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CBD | West Side Place | 250 Spencer Street | 4 towers | 270m | 79L | Residential

Mark Baljak's picture
#1

AFR

ISPT sells The Age site to Far East Consortium
Nick Lenaghan

> One of Asia’s largest property deve­lopers, Far East Consortium, has acquired a massive Melbourne CBD residential development site from Industry Superannuation Property Trust for $75 million, in an off-market deal.

>ISPT began quietly marketing the Spencer Street site after winning planning approval in January. It acquired the site for $66 million in 2007, and later sold off a portion of it ­to developer ­Central Equity for $17 million. The ­off-market campaign was handled by Colliers International agent Tim Storey.

here's a look at the redesigned second tower

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Paul_D's picture

Adore the second tower if its the one on the far left. Like really love

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Ryan Seychell's picture

This seems to be a pretty good outcome to me. At least this means this will probably get built sooner rather than later...one would assume it wouldn't start too long after upper west side. Will be interesting to see what happens to the design of these towers now. Hoping they keep the same designs.

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Laurence Dragomir's picture

The designs of the individual towers were never really approved designs, just indicative envelopes. if Far East intend on proceeding with the approved Bates Smart masterplan, then I hope they run a design comp for each tower.

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Nicholas Harrison's picture

I think it is unlikely we will now see anything over 160m on the site now.

Far East Consortium have never gone more than 50 storeys for any development they have undertaken, even overseas.

They could have gone much higher with Upper West Side but decided against it.

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Laurence Dragomir's picture

The upside of Far East purchasing the whole site is that the ground plane and internal laneways can be redesigned to suit a village development rather than individual towers with services and vehicular access relocated away from what should be public realm.

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Mark Baljak's picture

11/10/2013

Amend Approved Master Plan to allow the development of four multi-level buildings as submitted to the Minister of Planning

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Chris Peska's picture

^^ 4 towers from 6? does this potentially mean taller?

Observe. Design. Build. Live.

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Nicholas Harrison's picture

Could just be stage 1

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Mark Baljak's picture

Revised 250 Spencer street master plan

Images and data © Cottee Parker

ground floor

mass of retail

level 1

setbacks

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Nicholas Harrison's picture

Essendon Airport PAN-OPS is approximately 290 AHD and they are proposing to go up to 310-315 AHD. Do they mention anything about this in the planning application?

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Laurence Dragomir's picture

I don't recall seeing any reference to it in the application but will have another look.

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Michael Berquez's picture

300m......and so it should be

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Fedsquared's picture

http://www.smh.com.au/business/property/site-of-former-age-building-to-h...

Site of former Age building to house Melbourne's tallest skyscraper

Melbourne's tallest skyscraper will rise from the rubble of the former Age headquarters at 250 Spencer Street as part of a redevelopment by the owners who just five months ago paid $75million for the prime city site.

Listed Hong Kong developer Far East Consortium is seeking to replace a 1.1 hectare block hugging the intersection of Spencer, Lonsdale and Little Lonsdale streets, with four towers, the tallest rising about 300 metres - or upwards of 93 levels.

At that height the proposed building would be three metres taller than the 92-level Eureka building in Southbank but about 50 metres shorter than Australia's tallest residential structure - Q1, on the Gold Coast.

Far East's 300-metre tower would also rise higher than the proposed Australia 108 building in Southbank. It is speculated that building will be approved with a reduced height limit of about 295metres (from 388 metres).

Another three towers rising between 210 and 240 metres (or about 65 to 75 levels) are earmarked for the balance of the site. The towers may be constructed above a podium with shops and offices.

The new proposal carries a speculated end value of more than $1billion. It would replace an $800 million masterplan formalised earlier this year between the site's previous owner, ISPT, and Planning Minister Matthew Guy. ISPT's proposal called for six towers between 39 and 63 levels.

Far East has in recent years been building a residential village, Upper West Side, across the road from the former Age offices, on the site of the former Lonsdale Street Power Station.

Upon completion, the $1billion UWS complex will include about 2600 flats in four towers. Architect Cottee Parker, which designed UWS, is working with Far East to redesign 250 Spencer Street.

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Ryan Seychell's picture

Don't know what happening here..should demolition have started by now?

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Fedsquared's picture
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Qantas743's picture

Did I read correctly that Melb City Council SUPPORTS the height of the towers?! Wow!

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Qantas743's picture

Did I read correctly that Melb City Council SUPPORTS the height of the towers?! Wow!

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Laurence Dragomir's picture

There's no height limit on the site (at least within the context of the Melbourne Planning Scheme) and the towers won't overshadow Southbank.

They cite the fact the revised scheme is an improvement on the approved Development Plan in terms of podiums, setbacks, basement parking, active frontages etc. so it pretty much ticks all their boxes.

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Qantas743's picture

Also no mention anywhere in the document of Essendon Airport/PANS-OPS.

I guess that's up to DTPLI to discuss with them.

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Andrew's picture

Good idea giving that laneway a second lane of traffic. A good sacrifice of ground for a larger benefit (and they'll still have car-parks underneath)

It seems like a solid plan.

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Ryan Seychell's picture

Some signs that demolition may have begun:

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Ryan Seychell's picture

Just confirming that Guilfoyle Wreckers have begun demolition on this one.

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Nicholas Harrison's picture

This site will take a while to get ready due to asbestos and site contamination issues.

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Michael Berquez's picture

Just the fact that they are getting ready for this project makes me so friggin excited.

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Ryan Seychell's picture

walked past yesterday, internal demolition well underway now

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