Beulah’s Southbank by Beulah twin tower project will now be positioned on an island site with four street frontages, after the developer acquired neighbouring Hanover House last week.
The development, which will eclipse neighbouring Australia 108 to become Australia’s tallest tower, will now enjoy a total block size of 7,706 square metres and frontages on Southbank Boulevard, Waterfall Lane, Power Street and City Road.
Hanover House was sold with development approval for a 43-storey mixed use office and residential tower, but Beulah has shelved those plans, with a view to incorporate 1,284 square metre site into its landmark development.
The acquisition of the City Road site is a strategic move by Beulah, repositioning its village development to provide better access, with space between the two towers extended to 45 metres and almost doubling the commercial office offering to 50,000 square metres.
As a result, the public park planned for the site will also have its size increased to over 2,000 square metres, and the community auditorium’s capacity will increase to 3,000 seats.
The project, previously dubbed Green Spine, is one of Southbank’s most highly anticipated, with planning approval having been granted last year.
The latest acquisition is a strong signal the project will go ahead, pending further approval for an extension of the planned lifestyle retail podium, currently being prepared for submission by Cox Architects and Dutch UNStudio.
Construction is scheduled to begin in early 2022, with the tendering process expected to commence late this year, following final approval.
Multiplex, Hacer, Icon, Watpac and Probuild are expected to tender for the development.
Beulah has previously appointed Multiplex to construct its Paragon project, a $200 million apartment tower at 318 Queen Street which is nearing completion.
Multiplex is currently delivering a $500 million twin tower residential and hotel project on Exhibition Street, also designed by Cox Architects.
Hacer’s relationship with Beulah includes the Gardenhill residential complex in Doncaster, which was completed in 2016.
Hacer is also currently constructing Richmond Quarter, Grocon’s mixed-use retail and build-to-rent residential complex on Bridge Road.
Icon’s current pipeline of work includes Grocon’s first Home build-to-rent project in Victoria, also on City Road in Southbank.
The $133 million project, due for completion this year, features 406 apartments with amenities and ground floor retail facilities.
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