Despite land values doubling in A'Beckett Street since 2012, the density of proposed replacement towers is substantially shrinking.
In a show of this boom's pace and power, the new owner of a 724-square-metre block at 48-50 A'Beckett Street has applied to build a 56-level apartment tower with 329 flats and just eight car parks.
The application comes two years after the owner of an 1896-square-metre block at nearby 127-141 A'Beckett Street received approval for a then "landmark" skyscraper rising 63 levels and including 632 flats.
Last year, Singapore developer Aspial Corporation applied to build an 81-level, 750-unit building (with 126 car parks) on a 1250-square-metre site at 54-64 A'Beckett Street.
A few months ago, a 1741-square-metre block at 111-125 A'Beckett Street was sold to a developer for $38 million after last exchanging in 2012 for $19 million.
The applicant for 48-50 A'Beckett Street, a local consortium, paid $9.2 million for the battleaxe-shaped site in late 2012. A year earlier, the land was approved for a 39-level tower. In 2010, the City of Melbourne approved an 18-level building for the block after previously rejecting a 45-level proposal.
Despite the latest proposal being at the application stage, the developer is marketing flats within the 48-50 A'Beckett Street complex. At present, the property accommodates a low-rise office occupied by construction group Probuild and, prior to that, the Carrick Institute of Education.
the format of the plans below suggests a Hayball design?