INTERNATIONAL: Brookfield to Develop Apartment Tower in Melbourne

By Adriana Pop, Associate Editor

ICD Property has tapped Brookfield Multiplex for the construction of its landmark apartment high-rise in Melbourne’s CBD.

Located at 127-141 A ’Beckett Street, the upcoming 63-story Eq. Tower completely sold out in November last year, after less than eight months on the market. Most of the residences, which generated a strong interest from both local and international buyers, were purchased in a matter of weeks, well ahead of expectations.

Designed by architects Elenberg Fraser, the new building will bring a mix of 633 one-, two- and three- bedroom apartments, along with a variety of amenities, including an 82-foot long outdoor swimming pool, a BBQ area, an indoor fitness center, sauna and spa facilities, private dining rooms, karaoke suites, cinema, games room and lounges. Furthermore, the ground floor will offer retail space and walk-through laneways.

According to Matthew Khoo, ICD Property’s director of finance and development manager, Eq. Tower is valued at approximately $257 million (AUD $335 million). The company’s joint venture partner in the project is Sino-Ocean Land.

“Eq. Tower is a complex project in terms of its scope of amenity, its intricate curved façade and the innovative techniques used to design the building. With this in mind we knew we wanted to partner with Brookfield Multiplex due to their long-standing reputation for delivering world-class, complex projects,” he added.

Brookfield’s construction contract amounts to nearly $130 million (AUD $169 million). The company, which has more than 50 years of experience in shaping Australia’s skyline, has several other projects underway in Melbourne’s CBD including the approximately $231 million (AUD $300 million) Prima Tower, the nearly $216 million (AUD $280 million) Platinum tower and the final two stages of Upper West Side Apartments valued at about $231 million (AUD $300 million).

Upon completion in June 2017, Eq. Tower will offer residents easy access to the city’s iconic landmarks such as Melbourne Central, the Queen Victoria Market, Flagstaff Gardens, and to a multitude of bars, restaurants, cafés and shops neraby.

In terms of sustainable elements, the new high-rise will make use of a green wall façade on the podium, rainwater recirculation, photovoltaic solar panels, water efficient fixtures and appliances, as well as high performance double glazing.