The proposal will take up a long vacant block on an iconic corner of the famed lake precinct at the start of the rowing course where Cardigan Street intersects with the parade.

The art-deco look three storey building plus a basement has been proposed for the 693 square metre corner block.

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The 222 Wendouree Parade property will consist of four bedrooms and a range of elements not normally seen in standard suburban houses.

The touches of luxury also include a private gym that takes up a major portion of the second level.

Above this overlooking the lake, is a rooftop terrace that also includes a third floor spa and sauna.

The basement with provision for two carparks is also equipped with a dedicated media room.

These levels are connected by a broad spiral staircase as well as being serviced by a lift, of course.

Last year the empty block had a $1.8 to 1.9 million asking price, with some speculating it was the most expensive piece of land on the parade sold so far.

In the March quarter, the median house price for the lake was $1.2 million a quarterly change of 14.7 per cent.

While the property is included within the heritage protection area of the Lake, because there was no existing buildings on the land the architects have argued their modern architecture fits in with other buildings in the area.

"It is seen as a continuation of the individualist designs of distinctive houses located along Wendouree Parade," John Briggs Architects, John Briggs said in the heritage impact statement.

"These dwellings include characteristics of the art-deco and early modern ideas ... developing a dynamic and individual expression suited to specific sites."

The design submission also argues the proposal fits in with the variations of height and style that already exist on the parade.

"It ( the house) will achieve a high quality public realm amenity outcome and will make an elegant and enduring architectural contribution to the existing eclecticism and diversity of architectural styles already evident within Wendouree Parade, " the Urban Design Statement prepared by Blades Studio concludes.

The existing Canary Island Date palm's health has been evaluated by an arborist and will be relocated to north-west corner of the property.

The tree which is almost ten metres tall was considered to be in good health and a valuable addition to the site and was evaluated to have at least 50 years of life in front of it.

The submitted reported recommended numerous, strict protection and management recommendations would need to be implemented to ensure the palm was not damaged or compromised during the proposed works, particularly in relation to underground works.

The building will be obscured from the street by at 1.2 meter high semi-transparent aluminum fence.

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