Property developer Time & Place has acquired a 940sqm landholding in Southbank for about $29 million.
The island site at 84-90 Queensbridge Street, which sits within the Crown precinct, was purchased in an off-market transaction direct with the vendor, New Sky Group.
Time & Place is working closely with Callum Fraser to completely redesign the development within the substantial height envelope of the previously approved planning permit.
The redesign provides an opportunity for Time & Place to apply its new vision for high density residential living, in a format that responds to dynamic lifestyles, security, comfort and investment needs, as well as addressing challenges presented by COVID-19.
The developer intends on pushing the envelope when it comes to design of the project, with a focus on sustainability and a view to activating surrounding public space.
Southbank more widely is set to undergo a regeneration as part of the City of Melbourne’s $38m City Road Masterplan project.
This property forms part of a strategic acquisition phase for Time & Place.
It follows the developer’s June acquisition of 173 Burke Road, Glen Iris, in partnership with Woolworths.
“Southbank has become renowned for glass towers, this won’t be another one of those. We’re looking to deliver something edgy, with a New York feel, and activate a space that the public will want to engage with.”
“We’re pulling together a team of market leaders who share our values to create a project with a strong legacy that will have a lasting impact on Southbank and help its transition into one of Australia’s most livable suburbs,” Time & Place director, Tim Price said.
Other Melbourne projects by the developer include Victoria Place, located at 200 Victoria Parade.
Time & Place launched the $280 million commercial development, designed by FJMT, in 2018.
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