amid a national housing crisis, and including its housing delivery targets under the National Housing Accord, the Victorian government has set its own ambitious target of delivering 800,000 homes over 10 years as part of its Housing Statement. In late October, it went on an announcement spree, looking to define itself on housing policy and facilitate the delivery of more homes.
