Beulah buys Southbank’s first ‘high-rise’ for sky-rise

Southbank by Beulah will contain Australia’s tallest tower – rising 102 levels or 365.1m.

EXCLUSIVE

Beulah has purchased Hanover House, the seven storey office which was between 1973-1990 Southbank’s tallest.

A 43 level proposal at 158 City Road is now shelved.

In a twist, the developer intends to incorporate the 1284 square metre site – 158-164 City Road – into its neighbouring landmark Southbank by Beulah village, which was permitted last April (and at the time known as The Green Spine).

One of the two approved towers would be Australia’s highest – rising 365.1 metres or 102 levels.

Beulah paid $101.09m in 2017 for the 58 Southbank Boulevard parcel making way for its proposal.

With the acquisition of Hanover House for a speculated c$45m, its holding becomes an island and spreads 7706 sqm.

The developer has subsequently announced design changes.

Design changes

The Hanover House site, at the north east corner of Power St, was until recently permitted for a 43 floor building with offices and 449 apartments.

That c$250m plan is now shelved, Beulah said.

Instead the developer will utilise that land by:

  • Separating the two towers by a wider gap (to 45m);
  • Nearly doubling the amount of office area to 50,000 sqm. This component will also now offer super-sized c2000 sqm floor plates;
  • Increasing the seating capacity of a community auditorium to 3000;
  • Upping the surface of a (level seven) park to c2000 sqm;
  • Extending a lifestyle retail podium by an as-yet-unknown amount. This part was to have been about 32,261 sqm and include a supermarket and 100-place childcare centre.

The second major Southbank by Beulah building will rise 250m or 59 floors (story continues below).

Hanover House was Southbank’s tallest office when it was constructed in 1973. Source: Google Street View.

The proposal also includes a 322-suite hotel.

Proposal will lower local density

Beulah has appointed Cox Architecture and Amsterdam’s UNStudio to amend the planning application.

The developer will be able to argue there is a public benefit to its revised proposal – specifically, the elimination of the 43 storey building will decrease the density of the island site, bound by City Rd, Power St, Southbank Blvd and Waterfall Lane.

The design changes will also offer a better CBD and Port Phillip Bay view for hotel guests and office occupiers, the owner said.

A new laneway is earmarked as part of Southbank by Beulah, too.

Hanover House previously traded in 2013 as a permit-ready building block, collecting $22.5m from a Chinese investor.

Local developer Sam Alter was that vendor.

The near new Australia 108 building- across the road – is presently the country’s tallest tower, rising 319m (or 100 levels) including tip.

Previously, this title was held by the 15 year old Eureka, also in the vicinity, which soars 297m (91 floors).

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco