Melbourne developer PDG has secured planning approval from the Victorian government for its $1.5 billion Southbank project, The One – 1 Queens Bridge Melbourne.
The project was approved by the Minister for Planning, with the Department of Transport and Planning issuing a Planning Permit following a thorough assessment process.
The approval unlocks a long dormant riverfront site in Southbank, paving the way for a landmark tower comprising premium apartments, including branded residences, a luxury hotel and boutique offices.
Located at 1–29 Queens Bridge Street, directly opposite the Crown main entrance and on the doorstep of Melbourne’s internationally renowned Arts Precinct, the project sits at the centre of one of the city’s most active urban renewal corridors.
Designed by COX in collaboration with ODO and PDG, the tower draws on the movement of the Yarra River, with a sculpted façade articulated by six vertical pleats running the height of the building.
A central component of the scheme is the restoration and adaptive reuse of the heritage-listed Queens Bridge Hotel, preserving an important part of Melbourne’s heritage while reactivating the building with new hospitality and public uses, including a rooftop venue.
The project will be home to one of the largest residential amenity offerings in Australia, comprising more than 5,000 square metres of world-class resident facilities on a single level.
The amenity collection is set to offer a broad suite of wellness, recreation and hospitality experiences aimed at redefining apartment living in Melbourne.
The permit also includes a comprehensive upgrade and revitalisation of Queensbridge Square, to be delivered in partnership with the City of Melbourne, reimagining it as a contemporary civic destination and strengthening its role as a key pedestrian plaza along the Yarra River.
PDG Founder and Managing Director Vince Giuliano said the approval marked a significant step for both the project and the Southbank precinct.
“This is the most significant Planning Permit approval Melbourne has seen in recent years,” said Giuliano.
“For more than 15 years, this site has remained underutilised.”
He said the approval would allow PDG to deliver a project that contributes meaningfully to the revitalisation of Southbank, restores and reactivates an important heritage building, and creates a new civic and hospitality destination for the city.
The approval follows an earlier Planning Permit issued by the City of Melbourne for demolition works across part of the site at 9–29 Queens Bridge Street, with demolition and early works already underway.
PDG acquired the 5,059 square metre site in late 2024.
The project has already attracted strong interest from owner-occupiers, with a public launch scheduled for early 2027.
The approval represents a turning point for a site that has sat largely idle for more than a decade and a half, despite its prominent position opposite Crown Melbourne and within walking distance of the Arts Precinct, Southbank promenade and the CBD.
With planning now secured, attention turns to construction timelines and the staged delivery of the tower, the restored heritage hotel and the upgraded public square, all of which PDG has positioned as central to Southbank’s next phase of growth.
