Multiplex Breaks Ground on $800 Million AURA Tower at Melbourne Square in Southbank

MELBOURNE, Sept. 22, 2026 — OSK Property has broken ground on AURA at Melbourne Square, an A$800 million, 67-storey residential tower in Melbourne's Southbank precinct, with Multiplex appointed as the construction contractor. The project, located at 7 Hoff Boulevard, will deliver 673 apartments and approximately 1,600 square metres of podium retail space, with completion targeted for late 2029 to early 2030.

Project Details: Scale and Design

AURA is the fourth of six planned towers within the A$3.5 billion Melbourne Square master-planned precinct, advancing OSK Property's long-term development strategy for one of Melbourne's largest inner-city renewal sites. The tower was designed by Cox Architecture, with interiors by DKO and landscape architecture by Oculus.

The building will contain 673 residences across its 67 floors, with apartment sizes ranging from approximately 41 square metres to 263 square metres. The unit mix includes studios and one-, two- and three-bedroom apartments, along with penthouses and larger residences marketed as Mira Terraces. Reported launch pricing began at approximately A$554,000, with some current marketing material citing prices from approximately A$565,000 to A$573,000 for entry-level units, and extending to approximately A$6.7 million for the most expensive residences.

The development site covers approximately 3,400 square metres, or roughly 0.84 acres, near the intersection of Hoff Boulevard and Kavanagh Street in Southbank, VIC 3006. The project is also identified as Melbourne Square Stage 3.

Presales and Development Rationale

More than 140 presales had been secured before construction commenced, representing at least approximately 21 percent of the tower's 673 planned apartments. The presale base provides an initial demand foundation ahead of the main construction program, which is expected to run through the end of the decade.

AURA is being positioned around a wellness-oriented amenity program distributed throughout the building rather than concentrated at the podium level. The project's competitive proposition in the Southbank and Docklands apartment market includes varied apartment formats, Japanese-inspired design influences and proximity to Melbourne's CBD, the Yarra River and inner-city cultural destinations.

Melbourne Apartment Market Context

Construction on AURA begins against a backdrop of constrained new apartment supply in Melbourne's inner city. Approximately 7,000 apartments were under construction in Melbourne's inner-city market at the time of the announcement, concentrated particularly in Docklands and Southbank — a volume characterized as 36 percent below historical average levels, even as rents approached record highs. Melbourne's rental vacancy rate stood at 1.6 percent in February 2026, below the city's long-term average of 2.3 percent, indicating tightening rental conditions from a relatively softer base.

The broader Melbourne market had approximately 4,000 units under construction scheduled for completion in 2026, with more than 1,000 of those units located in outer Melbourne, according to JLL data. The combination of below-average supply and declining vacancy supports continued demand for centrally located residential product.

Melbourne Square Precinct Progression

AURA's construction start advances OSK Property's six-tower Melbourne Square master plan, which carries a total estimated value of A$3.5 billion. The precinct's phased delivery allows the developer to build on existing infrastructure, amenity and brand recognition established by earlier stages. The addition of more than 670 residences through AURA will further intensify the residential and retail connection between Southbank and the Melbourne CBD.

As with any large high-rise residential development, the project carries risks typical of its scale and timeline, including construction-cost conditions, presale conversion and settlement, and the possibility of competing towers delivering into the same market window during the 2029–30 completion period.

Sources

Multiplex — A New AURA For Southbank As Melbourne Square's Newest $800 Million Tower Gets Underway (Sept. 22, 2026)