PDG secures approval for $1.5 billion Southbank tower

PDG has secured Victorian Government planning approval for The One - 1 Queens Bridge Melbourne, a $1.5 billion project unlocking a long-dormant riverfront site in Southbank. 

The approved tower will deliver premium and branded apartments, a luxury hotel and boutique offices alongside the restoration of the heritage-listed Queens Bridge Hotel, with a public launch planned for early 2027.

The project was approved by the Minister for Planning, with the Department of Transport and Planning (DTP) issuing a Planning Permit following a thorough assessment process.

The approval unlocks a long-dormant riverfront site in Southbank, paving the way for a landmark tower comprising premium apartments, including branded residences, a luxury hotel and boutique offices.

The development is positioned at the centre of of Melbourne.

Located at 1-29 Queens Bridge Street, directly opposite the Crown main entrance and on the doorstep of Melbourne’s internationally renowned Arts Precinct.

Designed by COX Architecture in collaboration with ODO and PDG, the tower draws on the movement of the Yarra River, with a sculpted façade articulated by six vertical pleats running the height of the building.

A central component of the scheme is the restoration and adaptive reuse of the heritage-listed Queens Bridge Hotel.

By preserving an important part of Melbourne's heritage while reactivating the building, with new hospitality and public uses, including a rooftop venue.

The development will be home to one of the largest residential amenity offerings in Australia.

This will comprise of over 5,000 square metres of world-class resident facilities on a single level. 

The amenity collection will offer an unparalleled suite of wellness, recreation and hospitality experiences that redefine apartment living in Melbourne.

The permit also includes a comprehensive upgrade and revitalisation of Queensbridge Square, to be delivered in partnership with the City of Melbourne, reimagining it as a contemporary civic destination and strengthening its role as a key pedestrian plaza along the Yarra River.

PDG founder and managing director Vince Giuliano said the approval marked a significant step for both the project and the Southbank precinct.

“This is the most significant Planning Permit approval Melbourne has seen in recent years,” Vince said.

“For more than 15 years, this site has remained under utilised. 

"This approval enables us to deliver a project that will contribute meaningfully to the revitalisation of Southbank, restore and reactivate an important heritage building, and create a new civic and hospitality destination for Melbourne."

The approval follows an earlier Planning Permit issued by the City of Melbourne for demolition works across part of the site at 9-29 Queens Bridge Street, with demolition and early works well underway.

PDG acquired the 5,059-square-metre site in late 2024. 

The project has already attracted strong interest from owner-occupiers, with a public launch scheduled for early 2027.

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