Developer Golden Age Group has been approved to develop a new 21-storey tower in the Queen Victoria Market precinct in Melbourne’s CBD.
The 450 Queen Street project will feature about 125 apartments with about 10% of the residences being reserved for affordable housing, as well as two levels of retail and residential amenities.
The Bates Smart-designed building was endorsed by the City of Melbourne in June last year, with Victorian Planning Minister Richard Wynne recently giving the nod of approval.
The approved plans will see the existing Queen Victoria building on the site carefully restored and integrated into the development.
“Receiving approval is a reflection of the level of confidence the State Government has in us as co-developers of this city,” said Golden Age Founder and Managing Director Jeff Xu.
“The project is located in a significant area of the Queen Victoria Market precinct and we’re excited to develop a project that will further contribute to this ever-evolving pocket of the city.”
Bates Smart Director Julian Anderson said the project had been designed with the residents, visitors and market community in mind by providing engaging spaces to live, work and play.
“We have taken great care in designing an enduring and well-crafted addition to this neighbourhood, respecting the site’s historical context while being mindful that this development will have a role in shaping the future character of an evolving and diverse urban fabric,” Anderson said.
In recent development news, Vicinity Centres announced plans to redevelop the Buranda Village shopping centre in Brisbane into a mixed-use precinct with offices and more than 600 homes.
Japanese developer Mitsui Fudosan entered the Australian market last week after partnering with Frasers Property to develop an 269-apartment project in Sydney, while Mirvac bought an 80ha parcel of zoned land in Cobbitty, NSW to develop into a masterplanned neighbourhood.
Primewest bought a Woolworths-anchored retail centre under construction in Sydney from Fridcorp for $41.5 million, while Singapore-listed Keppel REIT purchased a grade-A office development in North Sydney for $327.7 million.