Super plan for former Age site

A HUGE proposal for Melbourne's CBD will add nearly 3000 dwellings to its already overloaded apartment market.

A HUGE proposal for Melbourne's CBD will add nearly 3000 dwellings to its already overloaded apartment market.

A HUGE proposal for Melbourne's CBD will add nearly 3000 dwellings to its already overloaded apartment market.

Industry Superannuation Property Trust has submitted plans for Melbourne's biggest residential development - six skyscrapers between 39 and 63 storeys rising between 142 metres and 222 metres in height.

The project, on The Age's former site in Spencer Street, is opposite another enormous urban renewal precinct, the 2600-apartment Upper West Side complex in Lonsdale Street.

Of the six proposed, the tower on the corner of Spencer and Lonsdale will be the largest.

Existing buildings that cover two-thirds of a city block between Little Lonsdale and Lonsdale streets will be demolished.

The size of the master plans lodged two days before Christmas mean they will need to be signed off by Planning Minister Matthew Guy rather than Melbourne City Council.

The trust's objective was to rejuvenate the ''West End'' by opening up ''six development parcels'' on the 1.7-hectare site, planning documents said.

''In terms of CBD redevelopment, the scale of the site is immense,'' they said.

As a result the super fund will consider parcelling up portions for others to develop.

SIMON JOHANSON

InvestSMART FORUM: Come and meet the team

We're loading up the van and going on tour from April to June, with events on the NSW central & north coast, the QLD mid-north coast and in Perth, Adelaide, Melbourne, Sydney and Canberra. Come and meet the team and take home simple strategies that you can use to build an investment portfolio to weather any storm. Book your spot here.

Want access to our latest research and new buy ideas?

Start a free 15 day trial and gain access to our research, recommendations and market-beating model portfolios.

Sign up for free

Related Articles