)
Melbourne-based developer ALTA Property has received planning approval for a $200 million project to convert a former commercial tower at 10 Queens Road into 169 apartments, in one of the city's largest adaptive reuse developments.
The 17-storey B-grade office building, which sits along the Albert Park Lake boulevard, sits on a 2,323sqm site that was acquired by Alta from receivers last year for about $27 million.
ALTA's plans involve a redesign to house a mix of one, two and three-bedroom apartments along with two penthouses spanning more than 320 square metres each, expected to be priced between $9 million and $11 million.
ALTA Property founder Nigel Givoni says the project represents a "rare opportunity" to repurpose an existing commercial structure in a tightly held precinct.
“Other Australian markets are getting a lot of attention, but I believe the depth of value in Melbourne is being overlooked," says Givoni.
"The fundamentals are strong, population growth is steady and, based on our preliminary conversations with a leading builder, construction costs are beginning to normalise, creating further opportunity.
“This project is a highly considered example of adaptive re-use, delivering quality, high-end residences, premium hotel-inspired amenities and an architecturally striking façade, all achieved without the need to remove the existing structure.
"We are really looking forward to the market’s response."
The developer claims the adaptive reuse approach will deliver a 62 per cent saving in carbon emissions compared with a conventional new build, by retaining the existing structure rather than demolishing and starting from scratch.
Callum Fraser, director of project architect Fraser and Partners, says the design is grounded in the building's "structural clarity" and "adaptable framework,
“The existing building’s disciplined rectangular floor plate, centric core and evenly spaced columns create an ideal foundation for elevating the design by applying a limited material palate of muted tones which clearly distinguish the existing structure form the proposed addition avoiding contrast," says Fraser.
“Architecture is grounded in the expression of the existing building - clarity, proportion and measure come together to create a new rhythm across the residences, communal spaces and amenities.
"Interiors feel calm, grounded and refined, with raw concrete balanced by warm, natural materials to soften interiors and create inviting spaces.”
The approval comes as Melbourne's apartment market shows signs of renewed strength, although supply-side pressures persist.
According to RPM's April 2026 market report, Melbourne unit values have hit a three-year high of $656,500, while middle-ring unit values have reached $757,500 - a four-year high representing 2.9 per cent quarterly growth. Outer-ring units have climbed to a record $650,000.
Victoria recorded more than 43,000 new housing loans in the December quarter of 2025, and the state added more than 122,000 residents in the year to the September quarter of 2025, underscoring sustained population-driven demand.
However, the pipeline of new supply is thinning. Apartment approvals in the December quarter of 2025 fell to 2,339, down 20 per cent on the previous quarter and 47 per cent lower than the same period a year earlier.
RPM notes that early 2026 rate rises "quickly reversed the momentum" building in the sector, and that apartment approvals appear to be taking a downward trend.
No construction commencement or completion timeline has been disclosed for the ALTA Property project.
)
