VIMG's latest tower valued in excess of $1 billion
The CBD's west end is set to receive an ultra-luxury development with plans afoot for a 70 level mixed-use tower carrying in excess of 1,100 apartment and hotel rooms. Based on St Kilda Road, established developer Vic Investments Management Group (VIMG) is behind the plan which is expected to crown their expanding development workbook.
Formed near on a decade ago the firm is active in both the Melbourne and Sydney apartment markets, and has seen both the frequency and size of their projects increase over time.
The subject site of VIMG's intended blue ribbon development is 600 Collins Street which was reported as sold during late 2014 to a syndicate of Chinese, Malaysian and German investors for $60 million. Currently a low-rise commercial office and day care facility, the expansive site sits alongside the under construction 568 Collins Street which is due for completion in coming months. 600 Collins Street looks set to eclipse its neighbour for height, with a tower of between 220 and 240 metres a likely outcome.
VIMG have stated via their website that the tower will carry an end value in excess of $1 billion, with a tentative completion date set for 2021. While other pending projects in the immediate area such as 250 Spencer Street's Ritz Carlton, 555 Collins Street, Premier Tower and 640 Bourke Street jockey for position in the market, 600 Collins Street's $1 billion price tag may well usurp the aforementioned projects and pit it against 1 Queensbridge Street as Melbourne's most opulent current development.
At the opposite end of the CBD the developer is pursuing another tower, albeit more modest. With the site in question sold during August 2014, a planning application was submitted during October 2014 seeking the approval of a 52 level residential tower. Covering 141-149 La Trobe Street and 25-27 Bennetts Lane, the proposal would see Bennetts Lane Jazz Club make way for 210 apartments over 51 floors with two retail tenancies at ground level.
According to VIMG 1, 2 and 3 bedroom apartments will constitute the living options within the tower. City of Melbourne currently have the proposal listed at an 'appeal' stage.
Nearby Hamilton Marino Builders have taken VIMG's Metropolitan on Bourke Street above ground level, on the way to delivering the 19 level dKO Architecuture-designed tower midway between Russell and Exhibition.
The remaining local VIMG project has just reached construction tender. Coventry Haus on Southbank will see a JCB Architects-designed 20 level residential tower slot into the popular residential precinct.
Hamilton Marino Builders have also recently completed Central Gardens in Box Hill and Prahran's Scout Apartments for VIMG in addition to Metropolitan, suggesting they may be considered favourite to snare the Southbank build.