Cbus Property is scouring for other development sites as it prepares to officially launch Melbourne’s newest high-end residential apartment tower.
The $350 million project, known by its address 35 Spring Street, is set to rise 45 storeys above one of Melbourne’s finest public gardens when construction starts in January next year.
But the building, designed by Bates Smart architects, faces stiff competition from a flood of apartments across the city.
About 25,500 units are expected to be finished in this year and next in metropolitan Melbourne, four times what was built in 2005 when the apartment market last peaked.
”We’re building a different product to what’s out there at the moment. Hopefully that has attracted a lot of potential purchasers,” Cbus chief executive Adrian Pozzo said.
Bates Smart director Kristen Whittle said the building’s location on the corner of Spring Street and Flinders Lane was a big factor in its design.
”The idea of living directly next to substantial mature civic gardens has New York-style significance,” he said.
The tower will step back in three stages from nearby buildings and its metallic white finish would contrast with the beige government offices nearby, Mr Whittle said.
It will have 270 one, two and three-bedroom apartments and penthouses priced from $600,000 to more than $6 million.
Facilities include a 25-metre lap pool, lounge area, gymnasium and deck with barbecue, as well as a shared wine storage area and dining room that can be booked for entertaining.
Colliers agent Tim Storey said there had been ”strong preliminary interest” in the project because it was so different from everything else.
With 35 Spring Street under way, CBUS was looking for other sites but they were hard to come by. ”We’re scouring the market,” Mr Pozzo said.
Places such as the Anti-Cancer Council Building in Carlton’s Rathdowne Street were of interest, he said.
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