Melbourne’s skyline continues to soar

By Emma Doherty

Two more skyscrapers are set to soar above the CBD skyline, despite new planning regulations being put in place in 2015. 

The properties located at 640 Bourke St and 140 King St, are owned by Chinese developers, Besgate, and received permits during the tenure of former planning minister Matthew Guy.

Along with another site in Carlton, the properties are back on the market and are expected to realise more than $120 million.

According to commercial real estate agent, CBRE, Besgate’s decision to sell comes in response to the city’s growing population.

CBRE’s national director of investments, Mark Wizel, said: “With Sydney’s cost of living so much higher, we are even seeing positive interstate migration on top of overseas migration, student arrivals and natural population growth.”

With the City of Melbourne’s current population estimated to be at 151,176 residents and expected to grow by 43.26 per cent to 266,455 by 2037, Mr Wizel believes that it “reflects the very strong level of confidence that key players have in Melbourne’s growth” and that Besgate’s decision to sell is “seen as a very clever strategy”.

The three properties combined will boast permits for residential development of more than 1200 residential spaces across four buildings.

The property located at 640 Bourke St has been approved for a twin tower project that will comprise 816 residential apartments, three retail spaces, four office suites and a child care facility over 71 storeys and with a plot ratio of 30 to one.

The property located at 140 King St has been approved for a project that will comprise 260 residential apartments and a ground floor retail space over 57 storeys. It will have a plot ratio of 31 to one.

However, despite its potential to aide Melbourne’s increasing population, the towers boast high plot ratios, which would not have been approved under the current planning regulations.

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