VIC green-lights $2bn in Melbourne developments

Victorian Minister for Planning Richard Wynne has approved the development of five major projects in inner Melbourne worth $2 billion collectively - a record amount set to generate thousands of jobs. These buildings will account for 2000 apartments, more than 300 serviced apartments and hotel rooms, office and retail space. 

• 466 Collins Street: a $200 million project with 267 one, two and three-bedroom apartments, which can be built within 12 months as it will be constructed using materials prefabricated off-site
• 447 Collins Street: a $1.25 billion project approved after the developer agreed to build a shorter tower to avoid overshadowing the Yarra River, which will include office space, apartments and a hotel
• 280 Queen Street: a $150 million project with one, two and three-bedroom apartments plus office space
• 334-344 City Road, Southbank: a $200 million project with 180 apartments and 110 serviced apartments
• 4 Hopkins Street Footscray: $355 million project with 930 apartments built across six buildings in stages

Image: 446 Collins Street Melbourne, Woods Bagot/SHoP Architects

In announcing the DA's, Mr Wynne confirmed that “Thousands of new apartments means a boost to city accommodation and construction jobs" and gave his approval with "conditions to improve amenity and quality across these developments, such as extended building setbacks and larger apartment sizes with natural light and good ventilation."  

The major push for development like these are population projections for Melbourne that show there will need to be another 45,000 homes built around the inner city by 2031.

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Source: Premier of Victoria Media Centre