South Yarra’s Capitol Grand Tower tops out

Multiplex tops out Capitol Grand Tower in Melbourne’s inner-city. Photo: Supplied.

The first of LK Property Group’s two luxury retail and residential towers in Melbourne’s inner city has reached a milestone, with construction firm Multiplex topping out the building at 10 storeys.

The Capitol Grand Tower is the shorter of two buildings to be constructed as part of the $800 million development.

An additional 50-storey tower, called LK Tower, will be built at the site.

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Located on the corner of Toorak Rd and Chapel St, South Yarra, the two towers will have more than 400 luxury apartments and three levels of retail. The six-star development was designed by Bates Smart Architects.

At 180m tall, the larger LK Tower will offer five whole-floor penthouses with 360-degree views of the Melbourne skyline.

Residents from level 32 upwards will have their own entrance and exclusive access to the Azure Club, featuring a state-of-the-art gym, lounges, dining rooms and an infinity pool. The completed development will also feature elevated gardens designed by Jack Merlo and private pools, gyms and dining areas. A five-level basement car park will be available to residents.

The project is on track to be completed in late 2019. Capitol Grand Tower is expected to be handed over in mid-2019.

The Capitol Grand project is just one of many developments under construction around Melbourne. The number of cranes across the city increased 22% from the second quarter of the year to the third quarter.

According to RLB Crane Index figures released last month, residential construction has noticeably shifted south. Melbourne’s north lost 13 residential cranes while the south gained 15.

The number of residential cranes currently sits at 124, a net increase of seven from the previous quarter.

The segment accounts for 64.6% of cranes in the region, while commercial cranes make up 12%.

This article originally appeared on www.theaustralian.com.au/property.