Fragrance Group announced recently that they have received approval for a $350 million residential and hotel complex in downtown Melbourne, comprising 660 units and 160 hotel rooms. Thomson Geer’s Property team has been appointed by Fragrance Group for all conveyancing services for the development.
Approval for the ‘Premier Tower’ development was given only after the Victorian Planning Minister Richard Wynne cut the height from 294 metres to 226 metres, to make it comply with aviation rules and to prevent it overshadowing the Yarra River.
Interestingly, the Minister has given a green light to the development’s apartment sizes, with the smallest measuring just 41 square metres, well below the 50 square metres standard in NSW and the same guideline initially proposed in Victoria.
The development will be set on one the city’s busiest and best-known sites, the old Savoy Tavern on Bourke Street, opposite Southern Cross station. The site sat derelict for almost 20 years until its former owner, businessman Mark Rowsthorn, restored the single-storey 1970s-era brown brick-veneer building to its former use as a pub in March last year.