Exciting developments are on the horizon for Southbank as property developer Salvo gears up to erect a striking 56-storey tower at 42 Moray St.

The upcoming project, slated for completion by 2027, will replace Salvo's former headquarters, with the process of dismantling the existing two-storey office building already in progress.

Despite its launch just a year ago, the development has garnered significant interest, with an impressive 93 per cent of its apartments already snapped up by a mix of owner-occupiers and investors.

James Maitland, Salvo's managing partner, views this achievement as a positive indicator for Melbourne's apartment market, which has encountered hurdles in recent times.

“At a time when far fewer apartments are being built, we’re delighted to move ahead with this stunning addition to the city’s skyline,” remarked Mr. Maitland.

"Melbourne desperately needs accelerated supply of well-designed homes with outstanding amenity in prime locations where people want to live, work and play. As a trusted developer that’s built 4000 apartments, we’re delivering on that."

The $220 million venture will encompass over 300 apartments, ranging from one to three-bedroom configurations, alongside two expansive double-storey penthouses.

Crafted by Rothelowman architects and featuring interiors by David Hicks, the tower will soar to 180 metres and house six levels designated for office spaces, 400 square metres allocated for co-working zones, and two floors dedicated to luxury amenities.

Residents can anticipate an array of offerings, including a hotel-style lobby, a ground-floor café and bar, a deluxe day spa, a yoga studio, swimming pool, gym facilities, private dining areas, residents' lounges, and outdoor BBQ spots.

This unveiling coincides with Melbourne grappling with a substantial backlog of approved apartment projects, with almost 20,000 apartments across the city awaiting commencement.

“Given worsening affordability and cost of living issues, it’s crucial to progress large-scale projects that deliver quality, affordable apartments which are an important mix in the housing puzzle,” emphasized Mr. Maitland.

“Southbank continues to evolve as a vibrant locale at the cultural and entertainment centre of Melbourne. Moray House is set to further enhance the urban fabric of this precinct, where residents will be able to enjoy a blend of convenience, culture, and community.”

 

Source: Southbank News

 

 

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