Matthew Guy approves $120 million residential tower for Southbank

A $120 million residential tower in Southbank has been approved by Planning Minister Matthew Guy, which will house around 600 residents upon completion.

Located on City Road, the 61-storey development will stand 193 metres high and will include 431 one- and two-bedroom apartments inside an intricate bronze glass façade.

“This development will help transform a currently underutilised site in central Southbank, enhancing the streetscape with its elegant and simple design and opening up street level spaces for retail and cafe uses,” says Guy.

“Southbank’s appeal for new residents is significant, as this ‘urban village’ is within our vibrant arts precinct and has immediate access to the Melbourne CBD, employment, public transport, the Yarra River, parks and gardens and other services.

“It also helps meet anticipated high population growth in the area, while also boosting livability for residents.

“Each tower in the central city takes development pressure off Melbourne’s middle suburbs,” says Guy.

Guy says each crane on Melbourne’s skyline represents real jobs for Victorians, and is a sign of a strong and growing economy.

“This is yet another demonstration of how Melbourne continues to be a prime location for investment,” says Guy.

Construction on the residential tower is likely to start early next year and has a completion date of 2017.