This article is from the Australian Property Journal archive
BOUTIQUE property developer Kervale has smashed a second suburb record in Melbourne’s affluent Brighton, selling a second penthouse at its ESSENCE development for $5.57 million.
The sale of the three-bedroom penthouse at the Brighton project on Black Street, around 11km south-east of the CBD, to an overseas purchaser looking to relocate, reflects a rate of $24,500/sqm.
Just in August, Kervale sold a four-bedroom penthouse off-the-plan for a whopping $10.2 million, marking the highest sale price ever achieved in the suburb.
“The Brighton market is still thriving with buyers eager to capitalise on the limited new quality-focused stock hitting the market. Buyers have felt confident that the project will be delivered on time and as promised, as ESSENCE is already under construction and due for completion early next year,” said Stephen Horn, development director at Kervale.
So far, apartments sold at the project are nearing a $28 million combined sale value over a six month period.
“ESSENCE offers a number of unique factors and features not available in nearby developments and the boutique nature of the project is highly appealing. This has led to a varied buyer demographic, ranging from young professionals to downsizers,” added Horn.
Designed by Bruce Henderson Architecture & Interiors, ESSENCE spans two buildings, each with 11 residences, two of which have been combined to deliver 21 apartments upon completion.
ESSENCE offers residents ground floor amenities including a wine cellar, residents lounge area, private dining room, kitchenette, billiards table, gym and yoga studio.
“The idea behind the design was to be able to provide people with large homes to be able to downsize but still have the facilities they’re used to. In some cases they haven’t experienced this level of comfort before,” said Graham Morrison, managing director and corporate director at Bruce Henderson Architects.
The project’s parking area also features electric vehicle charging points, pet grooming facilities, bicycle storage, golf club lockers and a car washing station.
Kervale is now set to launch its third project in Brighton, Mode de Vie, on Montclair Avenue.
Remaining apartments within ESSENCE are priced from $1.695 million.
