This article is from the Australian Property Journal archive
THE penthouse atop the Australia 108 tower – the highest residence in the southern hemisphere, has sold to a Chinese businessman for $25 million, setting the reord for the most expensive apartment ever sold in Australia.
The sale also raised the bar for price per sqm in Melbourne to more than $33,000 per sqm. The sale eclipses the previous record set in November last year, when former Multiplex boss Andrew Roberts bought a penthouse in the Bondi Pacific development in Sydney for $21 million.
World Class Land, a subsidiary to Singapore`s Aspial, sold the 750 sqm penthouse located 319 metres above street level to an undisclosed China-based international businessman.
The sale was negotiated between CBRE Residential Projects and KM Sales and Marketing`s Tim Kennan. Contracts have been exchanged and a 10% deposit has been paid by the purchaser who will use the penthouse as his private residence when in Melbourne each year.
The penthouse will boast 360 degree views of Melbourne and span the entire top floor of Australia 108. The project is expected to be completed in 2019.
CBRE Residential Projects managing director Andrew Leoncelli said more than 90% of Australia 108’s 1105 apartments had been sold, with buyers locally and internationally flocking to snap up a slice of the iconic development.
“More than 1000 apartments have been sold – this represents the largest number of apartments ever sold in a single building in Australia.
“The extraordinary sale of the Australia 108 penthouse sets a new benchmark for pricing, breaking all records ever set in Australia. It is by far the most opulent, landmark and exciting trophy apartment ever brought to market,” he added.
“The penthouse’s record-breaking price highlights the incredible depth of interest we have seen for our luxury apartments set above the clouds in this iconic development,” he continued.
Leoncelli said many apartments have been sold to locals.
“We have had strong interest from local owner occupiers in particular, with some of the statement cloud-breaking apartments selling to local business leaders who want to live in this landmark building.
“We have sold two three bedroom apartments for more than $3.5 million each to men working in Southbank who see living near work and having a beach house down the Mornington Peninsula as the ideal lifestyle. We’ve also sold five apartments to one local family for $9.3 million who will combine them into two residences,” he added.
Australia 108 is divided into two types of apartments – 161 Cloud Residences above the Star Club, all which offer an unparalleled level of luxury, and 944 apartments below. Just 25% of Cloud Residences remain for sale, less than two months following the development’s official launch in Australia.
“Interest is still high, with buyers recognising there are now limited opportunities to own a piece of this iconic building. We still have some sub-penthouses left for sale and anticipate interest in these will heighten following the penthouse sale,” Leoncelli concluded.
Australian Property Journal
