Riverlee appoints Icon Construction to deliver $500 million Seafarers development
Privately owned property group, Riverlee, has appointed Icon Construction to deliver the $500 million Seafarers development featuring residential, hotel and hospitality, in what is set to be the largest private construction project in Melbourne since the pandemic.
The 18-storey development comprises 123 luxury hotel-branded residences and 277 guest rooms as part of Australia’s first 1 Hotel & Homes from SH Hotels & Resorts.
Revitalising the historic Goods Shed No.5, Seafarers is a flagship project within the Northbank precinct, located between the CBD and Docklands.
The project’s multi-sector impact extends beyond construction and shows post-pandemic confidence in the residential, tourism and recreation markets.
The Seafarers build is valued at a nominal $275 million and is forecast to provide a total of 1,023 full-time equivalent construction-related jobs, with approximately 680 jobs generated upon completion.
The builder appointment of Icon comes as Seafarers records $20 million in sales and reservations since lockdown ended in Victoria last October.
Riverlee’s development director, David Lee, says that the partnership with Icon marks a significant milestone for the next wave of Northbank as a destination in Melbourne.
“Icon shares our vision for the precinct – for it to be a high-quality, sustainable and an outstanding place to live and visit.
He also made note of the positive uptake in sales since restrictions lifted in Victoria, showing the confidence in the owner-occupier apartment market and the shift to new lifestyle opportunities in a post-pandemic landscape.
“Construction of many residential projects in the city have been put on hold because of low sales during the pandemic, but we are proud to be progressing and are confident in our offering of a unique and differentiated residential product.”
Construction at Seafarers will commence in early 2022 with completion slated for 2024.