Goodman has applied to transform its CityLink Business Park on Lorimer Street, Port Melbourne, into a vertical residential village that will house 1354 apartments across four towers.

If approved, the project will be the largest in the suburb of Port Melbourne, which is nestled across the river from the Melbourne Docklands and is one of Melbourne’s oldest suburbs. The suburb also covers an industrial precinct known as Fishermans Bend.

In 2011, the state government rezoned 240ha of land at Fishermans Bend to accommodate 50,000 residents.

The application by the industrial property behemoth is part of its plan to cash in on its $1 billion-plus portfolio of property located in what are now deemed to be areas ripe for residential development.

Goodman has already begun offloading some of the $1bn of non-core industrial property holdings it has, raking in $73m from the sale of a site in south Sydney last year.

Goodman also controls the Port Melbourne Industrial Estate at 437-481 Plummer Street, the Port and Business Park at 394 Bridge Road and 153 Bertie Street and the Port Central Business Park at 520 Graham Street, all of which are expected to be divested to residential developers.

At 850-858 Lorimer Street, Goodman has applied to build two 44-storey towers, one 42-storey and a 19-storey tower at a maximum height of 145m.

The development will include 528sq m of new retail space at the bottom of each tower. Goodman will also create a new public space and a laneway to create thoroughfares for pedestrians.