Melbourne apartment tower – realestatesource

AND so all eyes turn to 50 Albert Road, in South Melbourne, after the decision this week by new planning minister Matthew Guy to reject a 29-level, 88-metre proposal across the road at #35, based on height.

Hamton Property Group is planning to build a 28-level, 89-metre tower on its site at 42 – 50 Albert Road, having marketed the project, Fifty Albert, since the middle of last year.

Both the Asia-based owner of 35 Albert Road, and Hamton, paid about $15.5 million for their respective South Melbourne sites last April.

Hamton’s site was purchased with a permit for a 220-dwelling apartment complex. However it shrunk the size of the units so that 294 flats could fit within the approved building’s shell.

The Victorian Civil and Administrative Tribunal approved that major amendment last August.

By comparison the owner of 35 Albert Road proposed 420 apartments within an 88 metre tower. Another tower of similar height is proposed at 60 Albert Road, too.

Victoria

Evolve Developmenet Acquires Former Channel Seven Office and Proposes $190 Million Guilfoyle Tower

May 3, 2010 Marc Pallisco Channel Seven, Evolve Development, Fridcorp, Melbourne apartment tower, Ron Walker, South Melbourne, St Hilliers, Westpac Funds Management

EVOLVE Development, the burgeoning Melbourne-based builder spearheaded by ex-Fairfax chairman Ron Walker, and business partner Ashley Williams, will develop its largest project to date in South Melbourne.

The developer is believed to have paid Westpac Funds Management about $15 million for the 35 – 47 Coventry Street development site once occupied by Channel Seven as its head office.

Westpac acquired the asset after builder St Hilliers, which bought the site from Seven in 2003, drafted a residential conversion plan for the disused office, but never proceeded with building it.

Victoria

Two More Major Apartment Towers Set For Melbourne’s Southbank

February 19, 2010 Marc Pallisco Central Equity, Dheeraj East Coast, First Delta Group, Melbourne apartment tower, Salvo, Southbank

MELBOURNE’s fast-gentrifying inner-city suburb of Southbank is about to see another major development.

Salvo Property Group has unveiled plans to develop two apartment towers totalling 850 units.

Construction of the project on City Road will start with pre-sales reach 70 per cent, director Mario Salvo told the AFR.