Diversified property developer Time & Place has had its amended permit for its $410-million Queensbridge building approved, and will imminently begin construction.
Development partner and construction specialist Hickory has been appointed to undertake the build.
Time & Place recently acquired a neighbouring 430-square-metre landholding from Crown, allowing for an extension of the building’s podium and overall footprint.
The acquisition of the adjacent site creates a total 1,370-square-metre parcel of land and achieves an uplift in GRV from $200 million to upwards of $400 million, while significantly improving the allowance for amenity within the building.
The permit amendment, which was unanimously supported by the Future Melbourne Committee, allows for a change from the original permit of 25-0 apartments to up to 367 apartments and a 200-room hotel.
Through the acquisition of land and permit amendment, Time & Place has been able to address all the concerns that the Victorian Department of Environment, Land, Water, and Planning had with a previous permit submitted by the developer.
The building’s abundant residential amenity is set to emulate features typically found in a world class hotel, including a wellness retreat comprising of bookable outdoor cabanas, open and private pool, sauna and steam room, gym, yoga studio, boxing ring, and private treatment rooms.
Also on offer will be co-working spaces, café, providore, private dining room, and a dog spa.
The construction commencement comes as Time & Place records strong pre-sales activity to the value of a third of the residential component, being $100 million, selling across a range of product types and price points from $518,000 to upwards of $2 million.
Time & Place director Tim Price said the developer was passionate about the evolution of the Queensbridge precinct of Southbank and what the future held for the thriving area.
He said: “Acquiring the site at 15-23 Kings Way allows for a significant expansion in amenity and reinforces our development ethos to cultivate community-centric designs.
“We envision the building becoming a destination that promotes social interaction and engagement, with the first floors of the building spilling into the surrounding street and creating a vibrant interface with the public.
“This is a project about accessibility, we want to connect with Melbourne’s urban life and invite the people of this neighbourhood to feel a sense of belonging at Queensbridge – to come in and engage with the community-centric shared spaces.
“As Southbank transitions into one of Australia’s most liveable suburbs, we have focused on creating a project with a team of local market leaders to deliver a mixed-use building with a strong legacy for the area.
“Together we have worked with Hickory, Elenberg Fraser, and Flack Studio to create an enduring architectural statement that meets the needs of its community well into the future.”