Macquarie and Lustig & Moar Team For New Southbank Apartment Building

Sources say the consortium is proposing a 37-level tower at the 42 – 48 Balston Street site – a thin, triangle shaped block of land that hugs part of the Kingsway offramp, at the busy West Gate Freeway intersection.
 
The new development could include more than 300 apartments, sources say, and be built over about eight levels of car parks, offering views not of the freeway below, but of the skyline ahead.
 
The consortium is believed to have paid about $7.5 million for the approximate 1,453 square metre site, in an off market deal negotiated in late 2007. The site is currently an open air car park.
 
A Melbourne City Council spokeswoman confirmed the development consortium has made amendments to a 2002 proposal, which was for a 34-level apartment building.
 
A spokesman for the consortium declined to comment when contacted by Capital Gain.
 
Macquarie and Lustig & Moar recently teamed to develop the Lucient apartment tower, at 430 St Kilda Road. Construction of that building ended last year.

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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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