Developers vie for 63 Exhibition St, Melbourne apartment tower project

The proposal, known as EAST SIXTY THREE dates from before the introduction of stricter Melbourne CBD planning rules, having been granted with a generous plot ratio of 33:1

Developers vie for 63 Exhibition St, Melbourne apartment tower project
Developers vie for 63 Exhibition St, Melbourne apartment tower project

Developers are reportedly keenly vieing for the 63 Exhibition St, Melbourne apartment project.

The 52 storey proposal dates from before the introduction of stricter Melbourne CBD planning rules, having been granted with a generous plot ratio of 33:1.

The vendor was nominated as the Tarascio family owned Salta Properties.

It was reported in 2015 that Salta had teamed with joint venture partner Malayisa's Asia One to acquire and develop the site having been independently acquired by Asia One for $37.5 million in 2014.

Developers vie for 63 Exhibition St, Melbourne apartment tower project

They initially sought approval for a 64-level high-rise apartment and hotel tower, replacing the 6132 sqm floorspace, formerly known as ASF House or Citicorp House, which was constructed in 1969.

The bidding interest in recent weeks has been through JLL which was appointed to broker the sale of the property at the end of last year.

The Financial Review reports bids in the final four have come from parties, including Gurner and also the private developer Goldfields. There is also a foreign developer in the final four.

The 13 storey Melbourne CBD office block on an 894 sqm holding has planning approval for a 52-storey apartment and hotel complex.

JLL marketed it as an "never to be repeated permit approval for a 52 level luxury hotel and residential tower with 225 keys and 42 apartments."

It advised it would appeal as an international benchmark luxury hotel and branded residences opportunity.

The bids sit about $80 million, which was the price guide on its listing last December.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

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t.oliveri02
It looks like a worthwhile project so lets hope the sell it soon to a buyer that wants to go a head with the approved plans and get this beautiful looking design up out of the ground asap.
Melbourne is just going nowhere at the moment has anybody seen what's going on in Sydney and even Brisbane come on Melbourne we need to lift our game and get more investment and developers pushing forward again in our city or we are going to get overtaken or even worse loose a lot of what we are famous for. We need more spectacular looking icons in our city to get the vibe back and new interest. As we don't have the Sydney harbor in our background but we can do so much more we need to think outside the box and use what we have around our city who knows maybe we can be the best city in the world again its not like we haven't been there before !
Tony. T
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t.oliveri02
How about they sell it to a company that want to build the project and start asap and just get on with it if it such a rare opportunity .
Tony T
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