Developer Luxcon has filed amendments to its proposed plans for its Pier 103 project in Port Melbourne.
Pier 103 is Luxcon’s second acquisition in Melbourne, bought in July 2021 for $16.65 million.
The 1400sq m island site at 103 Beach Street is across the road from Station Pier, Melbourne’s main cruise ship departure terminal.
The initially approved plans for a mixed-use project included 12 residential units, 141sq m for a restaurant or cafe and 560sq m of retail space with an estimated end value of $70 million.
Luxcon Group’s chief executive Ilya Melnikoff said that the amendment proposed an increase to 22 residential units and to 794sq m of retail space and the reorientation of the pedestrian entrance.
The number of car parking spaces would increase from 30 to 51 and bicycle spaces from 24 to 46.
The estimated value of the project has increased to $90 million.
“We saw an opportunity to add another level of apartments, which the council has been receptive to, and we felt we should create a bit more diverse mix to appeal to a wider array of the market,” he said.
“We added more cars to the development, and we added subterranean hotel-style facilities such as pool, gym, spa and sauna.
“So it's a completely different offering to what was envisaged on the site.”
Melnikoff said the amendments also include a change to the built form to make it more curved to reduce overshadowing and fit better within the streetscape.
“We added a lot more marine elements to coincide with the surroundings,” he said.
“So it gives a little more of a nautical theme to the architecture.”
Marketing has already begun and 40 per cent of the 22 residential units have sold.
Luxcon’s first Melbourne acquisition was an old office building at 372-380 Albert Street in East Melbourne for $30 million in 2020, which is currently being developed as luxury apartments overlooking Fitzroy gardens in The Address project.
Luxcon Group has a large pipeline of completed projects such as The One residences in Sydney’s Bellevue Hill, Jardine Residences in Epping, and Eighty-Eight in Kensington.
Melnikoff said that more projects were in the works.
“We've got the more substantial pipeline in Sydney,” he said.
“Over the next few months, we are purchasing a number of opportunities. We'll probably have more details on those in the coming weeks.”
The Urban Developer