108 Storey Building Earmarked for Melbourne

Commercial real estate and residential real estate in Melbourne is set to receive a boost after confirmation that a 108-storey skyscraper has been earmarked for Southbank.

The Victorian government has given approval to the Australia 108 Tower, which will be 388 metres tall - nearly 100 metres higher than Melbourne's Eureka Tower - and place it in the record books as the world's 19th tallest building.

In addition to being used for retail and office space, the hotel will comprise a 288-room six-star hotel and over 600 apartments.

Planning minister Matthew Guy explained that this will be of great benefit to Melbourne and really add to the city's skyline.

He said: "I am proud to approve a tower that will define our city for many years to come and which I am sure will become as iconic a Melbourne landmark as Flinders Street Station or Federation Square.

"The Australia 108 mixed-use tower will be an icon both visually and for those who will live in it, stay at its hotel, dine at the level 84 Sky Lounge or visit the level 108 Star Bar."

Mr Guy added that the Australia 108 development is part of the state government's vision to provide high-density housing in defined areas, and keep such developments out of quiet neighbourhoods.