Top 20 Melbourne Development Projects

Australia’s second-biggest city, Melbourne, has emerged from a difficult year with a number of high-profile multi-billion-dollar developments spearheading the city’s economic recovery.

Prior to the global pandemic, Melbourne was set to overtake Sydney as the nation’s most populous city by 2026, placing growing strains on infrastructure, tenable office space and housing.

The Victorian government more than doubled infrastructure spending—committing $47 billion and more than $10bn promised over each of the next four years—in a bid to build for the expected population of 8 million by 2050.

It has also been quick to act in the face of the pandemic-induced downturn, fast-tracking a number of high-profile “shovel-ready” projects across the state to bolster its construction pipeline.

From Australia’s tallest building to the congestion-busting metro tunnel and premium high-rise commercial and residential towers, here are Melbourne’s major development projects.

Melbourne Square

melbourne square osk development

Malaysia’s OSK Property has topped out the first two buildings at its $2.8bn precinct in Southbank. The project, on a former car park at 93-119 Kavanagh Street, is the city’s largest mixed-use development.

Future stages will include a 29-floor office tower, a 600-room hotel operated by Hilton (due to open in 2022) and further residential towers.

The first two residential towers topped out at 236.7m (69 levels) and 184.3m (54 levels) in November after three years of construction by Multiplex.

Once all five stages are complete, the precinct will include more than 2600 apartments along with a hotel, commercial tower, child-care centre and retail offerings.

The $400-million office tower known as MSQ Commercial will offer 37,000sq m of A-grade space with almost 1400sq m devoted to end-of-trip facilities.

Under construction

Key facts:
• The site was acquired for $145m in June 2014
• The project is being built by Multiplex
• It was designed by Cox Architecture

Southbank by Beulah

Southbank by Beulah

Developer Beulah has been granted approval to build Australia’s tallest tower as part of a $2-billion redevelopment of the BMW site in Southbank.

The 270,000sq m mixed-use precinct, dubbed Southbank by Beulah, will comprise 27,000sq m of office space, 21,000sq m of retail as well as almost 9500sq m in food and drinks premises, a 202-key hotel and 789 dwellings.


Key facts:
• Site was purchased in 2017 for $102m
• Located on the corner of Southbank Boulevard and City Road
• Designed by UNStudio and Cox Architecture

555 Collins Street

555 Collins Street Melbourne

Charter Hall is pressing ahead with ambitious plan for a $1.5bn twin-tower office project in the heart of the mid-town section of Melbourne’s prestigious Collins Street.

The two-stage premium office development is being built across an amalgamated site including 55 King Street, a site it has owned since 2016, and 555 Collins Street, which it acquired in October 2018 in a $140m deal.

The 80,000sq m premium office tower, opposite the landmark Rialto Towers and a block from the Southern Cross station, is being built in two stages, the first of which will see 35-levels of office space.

Under construction

Key facts:
• Designed by Cox Architecture and Gensler
• The combined site covers more than 4600sq m
• Managed by Charter Hall’s Wholesale Prime Office Fund
• Anchored by global tech giant Amazon

Collins Wharf

Collins Wharf Melbourne Lendlease development project

Lendlease is pressing ahead with $1.2bn plans to develop the last stretch of its Docklands precinct in Melbourne.

Known as Collins Wharf, it is the final section in the vast Victoria Harbour precinct where Lendlease has built residential towers, office buildings and a library.

In mid-2020, Lendlease secured approval of the 668-apartment, two-tower development at 938 Collins Street, following the 2017 plan amendment that gave a green light to the five-tower scheme.

The masterplan will include Eco Park, an innovative floating wetland, and a Yarra Walk, offering new waterfront access along the river.


Key facts:
• Collins Wharf will eventually accommodate 1500 dwellings
• Two public parks are planned, with community facilities, office space and a shared cycle and pedestrian promenade around the entire neighbourhood

600 Lonsdale Street

600 Lonsdale Street Melbourne development SOM

Plans for a 40-storey office tower on the corner of Lonsdale and King streets in the west end of Melbourne’s CBD are moving ahead.

