Paragon Tower Project Hits Peak in Melbourne

The gold-hued Paragon tower at 318 Queen Street has topped out.

27 August 2020 | Melbourne, Australia

Developer Beulah International has topped out its 48-story Paragon Tower as it continues its last push to sell the remaining apartments in the Melbourne CBD building.

Beulah has sold around 95 percent of the units in the Paragon Tower, with 12 apartments remaining on the market.

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The project, located on the corner of Queen and La Trobe Streets, comprises 227 apartments, including two penthouses.

The project is expected to be complete and ready for settlement by the fourth quarter this year.

The Melbourne-based developer purchased the historic 318 Queen Street site for AUD$25.6 million (US$18.5 million) in 2016 from the Celtic Club, Australia’s oldest Irish Club.

Pre-construction works of the demolition of the existing building and restoration of the heritage façade saw the tower's redevelopment fall six months behind schedule. As a result, the Celtic Club abandoned its plans to keep its new club on the historic site, which it had held an option to buy back on the project’s ground and first floors.

Beulah managing director Jiaheng Chan said that reaching the topping out stage signalled the resilience of the property and construction industries within the current climate.

“The topping out of Paragon signals a much greater achievement than just reaching its full height—it has kept workers employed through months of uncertainty,” Chan said.

“Builder Multiplex continues to forge ahead, with a limited workforce due to current stage four restrictions.”

Chan said three floors of the 48-level tower would become home to Australia’s first indoor urban forest, designed by landscape architect Paul Bangay, comprising mature trees, leafy canopies and climbing gardens.

The AUD$200 million (US$145 million) Paragon tower marks the developer’s third project to be delivered this year, with plans for Fawkner House in the Domain Precinct expected in early 2021.

In April, 2020 Beulah won state planning approval for its twin towers, located in Southbank.

The project is worth a total of AUD$2 billion (US$1.4 million) and will stand more than 356 meters, or 101 levels, high when finished.

For more on this story, go to The Urban Developer.