Melbourne’s Northbank precinct will welcome Australia’s first 1 Hotel and Homes from SH Hotels and Resorts as part of a $550 million Seafarers project by Riverlee.
The 18-storey development will comprise 120 luxury hotel-branded residences atop 277 guest rooms.
The 1 Hotel brand centres around “ecoluxury” tourism, targeting those looking for luxury lifestyle and who value sustainable design and architecture.
The hotel company currently has eight properties across North America, and one in Haitang Bay, Sanya (APAC) with more to open in London, Paris and Crete. It will be Melbourne’s first international hotel-branded residences.
Since October, there has been $30 million in sales and reservations for residences at Seafarers.
Riverlee development director, David Lee, said the construction signifies confidence in both the luxury owner-occupier apartment market and hotel sectors.
“Seafarers will be a place for all Melburnians and visitors to enjoy as a new riverfront destination that brings Northbank to life,” he said.
“After a challenging two years for everyone, we are proud to have reached this stage as we continue to stimulate the local economy through ongoing job creation, housing and tourism.”
The project will be built by Icon, backed by Japanese-owned Kajima, and is forecast to provide a total of 1,023 full-time construction jobs and approximately 680 jobs on completion.
Icon CEO, Evan Byrne, described it as a “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,” Byrne said.
Construction at Seafarers is expected to be completed by mid-2024.