Victorian Government approves $2 billion of high rise development in Melbourne CBD

A BUILDING approval blitz has seen at least $2 billion worth of CBD towers approved by the State Government but with heights significantly reduced.

How the proposed “Pantscraper” would look from Southbank. Picture: Supplied

A BUILDING approval blitz has seen at least $2 billion worth of CBD towers approved by the State Government but with heights significantly reduced.

Four more CBD towers were approved for construction as the Andrews Government signed off on projects in June.

However, in some cases the heights were significantly scaled back to comply with tougher inner city planning controls.

The tallest is a $150 million, 68-level building at 280 Queen St with 533 units, a gym, spa and cinema.

Developer Brady had originally sought a 45.6m office podium height, but 18.6m was finally approved by Planning Minister Richard Wynne.

Also getting the green light is the so-called “Pantscraper” — a 42-level twin-tower structure at 447 Collins St worth $1.25 billion.

The 38-storey tower approved for Southbank is a far cry from the 82 levels originally planned.

Situated on the old Suncorp site, the Cbus project has been massively cut back from previous designs amid concern about overshadowing of the Yarra River.

Nearby at 460 Collins St, going ahead is a $100 million, 61-storey development by Golden Age Sunrise featuring 172 units comprising a mix of one, two, three and four bedrooms.

At 334 City Rd, Southbank, a $200 million 38-storey tower has been approved, a far cry from the 82 levels originally planned.

To comply, the developer slashed the number of units from 482 to 290 and ditched plans for hotel rooms.

An image of the proposed 61-storey tower approved for 460 Collins St. Picture: Supplied

Mr Wynne has been accused by some developers of stifling high rise projects with the tougher controls, but he said that the market was responding by offering more housing variety.

“We’re seeing more apartments big enough for families,” he said.

“The conditions imposed on the permits make significant improvements to these developments, making sure the buildings are set back from the streets and apartments are liveable.”

Mr Wynne said expected solid investment to continue “given we will need another 45,000 homes around the central city by 2031”.

Also approved was a $355 million six-building and 930-unit complex at 4 Hopkins St, Footscray, with heights ranging from 10 to 24 storeys.

Mr Wynne had requested an increase in the size of each apartment to a minimum 50 sqm, which affected almost a third of the planned units.

The so-called “Pantscraper” to be built at 447 Collins St. Picture: Supplied

* $150 million, 68-level building at 280 Queen St — Approximately 533 dwellings. Sought a 45.6m office podium height, but 18.6m approved.

* $1.25 billion, 42-level twin-tower structure at 447 Collins St — now 21.6m shorter in height. Mix of commercial office, retail, hotel, one two and three-bedroom apartments.

* $100 million 61-level tower at 460 Collins St. 172 apartments.

* A $200 million 38-level tower at 334-344 City Road, SouthbankCity Rd, Southbank — 290 apartments. Reduction in building height from 82 storeys (270.36 metres) to 38 storeys.

* A $355 million six-building and 930-unit complex at 4 Hopkins St, Footscray. 6 buildings in three stages ranging from 10-24 storeys.

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