Melbourne’s Skyline to Welcome Moray House: a New 56-Storey Residential Tower by Salvo

Moray House by Salvo Melbourne
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Melbourne-based property developer Salvo is advancing its $3 billion development pipeline, with demolition set to begin on a prime Southbank site for the 56-storey residential project, Moray House.

The $220 million venture has already secured $150 million in pre-sales, with over 230 apartments sold. This development reflects strong market demand and will enhance housing availability amidst stalled projects and challenging market conditions.

Salvo acquired the 1,200m² site at 42 Moray Street in 2017 for $16 million. Designed by architects Rothelowman and interior designer David Hicks, Moray House will rise 180 meters and feature three podiums: the first 10 levels will include hotel-grade reception, a ground-floor café and bar, plus eight floors of commercial office space. Additionally, it will offer two floors of wellness and relaxation facilities, including a luxury day spa, yoga room, pool, gym, private dining rooms, residents’ lounges, and outdoor terraces.

Level 8 will house state-of-the-art co-working facilities, featuring 40 hot desks, meeting rooms, video conferencing, and collaboration zones. The mid and upper-level podiums will consist of 305 apartments with one, two, and three-bedroom configurations, plus two double-storey penthouse suites on the top floors.

This project marks Salvo’s first major post-pandemic development. According to Managing Partner James Maitland, the pandemic has reshaped their approach to designing and constructing high-density projects.

“With this project we went back to the drawing board to reconsider what apartment living really looks like and means for residents today while being feasible from a development perspective.

“Moray House characterises the shift to vertical communities where residents expect resort-style amenities that contribute to their health and wellbeing, as well as internal and external communal spaces to entertain and connect with fellow residents.

“We’re focused on delivering a project that elevates the standards of urban living, capitalises on the uninterrupted views of the CBD and the bay and continues to enhance the Southbank precinct.”

He added that the development will help address Melbourne’s urgent need for new apartments, with over 16,000 dwellings required in the city over the next three years.

^Architectural Render of a Moray House Bedroom with Views Over Melbourne (Image: Salvo)
^Architectural Render of a Moray House Bedroom with Views Over Melbourne (Image: Salvo)

Data from Charter Keck Cramer shows only 2,600 new apartments were launched in Melbourne in 2023, the lowest in a decade. Additionally, ABS data indicates a 17-year low in apartment approvals in Victoria.

“There is limited developable land left in Southbank and the CBD fringe,” Maitland said. “Coupled with changes to planning controls, apartment supply is likely to be constrained for the foreseeable future.

“We’re keen to see the right investment and planning settings that provide certainty and 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.

“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.”

Moray House is part of Salvo’s broader $3 billion pipeline, which includes a $1 billion four-tower mixed-use project at Fisherman’s Bend and a $1.2 billion mixed-use urban renewal project at the historic Pentridge precinct in Coburg. Salvo also has $1 billion in non-apartment projects, including a 62-hectare parcel in Mt Cottrell and various industrial and mixed-use sites in Victoria and NSW.

Over the past decade, Salvo has established a significant presence in the Southbank precinct, delivering six high-density residential projects comprising nearly 2,000 apartments and commercial spaces worth $1 billion.

Note: The information presented in this article is for general informational purposes only and should not be relied upon as legal, financial, or professional advice. While we make every effort to fact-check and verify the information presented, we cannot guarantee its accuracy or completeness. Readers are encouraged to independently verify any information they find on our website and to consult with relevant professionals before making any decisions based on the information presented. The Australian Development Review does not own the rights to the information included within this article, and furthermore, there is no infringement intended from the included text and images within.

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