Southbank Investing Update

Market Insights
8 years ago
2 minutes


Minister for Planning Richard Wynne has approved a new six tower project on Kavanagh Street Southbank, which will deliver more than $1 billion in construction and jobs in the inner city.

The latest approval brings the total investment for CBD major projects approved by Mr Wynne to more than $5 billion, a record year for the inner city.

The approval for Kavanagh Park includes a commercial tower with almost 60,000 square metres of office space and a hotel and serviced apartment tower which will have 687 rooms.

Four apartment towers with 2610 apartments and a childcare centre will also built on the site, which is currently used as a car park.

There will also be a supermarket, shops and a food court with hawker-style stalls, taking total retail space to more than 10,000 square metres.

More than 1000 bicycle spaces have been included as well as 894 car parks and the site is close to several tram lines. Open space will include laneways, a 2770 square-metre park and a large public square.

The developer changed original plans, submitted earlier this year, to comply with the Andrews Labor Government’s interim CBD controls introduced in June. The controls are ensuring that inner-city developments are liveable and healthy homes for Victorians.

Design changes included widening setbacks and changing building angles to minimise overshadowing. The six towers will range from 145 metres to 226 metres high with rooftop gardens.

Mr Wynne said the outcome allows for height and density while maintaining large space between buildings, minimal overshadowing and plenty of open space.

“This project shows how our new CBD controls are ensuring that developments provide liveable and healthy spaces and communities for people to call home.”

“This year we’ve approved more than $5 billion worth of inner-city projects, which will continue to create jobs and allow more people to live around the city and close to work.” 

The application was the largest Mr Wynne has approved this year and has support from the City of Melbourne and Victoria’s Government Architect.

In 2015, Mr Wynne approved 25 inner-city towers, which included almost 10,000 apartments and about 2400 new hotel rooms, plus more office and retail space.

Mr Wynne said there were another 50 applications under assessment with the Department of Planning and he expected Melbourne’s development industry to enjoy an equally strong 2016.