A Bates Smart designed building costing $300 million is set to become the tallest apartment tower outside Melbourne’s city centre.

The Capitol deluxe development will see an ellipsoid-shaped 38-level sky-scraper built in a joint venture between APN Property Group and private developers.

According to the Age, the platinum-coloured be launched next week in South Yarra next week.

An application to increase the height to 43 levels and 226 units was rejected by authorities in Victoria who limited it to 38 storeys.

Image: The Age