Vision, the tallest approved residential building in Melbourne CBD, begins marketing

Friday, 02 November 2012

Developer Brady Group is currently marketing its proposed 226-metre tower at 500 Elizabeth Street, near Queen Victoria Market.

The proposed 72-level tower is the tallest approved residential building in Melbourne, having gained approval for its current design in April this year.

Marketing for the 524-apartment complex is in full swing, with advertisements being placed online and at the site. Marketing officially began in August.

The $300 million tower is named Vision and will contain a mix of one, two- and three-bedroom apartments and penthouses.

Prices for apartments range from $381,000 to $3 million.

The tower is four metres taller than another proposed high-rise tower in Queen Street that is also being promoted as the city's tallest tower. That tower, Tower Melbourne, caused controversy last month when developer CEL Australia began selling apartments before it gained approval, a move that Melbourne lord mayor Robert Doyle labelled cheeky and arrogant.

If approval for the building is granted, construction will begin next year.

 Brady Group managing director Tony Brady says he is baffled that the Tower Melbourne development is being sold off the plan as the tallest and without planning approval.

“Vision Apartments has a planning permit and the required setback provides both safety and adds to the visual aesthetics of the building.  Now we are focused on marketing what will become a uniquely located development in the most vibrant and exciting part of the CBD opposite the Queen Victoria Market," Brady says.

The Brady Group bought the site in 2008 for $11.8 million in a hotly contested auction which sold for well above its reserve price.

The building is the former Stork Hotel and Backpacker Auto Sales.

The current estimated completion date for the building is mid-2016.

A spokesperson for the company says some apartments have sold already. He says marketing for the project has been predominantly in Australia, but it is also marketed in Asia.

The site is on the corner of Therry and Elizabeth streets.

"This is a landmark site in the history of Brady," Brady sales manager Gareth Lee says.

The area is attracting more and more development, as developers eschew Southbank and Docklands in favour of North Melbourne.

Lee says developers have been attracted to the area, close to Melbourne University and RMIT, the Royal Melbourne Hospital, the Royal Women's Hospital and the Royal Children's Hospital, because it is still in the CBD but "not in the thick of it".

"There's quite a few different styles of apartment buildings being proposed, and many are student-focused," Lee says.

"Vision is very much tailored toward a lifestyle aspect. There's a lot of penthouses and three-bedroom apartments and only a small number of one-bedroom apartments."

For comparison, the tallest mixed-use building in Melbourne, the Eureka Tower, is 297 metres.