Metrics Learns Fate of Triple-Tower Precinct at North Melbourne

Metrics will develop a “compact, midrise, walkable neighbourhood” for the site 3km from the CBD and about 400m from the Macaulay and Flemington Bridge train stations, according to the DTP. 

The scheme will deliver 939 build-to-sell and build-to-rent apartments.

Metrics acquired the 1.5ha site in late 2024 and has brought on Tango Projects to help manage the project. 

The non-bank lender, which has increasingly taken on projects from developer clients, built on the plans of previous developer and landowner Orb Property Partners. 

The site had been approved for 519 homes, but Metrics’ proposals expanded the project,

A report prepared by Tract Consultants at the time Metrics bought the site said that it “cannot be understated that the existing approvals for the site are not viable to be delivered in the current market”.

▲ Metrics’ project retains the on-site heritage Farrell’s Stables, which are to be used as a cafe.

A trio of “distinct” mixed-use buildings will be delivered as part of Metrics’ alternative site layout, including 627sq m of office and 2130sq m of retail. 

A 451sq m gym, and a 97sq m community space are also part of the plans, with parking for 550 cars in the precinct, which has been dubbed the Alfred Quarter.

Designed by FK Australia and Cera Stribley Architects, the first 16-storey tower will comprises 303 apartments and a 4058sq m supermarket plusretail and food and drink premises. 

The second 15-storey building will have 336 apartments, coworking and leasing office space as well as a gym, while the third will comprise 300 apartments. 

Metrics’ plans detail a mix of studio, one-bed, two-bed and three-bed apartments, in a combination of build-to-rent and build-to-sell. 

▲ Metrics brought in FK Australia and Cera Stribley to design the trio of buildings.

Metrics included a 1040sq m central plaza in the project, as well as internal pedestrian links and road improvements. The plaza will be handed over to the City of Melbourne.

Sixteen per cent of the homes are to be allocated as affordable apartments, sold at a 30 per cent discount to a registered housing agency or Homes Victoria, the planning assessment report said. 

That report said that the completed project would “significantly contribute” to Macaulay residential housing targets. 

It integrates the existing heritage significant Farrell’s Stables building on the site. The DTP said Metrics’ designs were “responsive” to the heritage element. 

▲ The plans include a new central plaza for the “compact” precinct.

The Melbourne City Council did not object to the project and the state government agreed, saying the site was well connected.

The redevelopment of the large, vacant parcel would “significantly contribute economic development” to the area, as well as being in keeping with the mid-rise character of the area. 

One of the country’s biggest non-bank lenders, Metrics has taken over several projects after developers defaulted on loans or struggled to sell sites. 

Metrics called in the $300-million Nautique project, and the development revamping the Sir Stamford Hotel in Sydney, as concerns rise that the industry will be faced with more creditor-driven insolvency action in the year ahead. 

But the lender has not been without its own issues, announcing a write-down of its ASX-listed funds by nearly $170 million.