$3b Developments Approved

Market Insights
8 years ago
2 minutes

A high-end apartment and hotel project near Melbourne’s Flagstaff Gardens has been given the go ahead, pushing the value of inner-city approvals under the Andrews Labor Government to more than $3 billion.

Minister for Planning, Richard Wynne, has signed off on a two-tower project on William St in the city’s west. The project will provide up to $245 million in construction investment, and include 470 one, two and three-bedroom apartments, a 210-room hotel, plus a gym, pool and retail space.

The developer estimates construction will generate 990 direct jobs and 2548 indirect jobs. The hotel, café and leisure components will further create 250 direct jobs and 242 indirect jobs.

The project includes two buildings, separated by a laneway. Clever design work has delivered a ‘stepped’ façade so the frontage is lower than the rear of the buildings to avoid shadowing Flagstaff Gardens.

Minister For Planning, Richard Wynne, is excited to add this development to his approval list.

“These buildings will one day accommodate residents lucky enough to call Flagstaff Gardens their backyard as well as some of the hordes of tourists visiting Melbourne each year.”

“The hotel will help support our booming tourism industry and create more jobs for Victorians well beyond the project's construction.”

"This two-tower design is in a location ripe for investment thanks to the surrounding gardens and Queen Victoria Market, plus its great access to public transport.” 

Mr Wynne said the design met his criteria of respecting and enhancing the surrounding streetscape and neighbourhood – in this case, Flagstaff Gardens and the Queen Victoria Market.

The Department of Environment, Land, Water and Planning, the City of Melbourne and Tourism Victoria recommended the project be approved. It will develop an unused street corner while adding more hotel rooms to support Melbourne’s thriving tourism industry.

The Labor Government is well on track to beat the $4 billion in approvals record set in 2014, while also ensuring smart development.

Last week, Mr Wynne gave Lend Lease the green light to start work on their 1064-apartment project on Collins St, Docklands. That project is worth $190 in construction investment and will have a $720 million end value.