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Commercial real estate in Melbourne is set to see a boost after the state's planning minister approved a $190 million office building for the CBD.
Matthew Guy gave the green light to the 50-storey development, which includes a number of retail opportunities on the bottom floor.
Mr Guy explained that the developers of the project, Dale Rose Pty Ltd, have faith in the strength and stability of the Victorian economy. Employment opportunities will be available for around 2,000 people by the time the area is transformed.
He said: "The redevelopment site is located in an evolving area where planning policy encourages development that supports a vibrant and economically competitive central city while making efficient use of existing infrastructure.
"This proposal ticks all the boxes and sets a high benchmark for building design and performance, while increasing competition within the commercial market."
The planning minister said this development was crucial given that projects show by 2025, inner Melbourne and the CBD will need to accommodate an additional 30,000 people.
Mr Guy added that the Metropolitan Planning Strategy is a part of that approach, in a bid to work out what the city will need for the future.
