Planning Minister Approves $800 Million-Plus Redevelopment of Ex-Age Site, Melbourne

Written by Marc Pallisco   
Wednesday, 30 January 2013 00:00

IT USED to be considered the dankest end of the Melbourne CBD - but now two former industrial sites opposite the Southern Cross train station are to make way for some ten swank skyscrapers accommodating some 5500 apartments.

Yesterday Victorian planning minister Matthew Guy approved an $800 million redevelopment of the former Age newspaper site at 250 Spencer Street.

The proposal – seen in ISPT’s 2012 annual report – seeks to add six skyscrapers and 2994 flats to the block which for years housed The Age newspaper.

Another 2500 flats are set to be developed at the Upper West Side project next door to the ex-Age site, on the former Lonsdale Street Power Station.

ISPT with joint venture partner Axiom paid Fairfax almost $67 million for 250 Spencer Street about six years ago. The site is identified by a mission brown brick building, disused printing presses, and open-air car parks. The Age now rents part of a new Collins Street office not far away zoned – just – as Docklands.

The tallest of the proposed new towers mooted for The Age block will rise 63 levels (or 220 metres) and be just 20 metres shorter than the landmark Rialto building at 525 Collins Street nearby.

Other towers will rise between 140 – 200 metres. The project is expected to take about ten years to complete.