Five new towers approved for Melbourne central business district

26 February 2014 (Last Updated February 26th, 2014 18:30)

The Victorian Coalition Government in Australia, has approved five major new high-density housing developments in the Melbourne central business district (CBD).

The Victorian Coalition Government in Australia, has approved five major new high-density housing developments in the Melbourne central business district (CBD).

The projects are worth over $500m and will create about 2,000 new apartments.

The tallest of the towers will be constructed at A'Beckett Street and will house 632 apartments. The 196m-high, 63-storey A'Beckett Street building is expected to cost $164m.

The 181m-high Collins Street tower will house 185 apartments over 55 storeys and will cost about $100m.

The tower at Elizabeth Street will be 178m-high and hold 466 apartments over 55 storeys, at a cost of $135m.

Spencer Street's 38-storey tower will be 131m-high with 438 apartments for $70m, and the 61m-high 18-storey Dockland Drive building will house 360 apartments and cost $88m.

The government said that it was the largest number of residential permits to be approved in one day.

Victoria planning minister Matthew Guy said the approvals reflect the new Plan Melbourne policy in action with the delivery of an expanded CBD.

"Demand in Melbourne's high-rise, high-density market is strong, with recent surveys showing Melbourne now having more apartments being sold than Surfers Paradise," Guy said.

"More than 2,000 new apartments, $557m in new construction work and up to 4,000 new construction jobs will all result from this announcement."