By Emma Doherty
“Slender towers” are the latest craze to hit the Melbourne property market.
Developers are buying smaller sites to build this new style of slim buildings.
The most recent development to follow this niche craze is a hotel located at 9-11 Exploration Lane.
With construction set to start this year, the property is being developed by BPM Corp and was designed by Elenberg Fraser. It is expected the new owner will take possession once construction is completed in 2019.
Once a 168 sqm warehouse, the site is now home to this progressive development. Selling agent, Mark Bullock from Ray White Hotels said the project was unique, as “you just don’t see many of them across many other cities in the country”.
At 34 storeys high, the hotel will comprise 130 rooms, a hotel lobby over its two basement levels, a gym, dining area, bar and a lounge space on levels two and three.
Mr Bullock believes that these “slender towers” are the new age of high rises in cities like Melbourne as they best utilise the limited space within a capital city’s area.
“I just think it’s a good use of space where vacant city blocks are becoming hard to come by. It’s also a cost effective to put a tower and maximise the ground floor area of such a tight space,” Mr Bullock said.
Mr Bullock said that, while “slender towers” had taken over the residential market in larger cities like New York City, the decision to develop one that catered to the tourism industry was not only efficient but helped support Melbourne’s economy.
“There’s greater efficiency with the number of rooms versus the number of apartments you can fit on a site like that,” he said.
In the year ending December 2017, visitors in Melbourne increased 8.2 per cent, with international visitor expenditure on holidays increasing 6.4 per cent.