Construction of new Southbank Apartment Building to Start

The 40-level ‘Bank Apartments’ at 283 City Road will include 360 units, of which 250 sold off the plan last year. An existing building, used as a bank more than a century ago, will be retained, as part of the development.
 
Mr Salvo said Bank Apartments will be Victoria’s first 6-star energy efficient residential tower.
 
Last year, his development company First Delta Group paid $10.5 million for Crazy John’s outgoing Southbank headquarters at 245 – 267 City Road nearby. That site is also earmarked for residential redevelopment, after the telecommunication company relocates next year.
 
Crazy John founder John Ilhan had earlier proposed to build a 34-level apartment building in the shape of a mobile phone on his site, but an application was never lodged with council.

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Marc Pallisco

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

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