The $500-million building—set to comprise a hotel and A-grade office space—is backed by developer V-Leader.

Situated on a prominent corner in Melbourne’s legal precinct, the 42-story building will comprise 24,400sq m of A-grade office space, a 280-key boutique hotel, amenities, and retail space.

V-Leader secured the existing 600 Lonsdale building in May 2018 after 15 strata owners sold their share in the building for $48 million. A total of $52m was paid for the Lonsdale Court building after the final strata owner moved to sell a year later.


Key facts:
• V-Leader secured the site in May 2018
• Designed by Skidmore Owings & Merrill and Fender Katsalidis

West Side Place

West Side Place Far East Consortium Melbourne Development Project

Hong Kong-listed developer Far East Consortium is pressing ahead with two towers in the developer’s West Side Place project at 250 Spencer Street on the former site of The Age newspaper.

The 81-storey Tower 1, which will house the Ritz-Carlton, will be 281m tall and will be the tallest hotel in Australia, while the 64-storey Tower 2 will be 221m high.

Construction has begun on West Side Place, with apartment amenities installed up to level 24 at Tower 1 and level 23 at Tower 2.

Residential amenities are also beginning to take shape with fit-outs begun for the pool, gym, cinema, karaoke room and virtual golf rooms.

Once complete the project will comprise 1376 apartments and 257 luxury hotel suites, with Stage 1 anticipated for completion in 2021.

Under construction

Key facts:
• FEC bought the site from developer ISPT in 2012 for $75m
• Designed by Cottee Parker
• The project is being built by Probuild

Box Hill Town Square

Vicinity Centres Box Hill

Vicinity Centres has plans to build a $1bn precinct over two large land holdings in Box Hill including an office tower, hotel, new town square and 1900 apartments.

The first three applications worth $683m were lodged mid-2020 as part of the larger 250,000sq m mixed-use development across seven sites.

To transform the 5.5ha urban regeneration project in Melbourne by 2030, Vicinity engaged ARM to create the masterplan with buildings designed by Bates Smart.


Key facts:
• Central and south precinct was acquired by Vicinity in 2000
• North precinct was acquired by Vicinity 2001
• Features 3350sq m of new public space and an amphitheatre

435 Bourke Street

435 Bourke Street Melbourne Development

Cbus Property has begun construction of a new $1-billion-plus office tower after receiving approval in mid-2020.

The 58,000sq m office tower will reach 49 storeys and will straddle four addresses around the corner of Bourke and Queen streets. It will be known as 435 Bourke Street.

The development, which is anticipated to serve as a vertical village for more than 5500 city workers, is targeting a 6-star Green Star rating, 5.5-star NABERS Energy rating and a Platinum WELL rating, and will include a four-level wellness hub.

Under construction

Key facts:
• Designed by Bates Smart
• Completion is slated for 2023

Pentridge Prison

$1 Billion Pentridge Prison Project set to transform Melbourne’s Inner North

Shayher Group is moving forward on its $1-billion retail and residential transformation of the heritage-listed Pentridge Prison in Melbourne’s inner-north.

The first stage of the shopping centre and apartment project is scheduled to open at the end of the year and includes a 15-screen cinema, more than 20 specialty stores and 500 underground carpark spaces.

Future stages on the 6.7ha heritage site at Wardens Walk, Coburg include up to 1500 residences across 12 residential buildings as well as four mixed-use buildings expected to accommodate up to 1500 workers.

The 19-storey hotel, set to open in late 2021, will connect to the heritage-listed former B-Division cell blocks.

Under construction

Key facts:
• The prison site was acquired in 2013 for $18m
• Hotel has been designed by Cox Architects
• The masterplan will feature up to 14 cafes, bars and restaurants

Melbourne Metro

Melbourne Metro designs development

The new $11bn Metro, a twin 9km rail tunnel running through Melbourne’s central business district from South Kensington to South Yarra, is being delivered by the Cross Yarra Partnership.

