ISPT lodges plans for Melbourne's Biggest Residential Development

Industry Superannuation Property Trust

(ISPT) has lodged plans for the largest residential development ever proposed in Melbourne's history.

The development, located on

The Age's

former site in

Spencer Street

, will feature nearly 3000 dwellings across six residential skyscrapers rising between 39 and 63 storeys.

The proposal coincides with increasing concerns about Melbourne's inner city apartment boom.

A wave of high-rise apartment projects such as Far East Consortium's

Upper West Side

development on

Lonsdale Street

which is currently under construction and poised to deliver over 2,500 apartments, have injected some market analysts with fears of an oversupply in central

Melbourne

.