Southbank to welcome new 56-storey residential tower from Salvo

A major new residential development is coming to Southbank, with property developer Salvo set to build a 56-storey tower at 42 Moray St.

The project, expected to be completed by 2027, will replace the developer’s former headquarters, with demolition already under way to clear the existing two-storey office building.

Launched just a year ago, the development has been met with strong demand, with 93 per cent of its apartments already sold to a mix of owner-occupiers and investors.

Salvo’s managing partner, James Maitland, sees this milestone as a positive sign for Melbourne's apartment market, which has faced challenges in recent years.

“At a time when far fewer apartments are being built, we’re delighted to move ahead with this stunning addition to the city’s skyline,” Mr Maitland said.

Melbourne desperately needs accelerated supply of well-designed homes with outstanding amenity in prime locations where people want to live, work and play. As a trusted developer that’s built 4000 apartments, we’re delivering on that.

The $220 million development will feature more than 300 apartments, ranging from one to three-bedroom layouts, as well as two double-storey penthouses.

Designed by Rothelowman architects and with interiors by David Hicks, the tower will rise to 180 metres and include six levels of office space, 400 square metres of co-working areas, and two floors dedicated to luxury amenities.

Among the features will be a hotel-style lobby, a café and bar on the ground floor, a luxury day spa, a yoga studio, pool, gym, private dining rooms, residents' lounges, and outdoor BBQ areas.

The development comes at a time when Melbourne is facing a significant backlog of apartment approvals, with nearly 20,000 apartments in the city having been approved but yet to break ground.

“Given worsening affordability and cost of living issues, it’s crucial to progress large-scale projects that deliver quality, affordable apartments which are an important mix in the housing puzzle,” Mr Maitland said.

“Southbank continues to evolve as a vibrant locale at the cultural and entertainment centre of Melbourne. Moray House is set to further enhance the urban fabric of this precinct, where residents will be able to enjoy a blend of convenience, culture, and community.”