Indi Southbank opens at Boyd Community Hub

A long-awaited new addition to Southbank’s skyline – and to its community heart – has officially opened, with Oxford Properties Group and Investa unveiling Indi Southbank, their first Build-to-Rent (BTR) development in Melbourne, at the Boyd Community Hub precinct.

Located at 132 Kavanagh St, the 42-storey tower forms part of the broader Boyd Village redevelopment, a landmark project that brings together new housing, public amenities, green space and expanded community facilities in one of Melbourne’s most densely populated suburbs.

The ribbon-cutting ceremony on October 13 was attended by Federal Member for Macnamara Josh Burns, Lord Mayor Nick Reece, and representatives from PDG Corporation, Investa, Oxford, and builder Hamilton Marino.

The $500 million project delivers 434 apartments, accommodating about 800 residents, with 10 per cent of dwellings set aside as affordable rentals for key workers. It also marks another milestone in Melbourne’s emergence as the nation’s leading build-to-rent city, following similar projects in the Queen Victoria Market precinct and Docklands.

The City of Melbourne will take ownership of a 900-square-metre new Southbank Library, which will occupy the upper ground and first floors of the tower and is expected to open in mid-2026. The new facility will more than double the existing library’s size, while the heritage Boyd building will be reconfigured to host a greater range of community programs and family services.

Lord Mayor Nick Reece said the project exemplified how private investment could deliver public benefit through well-planned partnerships.

“Southbank is our most densely populated suburb, and we need more homes and better public spaces,” he said. 

For Investa CEO Peter Menegazzo, the project represents a step forward for renters seeking lifestyle and stability in a competitive market.

“Residents aren’t just looking for a place to live – they’re seeking a lifestyle. Indi delivers that with premium apartments, hotel-style amenities, and dedicated on-site resident services,” he said.

The building’s amenities span three levels, featuring a pool, gym, yoga deck, sauna, co-working spaces, dog wash, private dining rooms and a rooftop sky lounge with panoramic city views.

Oxford Properties Head of Australia Alec Harper said the project reflected global best practice in urban renewal.

“Indi Southbank delivers high-quality rental housing at scale, close to where people work, learn and play – aligning with Oxford’s mission to invest in vibrant, connected neighbourhoods,” he said.

While the tower’s approval in 2021 was not without controversy – following community objections over the loss of open space – its completion now marks a turning point for the Boyd precinct, once the site of the former J.H. Boyd Girls’ School.