Southbank: what’s to come for this flourishing inner-city neighbourhood

Southbank has come a long way since the 1980s and ’90s, when major investment stimulated the development of this CBD-adjacent neighbourhood. Nowadays, it’s Melbourne’s most densely populated suburb and home to major corporations, a world-class arts precinct, convention centre and a fine dining strip.

But Southbank is still in a period of transition. Proximity to the CBD is now at a premium, especially for homebuyers, and there’s a slate of luxury apartments and local government investment on the horizon.

For 15 years Craig Jeffreys has owned Southbank’s The Bond Store, on the site of an old customs house. The cafe, with its exposed brick walls and timber ceiling beams, is a nod to the area’s industrial riverside heritage. But Jeffreys has seen the area transform from a near-dead zone into a lively city-fringe suburb.

“Fifteen years ago we were basically the only thing in the area,” he says. “I had the notion that the area was very much underused. And obviously, because of its proximity to the city, it wasn’t going to stay that way forever.”

Jeffreys was right. He says the construction of the Eureka Tower, the world’s tallest residential tower when it was built, marked a turning point for the lightly industrial suburb.

“We’ve seen Southbank grow and we feel that we’re now part of a community which is not just workers but [has] residents flooding in these days.”

The suburb has also become increasingly desirable as Australians grow accustomed to apartment living.

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Southbank resident Jo Anderson moved to a high-rise apartment in the area 15 years ago. After living in Hong Kong, she found she preferred the security and convenience of apartments over houses.

“People love their quarter-acre block, but I think a lot more people are willing to consider the alternatives these days – the high rises and the slightly different lifestyle they can offer,” Anderson says.

“I don’t need a car. I can walk into town to go out and walk home,” she adds. “I love having my nest to retreat to but still being in the thick of it when I go outside.”

For those who want to be near the action, Southbank has plenty of entertainment and fine dining options to explore. There is Crown Casino, Melbourne’s impressive Arts Precinct – including the National Gallery of Victoria – and restaurants such as Dinner by Heston Blumenthal and Rockpool.

Still, Jeffreys says he would like to see Southbank businesses and amenities cater more to long-term residents.

“For a suburb to survive it’s got to have a sampling of every kind of business – a newsagent, a florist, a barber, a hairdresser, a beauty salon. These are the things that actually make the community.”

But local government has announced several major investments into the suburb’s development. Last year the City of Melbourne unveiled a $35 million plan to bring amenity to Southbank, including public space along Southbank Boulevard and Dodds Street.

The council plans to turn Dodds Street into a neighbourhood gathering space for street performances, farmers’ markets and even music festivals.

Southbank is also about to get its first public park. As part of Melbourne City Council’s plans for the redevelopment of Southbank, developer OSK Property will turn a former car park into a 3700-square-metre green space.

The park is a fundamental part of forthcoming project, Melbourne Square, which will launch with two towers of more than 1000 premium apartments in its first stage. The project will also bring a Woolworths – the suburb’s all-important first full-line supermarket.

“Everyone in Southbank will be able to enjoy the park, but our residents will come down the lift and walk to a garden and supermarket that’s at their doorstep,” says Andrew Leoncelli, managing director for Melbourne Square selling agent CBRE.

Melbourne Square’s latest release, the Terrace apartments, will have significant outdoor space at the podium level.

Leoncelli says the forward-thinking quality of the development is an indicator of things to come.

“This land is so close to the city, with all the best Melbourne has to offer,” he says. “I think we’re looking at an internationally-renowned location for apartment living.”