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50-storey tower to be built in Melbourne

A 50-storey apartment tower is set to be built near Queen Victoria Market in Melbourne.

A new 50-storey tower is set to be built close to Queen Victoria Market in Melbourne and is thought to be the first of many around the market.

The Age reported that the site of the new tower is close to land that was recently transferred to the Melbourne State Council as part of a $250 million redevelopment of the market.

Speaking about how the tower will tie in with the redevelopment of the market, architect Callum Fraser of the firm Elenberg Fraser said: "We can give you a couple of hundred public car [spaces] on site and combine that with big bike parking facilities and a gym and changing rooms and create that into a transport interchange for the area."

The popularity of the property market in Melbourne suggests that these apartments are likely to sell quickly. Over the course of 2013, the city's auction markets have achieved clearance rates of above 70 per cent on many weekends.

Posted by Craig Francis

- Melbourne, market, sales, auction

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