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Developer Salvo is preparing to begin demolition work in Melbourne’s Southbank for its first project since the pandemic.
The developer has plans for a 56-storey residential skyscraper at 42 Moray Street.
Architects Rothelowman designed the plans for the 1200sq m island site that Salvo bought in 2017 for $16 million.
The development, Moray House, will have three podiums that will include a reception, cafe, bar, and office space on the first 10 floors, as well as two floors of facilities including a day spa, yoga room, pool, gym, private dining rooms, residents’ lounges and outdoor terraces.
The 10th floor will have co-working facilities with 40 hot desks, meeting rooms, and zones for collaboration and video conferencing.
There will be 305 apartments in one, two and three-bedroom configurations, and two double-storey penthouse suites on the top two floors.
Salvo managing partner James Maitland said the project would help provide apartment supply against the more than 16,000 homes needed in the City of Melbourne over the next three years.
“There is limited developable land left in Southbank and the CBD fringe,” Maitland said.
“Coupled with changes to planning controls, apartment supply is likely to be constrained for the foreseeable future.”
Charter Keck Cramer data shows that 2600 apartments were launched in Melbourne in 2023, the lowest figure in a decade.
Salvo has already secured $150 million in pre-sales with 240 of the apartments sold and the entire project valued at $220 million.
Construction is scheduled for later this year and completion is expected in late 2026.
Salvo has a $3-billion development pipeline that includes a $1-billion four-tower mixed-use project at Fishermans Bend and a $1.2-billion mixed-use urban renewal project at the Pentridge precinct, Coburg.
It has delivered nearly 2000 apartments and office space across six projects in Southbank worth around $1 billion during the past decade.
