Breaking Ground

The One

The One is a 71-storey residential and hotel tower on a Yarra-side corner of Melbourne's Southbank at One Queens Bridge Street, opposite Flinders Street and a short walk from the CBD across Queens Bridge.

Official Website
TMW IntelligenceVerified Oct 11, 2026
AnnouncedBreaking GroundConstructionOpening SoonNow Open
04.26
Start
~2029
Completion
181
Keys
637
Units
71
Floors
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Details

1-29 Queens Bridge Street, Melbourne. 71 floors, 637 residences and 181 hotel keys. Broke ground April 2026, targeting 2029.

The story so far
Announced 2026 est.
Broke ground Apr 2026Early works underway: PDG commenced demolition and early works in April 2026 on the long-dormant former Crown site at Queens Bridge Street, ending more than 15 years of inactivity. This is a TEAR-DOWN / REDEVELOPMENT site — existing structures are being demolished before the 71-level tower rises. Hotel added to types: the scheme is 588 residences plus a hotel with dining and wellness over the Yarra, so it reclassifies to Mixed-Use.
apartments.com.au
Planning Minister approves $1.5B tower Aug 28, 2026Victoria approves PDG's 71-storey, Cox-designed The One with 637 apartments, a 181-key hotel, office and retail in a 10-storey podium (The Urban Developer; ArchitectureAu corroborates)
oftmw.com
Expected opening 2029 est.
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TMW Intelligence

The outlook for The One

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The Melbourne market 29 · Balanced supplySouthbank 7-project pipeline · 2,045 residences and keys · peak Early ’27 Explore the market →
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About the project

The One is a 71-storey residential and hotel tower on a Yarra-side corner of Melbourne's Southbank at One Queens Bridge Street, opposite Flinders Street and a short walk from the CBD across Queens Bridge. Designed by Cox Architecture for developer PDG Corporation, the approved scheme places 637 apartments, from one-bedroom homes to penthouses, above a 10-storey podium that holds a 181-key hotel, office space and street-level retail, while retaining the heritage-listed Queens Bridge Hotel on the site and folding the nineteenth-century pub into the new building's base rather than clearing it. The facade is deeply articulated, with recessed terraces cut into the tower form to give apartments sheltered outdoor rooms and break the mass into smaller, more intimate volumes. The podium is programmed with public dining and entertainment, while a private amenity level gives residents wellness and lifestyle facilities including pools, fitness and lounge space. It will rank among the tallest buildings on the south bank of the Yarra, joining the cluster of residential towers reshaping the precinct near Crown and Southbank Promenade.

Developer & design
Common questions

Frequently asked

Where is The One located?

The One is located in Melbourne.

When will The One be completed?

The One is breaking ground, with completion targeted in 2029 (a TMW estimate).

Who is developing The One?

PDG Corporation, PBS Properties is the developer behind The One.

Who designed The One?

The One was designed by Cox Architecture.

How big is The One?

The One rises 71 stories with 637 residences and 181 hotel keys.