Queens Rd tower approved as ALTA pushes adaptive re-use project by Albert Park Lake

A new residential tower has been approved for Queens Rd, with Melbourne developer ALTA Property securing a planning permit for a $200 million adaptive re-use project at 10 Queens Rd.

The approved development will transform a former commercial tower into a 17-storey apartment building delivering 169 new homes on one of the last developable sites along the Albert Park Lake boulevard.

For a stretch of road long defined by older office stock and a mix of apartment towers and hotels, the project is another sign of the continuing shift in Queens Rd’s built form towards higher-end residential living.

Designed by Fraser and Partners, the project will retain the existing building’s façade, shell and internal structure, while adding a new Albert Park-facing residential component to create what ALTA describes as a sustainability-led and design-focused outcome.

The approved mix includes one-, two- and three-bedroom apartments, along with a suite of shared resident amenities at ground level. These will include private dining spaces, a lounge bar, gym and wellness areas, co-working spaces, outdoor communal gardens and retail.

At the top end of the building, two penthouses of more than 320 sqm each will sit above the tower with private rooftop terraces and are expected to be priced between $9 million and $11 million.

Architecturally, the design aims to work with the existing structure rather than erase it. The building will feature a curved geometric façade and a palette of warm, muted tones intended to complement the original commercial tower.

Fraser and Partners director Callum Fraser said the existing building had provided a strong framework for a new landmark outcome.

“The design approach to 10 Queens Rd is defined by the existing building’s inherent logic, structural clarity, and adaptable framework,” he said.

“The existing building’s disciplined rectangular floor plate, centric core, and evenly spaced columns create an ideal foundation for elevating the design.”

Inside, ALTA said the residences would combine three-metre ceilings, exposed waffle concrete in some areas, natural timber, granite and Australian materials to create “crafted, generous and considered spaces”.

A major selling point of the scheme is its sustainability profile. By retaining and adapting the existing structure rather than demolishing and rebuilding from scratch, the project is expected to deliver a 62 per cent saving in carbon emissions.

ALTA Property founder Nigel Givoni said the project reflected the company’s confidence in Melbourne’s apartment market.

“Queens Rd represents a rare opportunity to continue to shape our presence in the Melbourne market,” he said.

“This project is a highly considered example of adaptive re-use, delivering quality, high-end residences, premium hotel-inspired amenities and an architecturally striking façade, all achieved without the need to remove the existing structure.”

Givoni said Melbourne remained undervalued compared with other Australian markets, despite strong fundamentals and signs that construction costs were beginning to stabilise.