DCF Property Group has kicked off its $180 million First Light development in Melbourne’s Domain Precinct with Ironside commencing construction on the residential and hotel project.
The launch in September revealed just 30 apartments at the 28 Albert Road tower in South Melbourne with architecture by YOO & Starck and interiors by Leo Terrando.
With an official sod-turning marking the beginning of the $75 million construction phase, which will see 160 direct jobs created and 450 additional jobs across Victoria’s economy, on top of 45 permanent jobs upon completion.
“This sod-turning marks a significant milestone for DCF as we begin to turn our vision for First Light into reality,” said Calvin Huang, CEO at DCF.
“This project represents a major investment in Melbourne’s future, with long-term benefits in job creation, tourism, and economic growth.”
The hotel component will feature 97 luxury rooms in the Nu By YOO luxury hotel, managed by La Vie Hotels and Resorts.
The hotel is projected to maintain an 84% occupancy rate, welcoming around 60,000 guests annually, with an average room rate of $384 per night, the project is set to generate an annual Gross Operating Profit of $5 million.
First Light will also include world-class amenities, such as a wellness sanctuary and premier dining experiences designed by renowned restaurateurs Scott Pickett and Jason Lau.
With residents to enjoy exclusive services through partnerships with luxury brands such as Space Furniture.
First Light is due for completion in October 2026 with the hotel to begin operating shortly thereafter.
