Melbourne to receive world's 19th tallest building
Property investors may want to take note of a landmark real estate development in the heart of Melbourne's CBD - a 388 metre skyscraper.
Australia 108 tower, to be located at Southbank Boulevard in Southbank, will become the world's 19th tallest building and stand 91 metres taller than Melbourne's Eureka Tower.
Announcing the commercial and residential property development's approval yesterday (March 18), planning minister Matthew Guy said the new structure will transform the city's skyline.
"This tower signifies the best of Victorian architecture and a drive for enterprise and ingenuity that exists nowhere else in Australia," Mr Guy commented.
"I am proud to approve a tower that will define our city for many years to come and which I am sure will become as iconic a Melbourne landmark as Flinders Street Station or Federation Square."
The tower, which represents a $600 million investment in Victoria's economy, will feature 646 apartments and a 288 room hotel, as well as commercial office property space.
Mr Guy said the development supports the Victorian government's commitment to deliver more high-density developments in defined areas instead of new projects in quiet neighbourhoods.