Melbourne CBD skyscraper sells out studios as buyers rush into $1bn Atlas tower
A Melbourne supertower is just months away from commencing construction, despite similar projects running into difficulties amid a building crisis.
A new 72-storey, $1bn residential tower at 383 La Trobe St, Melbourne, dubbed Atlas is capturing buyer attention with more than half its 852 apartments now sold as it proves supertowers still have a place in the city's skyline.
It comes as plans for what was to be Australia's tallest building, the STH BNK by Beulah development, faces an uncertain future after cost blowouts and planning delays led to the once-hyped tower stalling — and its project manager being placed in administration in February.
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Colliers residential director Tim Storey said the project's success was down to a mix of smart planning, bold timing, and a keen understanding of who Melbourne's inner-city buyer really is.
'Atlas has really resonated with the market. It's the first supertower to launch in the CBD in about five years and that's created a lot of pent-up demand,' Mr Storey said.
'We've seen other buildings sell in recent years, but nothing of this scale or freshness.
'Buyers especially younger international buyers in their late 20s want that city lifestyle, they want quality, and they want a product that feels like it belongs.'
In contrast, the once-lauded Beulah tower, planned to reach 366-metres and become the country's tallest building, has been beset by financial and delivery challenges.
The collapse of its development manager earlier this year left creditors tens of millions out of pocket and raised doubts about the project's future.
Mr Storey said Atlas had avoided the pitfalls by sticking to scale, offering variety, from affordable garden residences to premium sky crown apartments, and locking in its development permit back in 2017, before CBD height limits changed.
'Without that permit, this building couldn't have happened today,' he said.
'There's definitely a prestige element to supertowers, people love the height, the views, the lifestyle, but it has to be backed by the right offering.'
The Colliers residential director said Melbourne's city apartment market had matured.
'The average age of a CBD resident is 28. Most live in households of under two people, and over 90 per cent are born overseas,' Mr Storey said.
'That's who we designed for. Not just affordability, but lifestyle and status.
'The studios apartments were a big part of that they were gone in a flash.'
Atlas sits at the northern end of the CBD, near Flagstaff Station, the Queen Victoria Market and walking distance to top universities and the new Metro Tunnel station.
Mr Storey said that location with its 'unbeatable lifestyle' and park proximity had given Atlas a distinct edge over more hemmed-in sites across the city grid.
'It's buzzing, And after Covid, the northern CBD has come back strong,' he said.
'Retail's bouncing back, there's energy again, and weekends in the city are packed.
'The confidence is returning, and Atlas is a green shoot.'
Construction is set to begin in the third quarter of 2025, with completion due in 2029.
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