Lendlease's $2bn city neighbourhood in Melbourne receives $490m residential building approval

The Victorian Government has approved three apartment towers in Melbourne's CBD, part of a precinct plan to build a new city neighbourhood that will be home to 10,000 workers, 3,000 residents and 1,690 apartments. 

The precinct plan, known as the "Melbourne Quarter", will offer a commercial centre and vibrant retail hub as well as the selection of residential apartments. More than half of the 2.5 hectare site will be dedicated to open public spaces including Melbourne’s first elevated Skypark, a neighbourhood park, a new public square and a series of retail laneways which connect to the greater CBD area. 

As master developer of the $2 billion project, Lendlease will provide development management, project management, construction and investment management services. 

In March of this year, Minister for Planning Richard Wynne approved the first stage of Lend Lease’s Melbourne Quarter, including a new 19-level commercial tower and an elevated park to be built over Wurundjeri Way and Collins Street.

The latest building approval, the $490 million three-tower development at 614-666 Flinders Street, marks the next stage for Lendlease on the site's residential precinct. 

Minister Wynne cited the Government's approval is part of a push for more homes to keep pace with Victoria's growing population, and for quality development which allow people to live close to where they work. 

The first of the three towers to be developed, the East Tower, will feature a variety of one, two and three bedroom apartments. Over 40 levels, residents will have views of the city and bay and a featured hanging gardens climbing the full height of the building. 

Lendlease's managing director for urban regeneration, Mark Menhinnitt, said Melbourne Quarter had already become one of Melbourne’s most anticipated residential addresses.

“Melbourne Quarter, with its residential neighbourhood next to a thriving commercial district, offers the opportunity to live next to work, which is increasingly appealing for young professional owner occupiers and investors with a keen eye on the leasing market,” he said.

“We are already receiving strong market interest for Melbourne Quarter’s East Tower.”

“Melbourne Quarter aspires to set leading standards as an environmentally sensitive and sustainable development, that will see all residential towers target a 5-Star Green Star rating,” he said.

Construction of the $2 billion Melbourne Quarter precinct is expected to commence in 2016, and be delivered over 6 years creating around 15,000 construction jobs over the life of the project.