Melbourne-based property developer ALTA Property has this week achieved planning approval for the adaptive re-use of a former commercial tower into a $200 million, 169-apartment project at 10 Queens Road, one of the last developable sites along the Albert Park Lake-fronting boulevard.
Set within one of Melbourne’s most sought-after precincts and designed by Fraser and Partners, the illustrious building will offer unparalleled views across Albert Park Lake, Port Phillip Bay and Melbourne CBD.
The mix of 1, 2 and 3-bedroom residences will be complemented by a ground-floor amenity featuring private dining, a lounge bar, gym and wellness spaces, co-working, outdoor communal gardens, and retail.
The 17-storey building is a masterclass in adaptive re-use, with the existing commercial building’s façade, shell and internal structure to be retained, before high-end residences are built from the ground up in a newly built Albert Park facing addition to the building.
Sitting atop the building will be two 320+sqm penthouses with private rooftop terraces, which are expected to be priced between $9 – $11 million.
Architecturally, the building will feature a curved, geometric façade that celebrates and elevates the existing structure, with warm, muted tones which were selected to extend the materiality of the existing building rather than contrast it.
Interiors will bring together three metre high ceilings with waffle concrete in some spaces, natural timber, granite and Australian materials, culminating in crafted, generous and considered spaces that are defined by authenticity.
The adaptive re-use means that the Queens Road project will be a sustainability led, high-quality finished product, with a 62% saving in carbon emissions by re-using the existing structure rather than knocking it down and rebuilding.
ALTA Property was launched by Nigel Givoni in 2023, bringing over 25 years of experience in multi- level residential delivery.
Melbourne’s property market growth is currently led by apartments. According to RPM VIC Apartments & Townhomes Market Report (April 2026), units are outpacing houses, especially in the middle ring suburbs where median prices hit $757,500 – a four-year high that represents 2.9 percent growth quarter-on-quarter.
For ALTA Property Founder Nigel Givoni, this performance speaks to the confidence he has in the Melbourne market.
“Queens Road represents a rare opportunity to continue to shape our presence in the Melbourne market. With a considered project team and a premier site along one of the city’s most sought-after boulevards, we look forward to contributing to the fabric of this established address.”
“Other Australian markets are getting a lot of attention, but I believe the depth of value in Melbourne is being overlooked. The fundamentals are strong, population growth is steady and, based on our preliminary conversations with a leading builder, construction costs are beginning to normalise, creating further opportunity.
“This project is a highly considered example of adaptive re-use, delivering quality, high-end residences, premium hotel-inspired amenities and an architecturally striking façade, all achieved without the need to remove the existing structure. We are really looking forward to the market’s response,” he said.
For Fraser and Partners Director Callum Fraser, the existing structure on site represented an opportunity to create a new landmark for the sought-after boulevard.
“The design approach to 10 Queens Road is defined by the existing buildings inherent logic, structural clarity, and adaptable framework. The existing building’s disciplined rectangular floor plate, centric core, and evenly spaced columns create an ideal foundation for elevating the design by applying a limited material palate of muted tones which clearly distinguish the existing structure form the proposed addition avoiding contrast.
“Architecture is grounded in the expression of the existing building – clarity, proportion and measure come together to create a new rhythm across the residences, communal spaces and amenities.
Interiors feel calm, grounded and refined, with raw concrete balanced by warm, natural materials to soften interiors and create inviting spaces,” he said.
More information on ALTA Property can be found at: https://altaproperty.com.au/.
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