Melbourne to receive new inner-city neighbourhood
A multimillion-dollar property development earmarked for Melbourne city could flood the market with ...
A multimillion-dollar property development earmarked for Melbourne city could flood the market with real estate investment opportunities.
Unveiling the plans yesterday (January 29), Victorian planning minister Matthew Guy said the former site of The Age newspaper at 250 Spencer Street is set to be transformed into a bustling new neighbourhood.
Comprising approximately 3,000 apartments is six mixed-use towers - ranging from 39 to 63 storeys - those looking for residential or commercial property in the inner-city may be interested in the $800 million development.
"The proposal will provide housing choices close to jobs, public transport and other essential services adding to Melbourne's vibrant lifestyle," Mr Guy explained.
"The development of this strategic site will be critical to the future reshaping of the CBD's western edge and its connection to Docklands."
Given its central location, the project is likely to attract the interest of homebuyers and investors alike.
The minister went on to say that the project will be subject to strict environmental assessment given the extensive history of the site.