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Report: ISPT in pole position to snap up A$400M Melbourne development

Australian superannuation fund ISPT is believed to be leading the race to secure Victoria University's proposed A$400 million development project in Melbourne, The Australian Financial Review reported.

According to the March 16 report, ISPT is at the top of a list of contenders, which also includes Charter Hall Group and infrastructure investment group Plenary.

A design proposal for a 17-story cantilevered building has already been submitted, and site approval has been sought.

The publication noted that the property will stand on the state's former land titles office along Melbourne's Queen Street, one of two sites that the university acquired from the state government. The other, the old registry building on the same street, already has an approved development design in place for a 32-story tower providing 43,000 square meters of space.

The AFR noted that it is understood the university will occupy at least one of the buildings, with sources saying the other tower will be utilized for commercial purposes.