Melbourne’s Most Sought-After Development Projects


Despite being at the epicentre of Australia's Covid-19 outbreak, Melbourne remains a sought-after destination for international buyers.

According to data from REA Group, foreign investors have kept a watchful eye on Melbourne's sliding apartment market in recent months with cashed-up buyers likely searching for bargains across the city's top-end.

The country’s largest real estate portal found that in the three months to end of June, a series of newly-launched and under construction projects across central Melbourne topped its search results.

Opportunistic buyers are also aware that the decline in migration is also likely to leave excess supply and have a detrimental effect on inner city apartment sales and rental markets.

REA noted that international searches for property across its platform jumped 22 per cent year-on-year, noting that its international audience has been quick to adapt to life in lockdown by engaging with new digital content and virtual walkthroughs to shortlist properties.

Despite recent consternation over high-density residential living, high-rise towers such as Beulah's 48-storey tower at 318 Queen Street, Brady Group's 68 and 52-storey towers at 380 Lonsdale Street and Cbus Property's 33-storey development at 17 Spring Street were amongst the most-viewed developments online.

Construction has remained undeterred across Melbourne, with close to 18,000 apartments currently under construction within five kilometres of the CBD, according to global real estate group JLL.

Here are the most-searched development projects by foreign investors in Melbourne.

Related: Melbourne’s Top 15 Major Development Projects


Lily Garden—Poly


Developer Poly Global's Lily Garden development, located at 171 Buckingham Street in Richmond, is currently selling.

The developer picked up the 4,871sq m site from party and events specialist Harry the Hirer, which previously occupied the warehouse onsite, in mid-2018 for $26 million.

The Artisan Architects-designed project will deliver 155 apartments and three townhouses across four buildings.


Yarra One—EcoWorld International
South Yarra

Yarra One 18 Claremont Street, South Yarra, Vic 3141

Listed Malaysian developer EcoWorld International is closing in on completion of its Yarra One residential development in South Yarra.

The 27-storey Fender Katsalidis-designed tower is being delivered by builder Hickory and will comprise 256 dwellings over an area of 37,500 square metres.

The amenities of the building would be similar to a luxury hotel, with a concierge service, wellness retreat, yoga and dance studio, dining room, library and dedicated wine cellar.


Victoriana—JD Group
Melbourne CBD

Victoriana - 20 Queens Road, Melbourne - Apartments

The JD Group development will feature private pools and spas on balconies overlooking Albert Park Lake.

The 17-storey Rothelowman-designed project will feature 250 apartments, including a “super penthouse” which will take up the entire 16th floor.


Magnolia at St Boulevard—The Shakespeare Group
Melbourne CBD

Magnolia at Street Boulevard

The Shakespeare Group's $350 million development on Melbourne's St Kilda Road is closing in on completion.

Construction across two buildings, the 122-apartment Magnolia and 91-apartment Ginko topped out earlier this year with builder Icon closing in on completion of the third tower 207-apartment Anaca tower in the coming months.

The Elenberg Fraser-designed development, which is adding 420 new apartments to the precinct sandwiched between Albert Park and South Yarra, will feature over 7,300sq m of 5-star resident amenities and landscaping.


17 Spring Street—Cbus Property
Melbourne CBD

17 Spring Street—Cbus Property

The 33-storey development approved for 17 Spring Street at the ritzy east end of the CBD with feature 76 apartments overlooking the Treasury Gardens.

Cbus purchased the site, located on the site of the former Mercure Melbourne Treasury Gardens hotel, for around $70 million in 2017.

Late last year, Cbus appointed Hacer Group as the builder of its $300 million Bates Smart-designed tower, marking its second venture with the Melbourne-based builder. Construction is slated for completion mid-2022.

Earlier this year the project's 468sq m penthouse, complete with terrace and its own private pool, sold off the plan for $16 million.


Melbourne CBD

Paragon—318 Queen Street, Melbourne, Vic 3000

Beulah's 48-level Paragon tower at 318 Queen Street, featuring 227 apartments, is due for completion in September.

Beulah picked up the 140-year-old premises of the Celtic Club for $25.6 million in 2016 and quickly set about plans for a high-rise development.

The development, designed by Fender Katsalidis and landscaper Paul Bangay, is being be built by construction giant Multiplex.


380 Melbourne—Brady Property Group
Melbourne CBD

380 Lonsdale Street
Brady Group

Melbourne-based Brady Property Group's 380 Lonsdale Street development, being constructed on the site of a former seven-level carpark, received planning approval in 2015.

The towers, of 68 and 52 levels, rise from a seven-level podium. The Elenberg Fraser design comprises 728 residential units and another 112 premium apartments.

It includes 312-room Voco hotel, along with commercial and retail space and 254 car parks.


Bowen & Queens—Wuzhong International
South Melbourne

Bowen & Queens—Wuzhong Albert

Chinese developer Wuzhong International made its foray into the Australian market with the announcement of its first project, Bowen & Queens, in late-2018.

Its $160 million 19-level apartment development, located between between Albert Park Lake and the Royal Botanic Gardens in South Melbourne, will feature 214 apartments.

The 214-apartment property at 2 Bowen Crescent will have views over Albert Park Lake and will boast strong positive feng shui elements.

The Plus Architecture designed tower features nine double-height penthouses ranging in price from $2 million to $4.6 million.


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