The upgrades will enable more than half-a-million extra passengers to use Melbourne’s rail network during peak periods every week, and save people up to 50 minutes each day during their commutes.

The project includes five new underground stations, North Melbourne, Parkville, State Library, Town Hall and Anzac.

The transport project was earmarked to be completed by 2025, however, costs have been rumoured to already have blown out by as much as $2 billion, partially due to the scope of the project being widened and unexpected technical risks.

Under construction

Key facts:
• Early works commenced in 2016
• Designed by Hassell in collaboration with Weston Williamson and Rogers Stirk & Harbour and Partners

Melbourne Metro CTA

Project in Focus: Melbourne Metro
Here’s everything you need to know about Melbourne’s largest infrastructure project...

Queens Place

Queen's Place Melbourne development 3L Alliance

Chinese-backed developer 3L Alliance is well under way with the construction of its $1bn-plus twin tower project at the edge of Flagstaff Hill.

The major development project, located at 350 Queen Street, will comprise 1800 apartments in twin 79-storey towers, making it one of the largest residential developments in the city.

The towers will feature retail and commercial office suites, a public plaza with a laneway shopping precinct, restaurants and cinemas.

Construction commenced in late 2018, to be delivered in two stages, the first is the tower to north of the site, which will then be followed by the southern tower.

Under construction

Key facts:
• Site was acquired for $135m in 2014
• Designed by Cox Architecture and Fender Katsalidis
• The project is being built by Multiplex

Aspire Tower

Aspire Tower ICD Property Melbourne development construction

ICD Property Group is developing its 65-storey high-rise residential tower at 299 King Street with joint venture partner financier MaxCap, which has both debt and equity positions on the project.

ICD secured construction funding for the Elenberg Fraser-designed tower from American investment bank Goldman Sachs for the $440-million high-rise tower.

The 594 apartment development, ICD’s second central city residential development in Melbourne, is located opposite Flagstaff Gardens on King Street.

Early works began late last year with construction anticipated to take about three years.

Under construction

Key facts:
• Designed by Elenberg Fraser
• The project is being built by Melbourne-based builder Hickory
• Funded by Goldman Sachs and MaxCap

The Malt District

The Malt District | Nylex Site Redevelopment

Melbourne developer Caydon Property Group is undertaking a $1bn mixed-use project at the Nylex maltings site.

Caydon secured heritage approval for its development of the Nylex site in March 2017 after a two-year battle with Heritage Victoria.

The 1.4ha Cremorne site in inner-city Melbourne was originally planned to be a residential precinct with up to 1000 apartments but will now have just one 200-unit apartment building alongside two office towers, a hotel and a mix of retail and office suites.

The development will also include a mix of loft and studio office spaces as well as retail and hospitality spaces, and be anchored by an IGA supermarket.

Demolitions at the heritage-listed site have been overseen by architectural firm Lovell Chen, who have planned the works to protect the silos beneath the Nylex Clock and those supporting the prominent VB sign that has been at the site for decades.

Under construction

Key facts:
Site was acquired late-2014 for $38m
• Construction commenced mid-2018
• Accor has been chosen as the hotel operator


Seafarers Melbourne Development

The revitalisation of a historic goods shed beside the Yarra River in the Melbourne CBD will be the centrepiece of a $500m hotel and apartment project which has won planning approval.

The development of the Northbank wharf site, controlled by private developer Riverlee, forms a crucial link between the Docklands regeneration on one side of Wurundjeri Way and on the other, the last wedge of commercial space along the Yarra River.

The project, to be known as Seafarers, has approval for a 5-star hotel with 280 rooms, 123 apartments and a 1000-seat function centre which will occupy part of the old Goods Shed No. 5.

