New 56-storey tower set to add to the Southbank skyline

Construction of a $220 million mixed-use tower in Southbank is set to begin later this year.

The 56-storey residential tower at 42 Moray St by renowned Southbank developer Salvo will comprise 305 apartments, mainly two and three bedrooms, as well as two double-storey penthouse suites across the top two levels.

The development, called Moray House, will also feature eight levels of office space, co-working facilities and two floors of residential amenity, as well as “resort-grade facilities” including a spa, yoga and steam rooms, pool, gym, and massage suite accessed by a spiral staircase.

Designed by architects Rothelowman and interior designer David Hicks, other features include a hotel-style reception, concierge, ground floor café and bar, private dining rooms, outdoor barbecue areas, residents’ lounges, and additional storage spaces. 

Co-working spaces include 40 hot desks, meeting rooms and collaboration zones, video conferencing, printing, and other services.

Standing 180 metres above street level, the tower’s residences will have views of the city skyline, Albert Park Lake, and Port Phillip Bay.

Demolition of the existing building at the site, located between City Rd and the West Gate Freeway, has been earmarked to start soon.

The development is expected to be completed in late 2026.

Salvo said the tower would deliver a “bold architectural statement with a glistening façade and beautifully curated homes, built for how people live today”.

“More than 240 apartments have already been snapped up by a range of buyers including local first home buyers, parents purchasing apartments for their children, professionals seeking a city base, families moving back to inner Melbourne post COVID and investors,” it said.

Salvo managing partner James Maitland said the project’s design was centred around wellness, connectivity, work life balance, and practical luxuries.

“The pandemic accelerated a shift in the way people live and awareness of the critical role that internal and external environments play in our physical and mental health and wellbeing,” he said.

Traditional apartment living has evolved to vertical communities and urban placemaking where residents can make new social connections in various communal indoor and outdoor spaces. They also expect resort-style amenities and connectivity with their local environment.

According to Salvo, industry data showed 16,000 dwellings were required in the City of Melbourne alone over the next three years to meet demand.

It also referenced data from Charter Keck Cramer that showed only 2600 new apartments were launched in Melbourne in 2023, the lowest in a decade.

“We’re keen to see the right investment and planning settings that provide confidence for both developers and buyers regarding delivery of key infrastructure in urban renewal projects to enable multi-unit developments to do the heaving lifting to boost housing supply,” Mr Maitland said.

“On the demand side, revisiting off-the-plan stamp duty exemptions and reducing taxes on foreign investors would go some way to speed up the much-needed delivery of housing and easing the rental crisis.” 

The project’s two-bedroom apartments from range from $639,000 to $765,00 and three-bedroom apartments from $1,075,000. •