Golden Age's Spring Street project redesigned for top-end owner-occupiers

Jeff Xu’s Golden Age is pushing ahead with its $500 million luxury residential tower on the eastern edge of Melbourne’s CBD.

But he has redesigned the Spring Street project for top-end owner-occupiers.

There are 145 apartments proposed for the 39-storey building.

Surrounded by heritage-listed buildings and overlooking Parliament House, the project has an end value of approximately $500 million that will add a significant bow to Golden Age’s $4.2b portfolio.

The 85 Spring Street project was bought from Grocon who had approval for 225 apartments, after trimming its earlier proposal from 305 apartments over 44 levels when it had failed to gain the green light from Victorian Planning Minister Richard Wynne.

Golden Age has a $4.2 billion residential and commercial portfolio.

Its suggested prices ranging from $698,000 for a one-bedroom up to $8 million for the top three-bedroom in the Bates Smart designed project.

“When undertaking this project we looked at the existing product mix and completely redesigned it for our target market,” Mr Xu told The Australian.

“We set about reducing the number of apartments and making each more spacious with a dedication to additional living, dining and leisure rooms.”