CBD WEST PRECINCT TRANSFORMED WITH NEW TOWER

A landmark 226-metre apartment tower will inject life into an up-and-coming part of Melbourne’s CBD, delivering accommodation and investment opportunities near services and transport.

Minister for Planning Richard Wynne announced he had approved the 68–storey apartment tower with hotel, to be built on the corner of Bourke and Spencer streets, at the site on Thursday.

Work will be able to start on the $350 million investment into the CBD, delivering jobs and more housing options for Melbourne.

The site was left dormant after an old tavern closed more than 20 years ago, left to ruin while the rest of the city began to grow around it. While the tavern reopened about a year ago, the long-term plan has been for a large-scale residential project.

The project will include 660 apartments and 160 hotel rooms. The approval delivers on the need to provide more hotel rooms, particularly around the city which is brimming with visitors.

It is the latest proposal approved around the CBD west precinct, which is undergoing transformation. Mr Wynne said he was dedicated to approving new towers on sites best suited for density, which were close to transport and services.

Mr Wynne has also released a discussion paper, Better Apartments, as part of consultation into raising apartment standards. This development is a good example of a project offering a dwelling mix. The Spencer Street project will include one, two and three-bedroom apartments, the one-bedroom minimum size will be 41 square metres with an average size of 43 to 47 square metres.

Quotes attributable to the Minister for Planning, Richard Wynne

“This is an iconic new building for the west end of the CBD, which will create a landmark at a key location that has been a “bomb site” for many years.”

“The project is a great example of how new developments can enhance an area, we need these projects to be built in the right locations where the streetscape improves and avoid towers on sites where landmarks and open space are shadowed.”

“This building will house more residents in a part of the of the CBD that is ripe for renewal, delivering more housing options for people wanting to live close to work and services.”