Melbourne’s penthouse market is high on the rich list

6 months ago admin Comments Off on Melbourne’s penthouse market is high on the rich list

Melbourne’s penthouse market is running hot, with the Mirvac Group selling the Grand Pavilion Penthouse at its Eastbourne project that overlooks the city’s Fitzroy Gardens for close to $14 million.

The sale in the Victorian capital sets a benchmark for inner city east Melbourne with pricing at about $30,000 a square metre, in keeping with the suburb’s exclusive cache, luxury agents say.

The property, with 507sq m of internal space and a 301sq m panoramic terrace, broke record sale rates in the area, with buyers drawn in by the unique sales ­process.

The penthouse was offered through private tender with prospective buyers given architectural tools encased in a drawing kit to allow them to customise the penthouse design. A chauffeured Bentley delivered interested parties to the Sofitel Hotel for talks with the developer while Rupert ­Murdoch’s US realtor, Dolly Lenz, handled international marketing.

The penthouse, eventually snared by a local buyer, is most notable for its transparent perspex-sided pool and spa, five luxury bedrooms, three indoor living areas and an outdoor space that includes a bar, allowing for entertaining on the eleventh floor of the complex.

Another property in the 250-apartment complex last year set a suburb record of $24,000 a square metre when it fetched just shy of $11m after a buyer combined three off-the-plan apartments. The fresh sale is the latest marker for the upper end of the Melbourne market

Sotheby’s and RT Edgar Toorak are also marketing an $18m Eureka Tower penthouse at 86/7 Riverside Quay in Southbank for salary packaging titan Anthony Podesta.

Sotheby’s agent Greg Herman says there has been some interest in what is now the highest luxury residence in Melbourne, just two levels down from Eureka Tower’s skydeck.

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