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Take it to the Bank: South Melbourne's latest tower on show

It endured as a paper design for years, but now a new scheme is on show for 41-49 Bank Street, South Melbourne.

Initial overtones of development for the site landed with Port Phillip during 2009, but amounted to nothing even though the project was marketed at one stage as Aero Apartments. Enter Virgate Property (Bank Street) Pty Ltd who are driving the current bid to transform the plot into a substantial residential tower.

Moved on during 2016, 41-49 Bank Street's sale at the hand of CBRE City Sales was reportedly to Chinese developer Guangdong Carrington Real Estate Group, with the previous permit for a 16-level tower of 180 apartments in tow.

Their local development arm, Virgate Property Group, is now pushing for a tower of 19 levels and 174 apartments.

41-49 Bank Street application summary

Bank Street perspective. Planning image: Bruce Henderson Architects
  • 1,441sqm holding with in excess of 60 metres of frontage
  • Currently a tri-level commercial building
  • Proposed 19 level tower at 59.7m
  • 174 apartments: 37 x 1BR, 11 x 1BR+S, 126 x 2BR
  • Apartment sizes: 46-82sqm
  • Common areas on Levels 5 and 6
  • Basement and above ground provisions for 124 vehicles & 58 bicycles
  • 2 retail premises of 106sqm and 55sqm

Planning & Property Partners are guiding the Bruce Henderson Architects-designed tower through the planning process.

The tower itself features strong vertical elements by way of white metal slats set over silver, grey and dark grey glass. The main north elevation of the proposed tower is dominated by the slats, save for a few sections of unobscured glazing, including an architectural feature within the podium which houses the development's gym. 

Having taken on a modest apartment project in Mont Albert, 41-49 Bank Street represents Virgate Property Group's first Melbourne highrise, although it's certainly not the area's first. Wedged between Dorcas Street and Park Street, 41-49 Bank Street is in the middle of a mushrooming precinct that spreads across Southbank and South Melbourne.

41-49 Bank Street is surrounded by a very healthy number of residential towers (from planning to construction) with 14 listed within the Urban Melbourne Project Database in the immediately surrounding blocks.

Views from the site. Image: CBRE City Sales

41-49 Bank Street development team

  • Developer: Virgatee Property Group
  • Application Plans: Bruce Henderson Architects
  • Planning: Planning & Property Partners
  • Sustainable Management Plan: ADP Consulting
  • Daylight Assessment Report: ADP Consulting
  • Waste Management Plan: One Mile Grid
  • Transport Impact Assessment: One Mile Grid

1 comment

3000's picture

Sensible outcome.

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