AND so all eyes turn to 50 Albert Road, in South Melbourne, after the decision this week by new planning minister Matthew Guy to reject a 29-level, 88-metre proposal across the road at #35, based on height.
Hamton Property Group is planning to build a 28-level, 89-metre tower on its site at 42 – 50 Albert Road, having marketed the project, Fifty Albert, since the middle of last year.
Both the Asia-based owner of 35 Albert Road, and Hamton, paid about $15.5 million for their respective South Melbourne sites last April.
Hamton’s site was purchased with a permit for a 220-dwelling apartment complex. However it shrunk the size of the units so that 294 flats could fit within the approved building’s shell.
The Victorian Civil and Administrative Tribunal approved that major amendment last August.
By comparison the owner of 35 Albert Road proposed 420 apartments within an 88 metre tower. Another tower of similar height is proposed at 60 Albert Road, too.