56-storey residential tower coming soon to Southbank

Developer Salvo has commenced demolition to make way for a 56-storey residential tower in Southbank, one of the few high density projects in Melbourne to get off the ground this year due to a challenging market.

Demolition is underway at the site with the removal of a two-storey commercial space which was previously Salvo’s head office before moving into new premises in City Road. Commencement of early ground works and construction is due to commence in January and expected to be completed in early 2027.

Launched a year ago, 93% of apartments have been snapped up by owner occupiers and investors, indicating strong demand for urban living in well-designed spaces with exceptional residential amenity near existing social infrastructure.

Salvo Managing Partner James Maitland said the milestone would inject some confidence and momentum into Melbourne’s apartment market.

“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. 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 4,000 apartments, we’re delivering on that.

“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.”

Designed by Rothelowman architects and interior design by David Hicks, the $220 million project is located on a 1,200m2 island site at 42 Moray St on the cusp of South Melbourne and Southbank. The development will comprise more than 300 apartments of one, two and three bedroom configurations along with two double story penthouses over the top two levels.

The 180 metre tower also features six levels of office space, 400 square metres of co-working facilities and two floors of luxury amenity with wellness and relaxation at its core. Facilities include hotel-grade reception, ground floor café and bar, luxury day spa, yoga room, pool and gym, private dining rooms, residents’ lounges, outdoor BBQ terraces.

The residences feature uninterrupted panoramic views of the city skyline, Albert Park Lake and Port Phillip Bay, abundant natural light and neutral colour palettes, offering warm and sophisticated spaces.

Moray House is the latest landmark project to get underway by the prolific developer, which has built 4,000 apartments, with another 4,000 in its $3 billion pipeline.

The milestone comes amid a growing lag between housing approvals and construction commencements in the City of Melbourne. There are almost 20,000 apartments approved for development that are yet to be built. The City of Melbourne’s draft target under the Victorian Government’s Housing Statement is the delivery of 134,000 new homes by 2051. According to the City of Melbourne, achieving the draft target will require a 122 per cent increase on top of existing homes over the next 27 years.*

“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,” Maitland said.

For more off-the-plan apartments and developments, click here.

*Source: https://www.melbourne.vic.gov.au/housing-targets-melbourne-and-plan-victoria