Superfund-backed developer Cbus Property has been given the green light to build a high-class $100 million apartment tower on Melbourne's Spring Street.
Designed by Bates Smart, the new luxury 34-storey development will replace the 164-suite Mercure Hotel and will comprise of three and four-bedroom apartments overlooking Treasury Gardens.
Cbus successfully sold out of their 35 Spring Street high-rise development with many of its larger apartments fetching above $2 million.
For chief executive Adrian Pozzo it is a matter of looking at what the market is asking for, Mr Pozzo described the buyers of 35 Spring Street as families with children who are home-makers rather than downsizers.
"We looked at it and looked at the market and said, "what is the market asking for?" Mr Pozzo said.
The $300 million project will join Cbus Property's $2 billion residential pipeline comprising six projects across Melbourne, Sydney and Brisbane.