Melbourne Apartment sells for $8.325m

Melbourne Apartment sells for $8.325m

Melbourne Apartment sells for $8.325mA MELBOURNE business man this week paid $8.325 million for a St Kilda Rd apartment -- making it the city's most expensive.

The apartment is on the top floor, the 20th, of the yet-to-built $180 million Yve tower. The average price of the complex's apartments is about $890,000.

The previous best price for a Melbourne apartment was $8.2 million -- set in February when a Hong Kong resident bought a 1070sq m apartment in St Kilda Rd's Royal Domain Tower. Before that, the highest price was $5.5 million for the penthouse in The Melburnian, also on St Kilda Rd.

For the $8.325 million, the mystery buyer at Yve will enjoy:

180deg views of St Kilda, across Albert Park and Port Phillip Bay to the CBD.

710sq m of internal and 443sq m of external floor space.

FOUR bedrooms and bathrooms.

BATHROOMS with floor-to-ceiling glass walls, bluestone vanities, glass mosaic tiles and free-standing designer tubs.

AN office including a boardroom.

A THEATRE, private gymnasium, spa, sauna and steam room.

PORCELAIN floor tiles and plush carpet.

AUTOMATIC, programmed lighting systems.

LIFTS with TVs delivering round-the-clock news, weather and current affairs.

The managing director of developer Sunland Group, Sahba Abedian, said the anonymous Yve buyer had merged two penthouses into a "super penthouse", which he also would use as a work base.

Yve is the first apartment project in Victoria by the Queensland-based developer.

Sunland Group built the sumptuous Palazzo Versace hotel on the Gold Coast and Surfers Paradise's Q1, the world's tallest residential tower.

Sunland Group was criticised for launching the luxury Yve project in last year's overheated and oversupplied market.

Industry sources said the apartments, which started at $400,000 and rose to $5 million, were too expensive and that the project was doomed.

But Mr Abedian said he had had the last laugh, with 170 of the 210 apartments sold since the launch in June.

Construction has begun at Yve, with completion expected early in 2006.

Meanwhile, at Eureka, Melbourne's tallest high-rise, three of the penthouses in the 92-storey tower at Southbank have been reserved by consortium partners Nonda Katsalidis, Daniel Grollo and Tab Fried, with one other still available for about $8 million.

At nearby Australand's Freshwater Place tower, overlooking the Yarra River, a 300sq m penthouse has sold for $3.85 million.

Source
Herald Sun
By MIKE BRUCE
25jan04

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Melbourne Apartment sells for $8.325m⊜ 576-578 St Kilda Road Melbourne | Map
576-578 St Kilda RoadMelbourne

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Melbourne Apartment sells for $8.325m 

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