Developments building steadily

While development in Southbank continues to be in the news, only one building was completed in the 2013/14 financial year.

The City of Melbourne’s (CoM) Development Activity Monitor (DAM) was released in July and compiled all developments, constructed or approved within Southbank.

The Guilfoyle was completed in July last year while the stats, valid up until May, show Central Equity’s Epic as the only building due for completion this year (it has now opened).

Down the track, 2013/14 may be viewed as the calm before the storm. The DAM showed there were 46 developments currently approved and either under construction or to begin construction in the next five years, including the new design for Australia 108 and 84-90 Queensbridge St, as reported on page 1.

The DAM report shows there are currently six developments under construction. Prima Pearl is the closest to completion, due to be finished in January 2015.

Councillor Stephen Mayne said the research gave a good glimpse into the future of the city.

“We don’t know how long this increase of supply will be sustained, or how many of the proposed developments will proceed. What this research does is show us what Melbourne could look like in the next decade,” Cr Mayne said.

The DAM is updated every six month and can be found on the council’s website www.melbourne.vic.gov.au