New hotel and apartment tower coming to Melbourne’s Southbank

The Clarke St address was the first purchase by Chinese developer Newcity Development Group outside of the mainland. It was initially approved as a 69-storey residential tower but was redesigned to better align with the changing demands of the market.

Initially approved for 565 apartments, the new approvals will see this plan replaced with a 199-room hotel and an estimated 420 apartments.

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The design also accommodates a ground-floor restaurant and bar, two swimming pools, a gym and yoga studio, as well as a rooftop observatory and sky garden with views of the CBD, Port Phillip Bay and the Botanic Gardens.

The Southbank area is currently undergoing a rejuvenation after the state government committed $208 million over two years to the transformation of the Melbourne Arts Precinct.

Young professionals aged between 25 and 40 are the key demographics for the project’s residential offering.

To tap into this market, four levels will be dedicated to co-working space, including conference rooms and hot-desk areas, to allow greater flexibility for tenants and guests.

This article originally appeared on www.theaustralian.com.au/property.