Australian property and infrastructure firm Lendlease has submitted a planning application for its newest waterfront luxury residential project for Victoria Harbour, Melbourne.

Victoria Harbour is the developer’s largest urban regeneration project in Victoria.

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Termed as ‘No.1 Collins Wharf’, the 28-storey tower is expected to transform the area into a residential neighbourhood, comprising ten Collins Street Terraces and 311 apartments.

Architectural firm Bates Smart has designed the project, which is said to be of "depth and layering".

"Our residential population will triple over the next three years as we create a truly diverse, sustainable urban community."

The transparent north and south elevations of the structure is aimed to maximise the double waterfront views.

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The east-west elevations, on the other hand, have been designed to frame Collins and Bourke Streets to the east.

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Bates Smart director Kristen Whittle said: "This highly sculptured tower is fortunate to be surrounded by water; a situation completely unique within Melbourne.

"It heralds the beginning of a new precinct in our city set to redefine waterfront living in Australia."

Lendlease Urban Regeneration division managing director Jonathan Emery said: "No.1 Collins Wharf will take advantage of Victoria Harbour’s existing community assets, including Library at The Dock, more than 80 retail stores and adjacency to free public transport, while featuring one of Melbourne’s most unique addresses.

"It gives Melburnians the chance to live in homes with panoramic water views, right on the doorstep of Melbourne’s bustling CBD.

"Over the coming months we will welcome around 500 new residents to the precinct as people move into the Concavo building, and over the next two years we’ll deliver a further 1,600 homes across the 883, 888 and 889 Collins Street projects.

"Our residential population will triple over the next three years as we create a truly diverse, sustainable urban community."