The 12-storey high-rise will be home to 31 aged care apartments and 59 independent living apartments and will be the third and final tower at Australian Unity’s Rathdowne Place village in Carlton.

The tower, which is aiming for a five-star environmental design rating, will also boast a communal lounge, dining facilities and a 10th floor terrace and parking for cars, scooters and bicycles.

Prices for apartments are expected to be between $400,000 and $1 million.

“This approval offers older Victorians a beautiful place to enjoy their retirement, close to the city and the services they need. It’s a stone’s throw from the CBD, from public transport and from essential healthcare and community facilities. It ticks all the boxes,” Planning Minister Richard Wynne told the Australian Financial Review.

It’s part of a growing trend for retirement village providers to develop apartment-style accommodation in inner-city areas so that residents can stay close to their families and communities as well as health services and entertainment precincts.

Aveo, Stockland and Lendlease all have similar vertical retirement villages in development, while Uniting Communities is also currently building its 20-storey ‘U City’ tower with aged care and retirement units in Adelaide’s CBD.