The first of the 'CBD Four' officially marked its beginning of construction yesterday as Probuild now controls the site that will become Victoria One, a 241 metre residential tower spanning 75 levels. Joining Victoria One shortly will be three additional residential towers which will complete the 'CBD Four' as Urban Melbourne has dubbed them.
All four developments are the swift work of Asian-backed local property developers and lead a new wave of high-rise residential towers sweeping through inner Melbourne. Incidentally the four are all the handy work of local design firm Elenberg Fraser, reflecting the dominant position they hold within the market.
Due for completion late 2017, Victoria One is Golden Age Group’s largest project to date and is slated to be the tallest residential tower within Melbourne's CBD upon completion. 95% of the tower's available 629 apartments have been sold within the project which is valued at $350 million.
Located on the corner of Elizabeth and Franklin Streets in Melbourne, Victoria One will be highly visible upon completion owing to its distinctive green facade and vertical metallic fins which will catch and cast sunlight at different points of the day. Designed to mimic Victoria’s famous landscapes, "The fluid façade appears soft and yielding like the local parks, oceans and rivers. Green glazing with gold highlights gives a botanic feel" as described on the Elenberg Fraser website.
The market is buoyant, but I believe in still being cautious and building apartments that are aspirational and of high quality – these types of projects will find buyers in any market.
We are pleased to be working with Probuild, a company that shares our commitment to quality and speed. They are a group that has emerged as a leader in high density residential construction in Melbourne and will bring strong local expertise to this project.Jeff Xu, Golden Age Group founder
You don’t get an opportunity to build the tallest building in a city every day. To have the opportunity to deliver a building that will change Melbourne’s skyline is an exciting prospect.
There is definitely incredible growth in high-rise apartment living that we haven’t seen in our 27 plus years in Melbourne. It signals a change in people’s desire to live closer to the city. People are pushing through that psychological barrier that says we need a home and land. Victoria One represents this change in thinking as well as a change in dynamic as younger generations embrace city living over the traditional great Australian dream of a quarter acre block.Dean Lockhart, Victorian managing director Probuild
Some readers will know that one of the CBD Four, Tower Melbourne, began demolition in excess of a year ago only for CEL Australia to be mired down in legal wrangling with a fellow Singaporean developer controlling the adjoining site. With that matter now settled Tower Melbourne is expected to begin demolition once more shortly.
Of the others ICD Property's EQ. Tower is 100% sold while a handful of apartments remain in Hengyi's Light House Melbourne, directly opposite Victoria One. Demolition on the latter two is also expected to start prior to years end allowing for all four to rise simultaneously over the course of the next two to three years, while injecting in the vicinity of 2420 apartments into Melbourne's CBD upon completion.
Come 2017, the CBD will look immensely different and Victoria One will be leading the charge.