$350 million residential project has Cbus chasing more in Melbourne

The 45-storey high-end residential apartment tower which overlooks Melbourne’s Fitzroy Gardens will feature 270 one, two and three-bedroom apartments and penthouses priced between $600,000 and $6 million.

Designed by Bates Smart, the project faces tough competition from the 25,500 units expected to be built this year and next in metropolitan Melbourne.

“We’re building a different product to what’s out there at the moment. Hopefully that has attracted a lot of potential purchasers,” said Cbus Chief Executive Adrian Pozzo.

Mr Pozzo said the group is actively looking for other development sites in Melbourne, such as the Anti-Cancer Council Building on Rathdowne Street in Carlton.

''We're scouring the market,'' he said.

Bates Smart Director, Kristen Whittle

, said the 35 Spring Street tower project will overlook one of Melbourne’s finest public gardens, which has had a strong influence on the design process.

“The idea of living directly next to substantial mature civic gardens has New York style significance,” he said.

Mr Whittle said the tower will step back in three stages, with its metallic white finish contrasting with the beige government offices nearby.

Facilities include a 25 metre lap pool, gymnasium, lounge area, deck with barbecue, shared wine storage area and dining room for entertaining.