Besgate Group readies their surge into the Melbourne apartment market
It just wouldn't be Melbourne at the moment without another Asian-backed property developer holding grandiose plans for a clutch of forthcoming inner-city apartment towers. Eagle-eyed Urban.com.au contributor Nicholas Harrison has spotted the latest in a conga line of new developers seeking their slice of the Melbourne action.
Sydney-based Besgate Group is the latest entrant into the market with three sizeable residential towers in the works, including 640 Bourke Street which may well tip over 270 metres in height. The privately owned consortium has had exposure of sorts in Melbourne previously, listing La Banque as their only Melbourne project although Melbourne-based Brady Group was the developer for the Little Lonsdale Street apartment tower.
Previous to their Melbourne aspirations, Besgate Group have completed a string of projects in both Sydney and predominantly Shanghai over the past decade, with B1 Tower Parramatta and Atria North Sydney among their recent projects. Their Melbourne projects are as follows:
140 King Street
Lodged with the State Government for assessment earlier this month, Besgate Group carry images of the proposed residential tower on their website. Le Roi as it's expected to be named, will replace a three-level office building with a 58-level residential tower complete with an articulated black exterior.
Situated over a 781sqm block, the tower will hold 271 apartments, with an element of commercial space expected as well. At approximately 180 metres in height, the project has an estimated value of $300 million and is in close proximity to the 224-metre Bourke Place Tower.
558-566 Swanston Street
Besgate Group landed the former City Peugeot dealership at 558-566 Swanston Street which was offered for sale during late 2013. The 1,396sqm land holding is located midway between the CBD and Melbourne University, with 29 metres of frontage to Swanston Street and sight lines over Lincoln Square.
As seen above, the massing form for the project suggests a residential tower just shy of 20 levels, with retail offerings expected at ground level. Dubbed The Ivy, 200 apartments are slated for the project with a value in excess of $150 million.
640 Bourke Street
Last but by no means least is Le Poste which is expected to grace the former Australia Post offices at 640 Bourke Street. The site itself has planning approval for a Hayball-designed 42 and 32-level residential complex carrying 563 apartments.
Diagonally opposite the recently approved 226 metre Elenberg Fraser-designed 134 Spencer Street, Besgate Group have plans for an altogether larger development for their Bourke Street address. A mixed-use scheme of 85 and 55 levels is expected with a total of 989 apartments within.
Valued in excess of $600 million, the project will maintain the existing heritage listed façade of the original Australia Post Office, with the remainder of the site likely to make way for the tower estimated at 270 metres in height.
