property
Albert Park Planning Commission Approves 28-Storey Tower With 185 Apartments
Albert Park Planning Commission cleared a 28-storey mixed-use tower at 112 Victoria Street on July 9, adding 185 apartments and ground-floor retail space within 400 metres of the central business district.
How we reported this
The Albert Park Planning Commission approved the Lakeside Tower project at its July 9 meeting, clearing the way for a 28-storey building with 185 apartments and 2,400 square metres of retail on Victoria Street. The site sits 400 metres from the CBD boundary and replaces two low-rise office blocks.
The approval arrives as Albert Park records its strongest six-month sales period since 2022, with median apartment prices reaching $685,000 in the first half of 2026. Local agents report buyer inquiries up 34 percent year-on-year, driven by workers seeking shorter commutes to the government offices clustered around the Municipal Chambers.
Site Location and Nearby Landmarks
The tower will occupy the block between Victoria Street and Station Road, directly opposite the Albert Park Community Centre and one block from the heritage-listed Albert Park Primary School. Developers will contribute $4.2 million toward upgrades at the centre, including a new childcare wing scheduled to open in 2028. The Albert Park Traders Association has already secured space on the ground floor for a permanent market stall program that runs on weekends along the adjacent laneway.
Traffic modelling submitted with the application shows the project will add 1,150 weekday vehicle movements, offset by a new 180-space basement car park and improved bike lanes linking to the waterfront path at Beaconsfield Parade. Council officers noted that the building height stays within the 85-metre limit set in the 2024 Albert Park Structure Plan.
Timeline and Resident Information
Construction is expected to begin in March 2027 and finish by late 2029. Apartment prices start at $465,000 for one-bedroom units and rise to $1.1 million for three-bedroom corner apartments, according to the sales brochure lodged with the application. Pre-sales will open to Albert Park residents first through the council’s housing office on Main Street from August 1.
Anyone wanting to review the full set of conditions can inspect the documents at the planning counter until August 15. Questions about construction timing or local traffic changes should be directed to the project hotline listed on the council website.
This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.