Construction has officially commenced at Riverlee’s $550 million Seafarers development, making it the largest private construction project to begin in Melbourne since the beginning of the pandemic.
This exciting milestone was marked with a groundbreaking ceremony attended by Lord Mayor of Melbourne, Sally Capp. The landmark 18-storey project will sit on the riverbank at Melbourne’s emerging Northbank precinct, situated between the CBD and Docklands. It will comprise 120 luxury hotel-branded residences atop 277 guest rooms, as part of Australia’s first 1 Hotel & Homes from SH Hotels & Resorts.
With architecture by renowned firm Fender Katsalidis, Seafarers provides the benefits of inner-city living along with the convenience of unlimited access to all the services and amenities of a luxury hotel as Melbourne’s first international hotel-branded residences.
“Our family is proud to have reached this stage following a 10-year journey of developing our vision that truly brings together the surrounding urban fabric and steers Northbank into an exciting direction.” – David Lee, Development Director at Riverlee
The start of construction signifies confidence in both the luxury owner-occupier apartment market and hotel sectors, as Seafarers experienced strong buyer demand once lockdowns lifted in late 2021. Since October, there has been $30 million in sales and reservations for residences at Seafarers, with Colliers also noting the project had the highest level of enquiry over the Christmas and New Year period.
“We are proud to be partnering with Riverlee and commencing construction on this landmark project for Melbourne. The groundbreaking ceremony is an exciting milestone for the development and we’re looking forward to bringing this world-class destination to life.” – Evan Byrne, CEO at Icon Construction
Seafarers will provide a stimulus for the local economy through ongoing job creation, housing and tourism. The project is forecast to provide a total of 1,023 full-time equivalent construction-related jobs, with approximately 680 jobs generated upon completion.
With the retention of the heritage listed Goods Shed No.5, Seafarers will also encompass Melbourne’s newest 3,500 square metre public park, Seafarers Rest. This is set to transform the northern banks of the Yarra River (Birrarung) and provide open space to users, residents and visitors of the Northbank precinct.
“We welcome this significant development in our city. The Seafarers project complements City of Melbourne’s game-changing transformation project Greenline, which will revitalise and renew Northbank. Investments of this magnitude show the confidence and strength of Melbourne’s future as we bounce back from a tough two years.” – Lord Mayor of Melbourne, Sally Capp
Construction at Seafarers and Seafarers Rest is slated for completion in mid-2024.
Limited two and three-bedroom residences remain from $1,215,000.