Spring Street's double dose of development news
The wraps are off Cbus Property's latest high-end residential addition for Melbourne's Spring Street.
Across 13-23 Spring Street, the project is being referred to as 17 Spring Street. Designed by Bates Smart, the tower has similar design overtones to the East Melbourne-based design office's 35 Spring Street, whilst also referencing the neighbouring 1 Spring Street.
Cbus Property's development application went to planning during April with an eye toward creating another elite apartment building overlooking Fiztroy Gardens.
The 33-storey tower reportedly includes 6 one, 24 two and 48 three bedroom apartments. In choosing a sparse apartment spread, Cbus Property is set to chase high-end buyers with apartment sizes ranging between 133 square metres and 207 square metres.
The balance of dwellings constitute the tower's premium offerings.
Now home to a modest Mercure Melbourne Treasury Gardens, Cbus Property nabbed the site last year for approximately $70 million. With the pedigree residential tower in the works, AccorHotels will need to find a new location for its Mercure brand.
Incidentally, the hotel group announced in recent days the addition of four new Mercure locations in Australia, with the Doncaster Hill precinct set to gain a maiden hotel development.
The addition of 17 Spring Street has boosted Cbus Property's national presence in the Urban.com.au Project Database to 13, headed by significant Melbourne-based projects such as Collins Arch, Holme Apartments and 311 Spencer Street.
Meanwhile, the drawn-out development push for 85 Spring Street has reached a significant marker with a fresh construction tender issued for the $500 million mixed-use development.
Developer Golden Age Group is backing the project after Grocon reportedly chose to onsell the site in the face of strong unsolicited developer interest. The tender carries a construction value in excess of $200 million for the mixed-use Bates Smart-designed tower.
Costing Golden Age Group $75 million to secure, the 39 storey tower includes 138 apartments and a hotel component. Under a deal struck late last year the developer and Starwood Capital Group will jointly manage the hotel component which includes 250 hotel suites plus amenities such as a bar, restaurants, conference rooms and a gym.
The hotel is tentatively slated to open in 2020, likely leading to a construction start this calendar year.
