This article is from the Australian Property Journal archive
TWO whole-floor residences at a new residential project on the former Mercure Hotel site opposite Melbourne’s Treasury Gardens have sold off the plan within a fortnight for a combined $25 million.
The pair are within Cbus Property’s $300 million 17 Spring Street, designed by architects Bates Smart, occupies a 1,270 sqm site at the east end of Spring Street. It will comprise 73 two- and three-bedroom, and half- and whole-floor residences, each with views overlooking the Treasury and Fitzroy Gardens.
The Garden Residence, occupying all of level 10 and with an expansive 282 sqm terrace with landscaping by garden designer, Paul Bangay, sold prior to the commencement of its marketing campaign. The second whole-floor residence, on level 31, sold shortly after.
Residences Completion is expected late in 2022, creating approximately 870 jobs throughout its duration.
The latest whole-floor sales bring the project to 98.6% sold, with only one whole-floor residence remaining.
Cbus Property acquired the Mercure Melbourne Treasury Gardens Hotel site for more than $70 million from the Abu Dhabi Investment Authority’s subsidiary Pearl Hotels in 2017, after selling out its nearby $350 million residential building at 35 Spring Street.
Cbus Property’s chief executive officer, Adrian Pozzo, said the 17 Spring Street sales showed that overwhelming confidence in the market remained for well-placed product, despite the challenges generated by the COVID-19 pandemic throughout the past 18 months.
“Cbus Property continues to experience strong owner occupier demand for premium residences in prime locations and our purchasers see immense value in buying at the top end of Melbourne’s CBD.”
Selling agent Colliers brokered the whole-floor sales. Director of residential, Brett Griffith, said, “quality apartments from quality developers are extraordinarily resilient in all markets; they very rarely shift or drop in price”.
Demand is still on the up in Australia’s prime residential real estate market, in line with growth of the country’s ultra-high-net-worth population.
The sales also follow Cbus Property securing buyers for the final $30 million of premium residential stock at its Collins Arch mixed-use development in the middle of the city.
Cbus Property’s residential offering in Melbourne now comprises 39 Carr-designed residences in South Yarra, with the official launch of Como Terraces last week, in conjunction with Sterling Global.
“17 Spring Street and Collins Arch appear to be following a remarkably positive trend also occurring across New South Wales and Queensland, with a number of our projects in Sydney and Brisbane experiencing resounding success in recent months,” Pozzo said.
More than 59 off-the-plan sales have been recorded since the VIP launch of Cbus Property’s third release at its Newmarket Randwick masterplan Young & Fennelly.
