This article is from the Australian Property Journal archive
VICTORIAN Planning Minister Matthew Guy has approved two apartment developments in Melbourne's CBD, adding more than 800 units to the market.
Meanwhile architects Fender Katsalidis has made some headline grabbing news with a dream proposal for a 84-storey 600 apartments complex at 70 Southbank Boulevard Southbank.
Nonda Katsalidis said the conceptual tower, Australia 108, will be the tallest building in the southern hemisphere, at 388metres. Katsalidis, who was the architect behind Eureka, has an existing planning approval to develop a 228m tower on site. The site has been on the market since July and Katsalidis reportedly wants $25 million.
Meanwhile back to reality, Guy approved the developments at 450 Elizabeth St and 316 Queen St, injecting $200 million to the local economy.
Guy said 450 Elizabeth continues the renaissance of the north end of Elizabeth St with a 62 storey (197m) residential building delivering 541 apartments.
316 Queen St will provide for the future protection of the historic Celtic Club. Built in 1876, the Celtic Club will be restored to its former glory. The development includes a 48 storey (154 metres) residential development.
Guy said the development at the historic Celtic Club site is sensitive to the heritage value of the existing building integrating the heritage façade into the recently restored section of the building.
“The Coalition government continues to provide confidence to the development industry, boosting its ability to generate jobs for Victorians in many sectors, including construction.
“Continuing reform of our planning system to increase opportunity and productivity will maintain this advantage and ensure a strong construction sector,” Guy said.
These latest approvals will put more cranes up in the Melbourne CBD, with construction currently underway for 6,000 units in the city. In total, 13,000 apartments are under construction or awaiting approval.
Property Review