Under construction

Key facts:
Designed by Fender Katsalidis
The development will feature Australia’s first 1 Hotel
Heritage restoration and civil works have been completed

7 Spencer Street

7 Spencer Street Mirvac Development Melbourne

Mirvac is moving ahead with $1bn plans for a 45,000sq m office tower and build-to-rent apartments on Melbourne’s Northbank.

Mirvac will build a 20-level office tower with floor plates up to 3000sq m in area, as well as a 32-level residential tower with 472 apartments at the site of the former Melbourne Convention Centre.

The public realm of the precinct will focus on wellness, sustainability and amenity, with spaces and green retreats activated through curated events.


Key facts:
• Mirvac paid $200m for the site in 2019
• Designed by Fender Katsalidis
• Interiors designed by Hecker Guthrie
• Ground plane and retail designed by Six Degrees Architects

St Moritz

st moritz gurner development melbourne

Plans for a $540m three-building project overlooking St Kilda Beach are currently under way.

The project, being delivered by Gurner, kicked off after securing a $300m senior debt facility from ANZ in 2019.

When complete, the Saint Moritz development will offer 120 apartments all featuring large amounts of Calacatta Gold, Carrara or Nero Marquina marble imported from Europe, complemented by timber parquetry floors and coffered ceilings.

The project’s penthouse apartment, which sold for $30m, will be spread over two levels and includes seven bedrooms, seven bathrooms, a 10-car garage, cigar room, wine cellar, and two-storey water feature.

Under construction

Key facts:
• The site was acquired in June 2018
• Designed by Fender Katsalidis and Koichi Takada Architects
• Completion slated for early-2022

380 Melbourne

380 Lonsdale Street Melbourne Development

Developer Brady Group will round out its $500-million 380 Lonsdale Street project this year, its largest development to date, which features two towers rising 52 and 68 levels.

The under-construction skyscraper will comprise 700 apartments as well as a 252-room Voco-branded hotel lead by British accommodation giant IHG. The project will rise from a seven-level podium below which will be space for 254 car parks.

The project also features a covered pedestrian link, connecting Lonsdale and Little Lonsdale streets, complete with six-storey green wall.

Under construction

Key facts:
• Designed by Elenberg Fraser
• Replaces an existing seven-level carpark

300 City Road

IMG Investments Australia City Road Melbourne Development

IMG Investments Australia has plans to build a 380-room hotel atop a 104-year-old Melbourne warehouse in Southbank.

The development on 292-300 City Road—led by Southbanks Constructions director Chris Dao and counterparts Tu Minh Le and Thuy Linh Le—will see the existing Edwardian-era brick building restored and a 28-storey tower built on the site.

There will also be retail and a lobby on the ground level, drive-through area as well as a wellness centre and function space.


Key facts:
• Designed by Elenberg Fraser
• Existing building’s facade will be retained

28 Montague Street

Gurner Fisherman's Bend Melbourne

Gurner has approval for a $1bn triple-tower project in the 480ha Fishermans Bend urban renewal precinct.

The 10,000sq m island site at 2-28 Montague Street will become a multi-tower, mixed-use precinct and comprise 700 residences and hotel rooms, 24 affordable housing units, 14,453sq m of commercial space and 5700sq m of retail.


Key facts:
• Fast-tracked approval in September 2020
• Designed by Cox Architecture
• The precinct will feature a 4.5-star hotel

Moonee Valley Park

Moonee valley park development Melbourne

Moonee Valley Racing Club and developer Hamton are moving ahead with plans for a $2bn residential masterplan in Melbourne’s north.

The 40ha race course is to be redeveloped as an urban village delivering 2000 new dwellings, comprising townhouses and apartments, as well as cafes, shops and leisure areas integrated with green spaces.

The mixed-use project will consist of retail and entertainment facilities, commercial office space, and community and wellbeing spaces as well as the construction of a new grandstand and a new extended track surface.

Construction, to be overseen by Camillo Builders, has now commenced on the urban renewal project after the approval of a $73m debt facility from an undisclosed major bank.

Under construction

Key facts:
• The project’s first stage designed by Rothelowman

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