This article is from the Australian Property Journal archive
TIM Gurner’s luxury St Moritz project has achieved $480 million in sales across 95% of its apartments, prompting Gurner and development partner Greg Shand to release the remaining six residences to the market this weekend, and bring construction of the St Kilda beachfront project forward by more than one year.
The 127 sales have included five of the development’s eight penthouses trade for $78 million in a 36-hour window in April, following former Domain boss Antony Catalano’s $30 million purchase of a 650 sqm seven-bedroom penthouse with 150 sqm of external space earlier this year.
Cricket megastar Shane Warne and former footballer and media identity Sam Newman have been linked with purchases at the project.
Gurner said the sales were achieved some 15 months ahead of the projected timeline, and will bring forward the commencement of construction from the end of 2020 to the third quarter of this year.
St Moritz will be constructed on the 6,000 sqm site at 14-16 The Esplanade owned by Greg and Kathy Shand, formerly home to the Novotel hotel. The builder and major construction lender are expected to be finalised and announced in the coming weeks.
The first two of the three buildings, Pacific House and Azura, are 100% sold out, while the third building, Grand Esplanade, offers absolute-beachfront views over the Esplanade is 70% sold.
The six residences remaining will be available to the market from this weekend and are priced from $3.75 million to $14.75 million, and were initially planned to be retained by Gurner and Shand.
Gurner had combined large residences into ultra-luxury penthouses with a number of the sizes over 500 sqm of internal space, which saw the total number of residences reduced from around 150 initially to 133.
“Our buyers have been predominantly business identities in their 40s to 60s who lead a truly international lifestyle. They stay in the best hotels, dine in the world’s best restaurants and so naturally expect the world’s best for their home,” Gurner said.
“Until now this discerning demographic had not had any reason to move from their luxury mansions and apartments in Toorak, Albert Park, St Kilda or Brighton, because there was nothing on the market that could offer the lifestyle they were seeking.
“Perhaps more importantly, there was nowhere that could guarantee an entire building of like-minded owner occupiers, rather than investors. In the end this proved a huge point of difference.”
Sales at the project have been bolstered by an additional $10 million from the sale of the Chairman’s Lounge suites, comprising 20 private business suites priced at around $500,000 each, with reception, bar, boardroom and meeting rooms surrounding the lounges.
The project is named for the Saint Moritz Ice Rink that operated on the site from 1939 until 1981, and was designed by Fender Katsalidis and Koichi Takada Architects, with Gurner’s long-time collaborator David Hicks overseeing interior design and Jack Merlo the landscapes.
Australian Property Journal
