Esso House redevelopment gets final tick of approval

Esso House on Riverside Quay in Southbank is set to be demolished by Christmas and has received the final green ticks from the City of Melbourne and the Department of Transport and Planning (DTP). 

The former ExxonMobil building was sold to Nice Future International Investments for $160 million in 2016, which has since proposed to build a 30-storey commercial building along with publicly accessible green space. 

Demolition of the building began midway through 2024 and is on track to be completed by the end of December, according to the site’s property manager Bryce Hill Buxton. 

At the December 3 Future Melbourne Committee meeting, the City of Melbourne unanimously endorsed a motion that noted that the plans complied with an approved Incorporated Document.

Final approval of the plans has since been given by the DTP and it is understood that a clear timeline for construction has been awaiting this decision. 

The report from the council’s planning team noted that the plans were subject to a review by the Melbourne Design Review Panel and refinements had been made to the plans in response to the advice.

The council added in its report that the proposal would “make a highly positive contribution to Southbank’s skyline and future public realm along Southbank Promenade. 

The Chinese-backed developer Nice Future International Investments estimates that there will be more than $144 million in public benefits and 4000 construction jobs created during the course of the project.

As a part of the development, the City of Melbourne has been granted an area of 1000 square metres that is planned to be transformed into public green space and is valued at $25 million. 

At the time it was announced, the Lord Mayor, Nick Reece, described the proposed park as a wonderful addition to the city that will greatly benefit Southbank. 

With the demolition of Esso House nearly finished, residents are pleased that progress is finally being made on the site and are looking forward to seeing what Nice Future International Investments will bring to the precinct. 

Southbank Residents' Association president Tony Penna said that the development of the site was long overdue, with Esso House being one of the first office towers to be built at Southbank. 

ASIC records reveal that casino mogul Keong Kuong Loi is a shareholder and director of Nice Future International Investments. 

Mr Loi owns the Rio Casino in Macau and has been increasing his investment in Australia during the past decade, purchasing the Soul Boardwalk retail and dining centre on the Gold Coast for $90 million in 2018. •