River residential plans submitted

Plans for a $400 million residential precinct on the former Melbourne Convention and Exhibition Centre site were last month submitted to the state planning department.

A joint venture between Eureka Funds Management and Clement Lee, the proposal would see some 1100 apartments constructed across four residential buildings at the corner of Flinders and Spencer streets.

The two companies have been partners in the site since acquiring it from the State Government in 2010.

According to Asset1 WTC (a Clement Lee business) chief operating officer Gavin Boyd, the towers will range in height from 24 to 34 storeys.

He said the shorter of the towers would be situated closer to the river, while the taller towers would be closer to Flinders St, avoiding overshadowing of the southern bank of the river.  

Mr Boyd said the plan to convert the site to a residential permit was driven by a stronger “appetite” in the current market for residential buildings over commercial.

According to Mr Boyd, demolition work to remove the former convention and exhibition centre was currently underway.

He said there was no date confirmed for commencement of construction.