Melbourne CBD skyscraper sells out studios as buyers rush into $1bn Atlas tower

Melbourne is close to getting a new supertower, as backers reveal why it’s succeeding, even as one of the city’s future icons stalls.

Atlas at 383 La Trobe St has already sold more than half of its 852 apartments, a rare feat in today’s CBD market.

A Melbourne supertower is just months away from commencing construction, despite similar projects running into difficulties amid a building crisis.

A new 72-storey, $1bn residential tower at 383 La Trobe St, Melbourne, dubbed Atlas is capturing buyer attention with more than half its 852 apartments now sold as it proves supertowers still have a place in the city’s skyline.

It comes as plans for what was to be Australia’s tallest building, the STH BNK by Beulah development, faces an uncertain future after cost blowouts and planning delays led to the once-hyped tower stalling — and its project manager being placed in administration in February.

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Colliers residential director Tim Storey said the project’s success was down to a mix of smart planning, bold timing, and a keen understanding of who Melbourne’s inner-city buyer really is.

“Atlas has really resonated with the market. It’s the first supertower to launch in the CBD in about five years and that’s created a lot of pent-up demand,” Mr Storey said.

“We’ve seen other buildings sell in recent years, but nothing of this scale or freshness.

“Buyers especially younger international buyers in their late 20s want that city lifestyle, they want quality, and they want a product that feels like it belongs.”

Residents will have access to a dedicated wellness club with spa, sauna, gym and a resort-style pool overlooking the city skyline.

In contrast, the once-lauded Beulah tower, planned to reach 366-metres and become the country’s tallest building, has been beset by financial and delivery challenges.

The collapse of its development manager earlier this year left creditors tens of millions out of pocket and raised doubts about the project’s future.

The tower’s striking vertical greenery and landscaped terraces echo the “vertical village” ethos behind Atlas’s community-focused design.

Mr Storey said Atlas had avoided the pitfalls by sticking to scale, offering variety, from affordable garden residences to premium sky crown apartments, and locking in its development permit back in 2017, before CBD height limits changed.

“Without that permit, this building couldn’t have happened today,” he said.

“There’s definitely a prestige element to supertowers, people love the height, the views, the lifestyle, but it has to be backed by the right offering.”

All 189 studio apartments in Atlas sold out quickly, with Colliers confirming a waiting list as buyer demand surges in the CBD.

The Colliers residential director said Melbourne’s city apartment market had matured.

“The average age of a CBD resident is 28. Most live in households of under two people, and over 90 per cent are born overseas,” Mr Storey said.

“That’s who we designed for. Not just affordability, but lifestyle and status.
“The studios apartments were a big part of that they were gone in a flash.”

Atlas sits at the northern end of the CBD, near Flagstaff Station, the Queen Victoria Market and walking distance to top universities and the new Metro Tunnel station.

Mr Storey said that location with its “unbeatable lifestyle” and park proximity had given Atlas a distinct edge over more hemmed-in sites across the city grid.

The 72-storey Atlas tower is the tallest Melbourne CBD skyscraper approved under pre-2017 planning rules, no others like it can now be built.

“It’s buzzing, And after Covid, the northern CBD has come back strong,” he said.

“Retail’s bouncing back, there’s energy again, and weekends in the city are packed.

“The confidence is returning, and Atlas is a green shoot.”

Construction is set to begin in the third quarter of 2025, with completion due in 2029.

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Originally published as Melbourne CBD skyscraper sells out studios as buyers rush into $1bn Atlas tower