Melbourne’s CBD to receive $100 million apartment tower

Superfund-backed developer Cbus Property has been given the green light to build a high-class $100 million apartment tower on Melbourne’s Spring Street.

Designed by Bates Smart, the new luxury 34-storey development will replace the 164-suite Mercure Hotel and will comprise of three and four-bedroom apartments overlooking Treasury Gardens.

Cbus successfully sold out of their 35 Spring Street high-rise development with many of its larger apartments fetching above $2 million.

For chief executive Adrian Pozzo it is a matter of looking at what the market is asking for, Mr Pozzo described the buyers of 35 Spring Street as families with children who are home-makers rather than downsizers.

“We looked at it and looked at the market and said, “what is the market asking for?” Mr Pozzo said.

“You realise that the market is looking for residences. The concept that we are building apartments, no. We are building residences, we are building homes for people.”

The $300 million project will join Cbus Property’s $2 billion residential pipeline comprising six projects across Melbourne, Sydney and Brisbane.