This article is from the Australian Property Journal archive
Developer and builder Lowe Living has acquired of one of bayside Melbourne’s most significant development sites, the Brighton Savoy, and has received planning approval for a $140 million apartment project that will deliver the newest ultra-luxe residences to the blue-ribbon suburb.
Lowe Living’s acquisition comes less than two years after Robert Brij’s Primeland entered into an agreement to buy the 3,386 sqm site at 150 Esplanade, earmarking the site for a $120 million high-end apartment and townhouse project.
A few months later, a Primeland-led consortium’s attempt to take over A-Leagues club Perth Glory fell through days before the deal was due to formalise, due to preconditions not being met.
Primeland had only in September revealed more detailed plans for what it wanted to do with the Brighton Savoy. Evidently, this acquisition also never completed. Lowe Living said it secured the site through an off-market transaction in direct negotiations with landowners the Lee family, who had held the site for the last 55 years.
Lowe Living would not be drawn on a purchase price, but industry sources told Australian Property Journal the deal came in at circa $25 million.
The Lowe Living project will comprise 14 apartments across three levels and is due to come to market in mid-2025. Early estimations of pricing start from $5 million and reach upwards of $20 million for half-floor penthouses.
The corner site sits directly opposite Brighton Beach, and just 100 metres from the famed Brighton Bathing Boxes, which typically sell for $350,000 to $400,000-plus, making for some of the sought-after suburb’s most expensive sqm rates.
Lowe Living said it has plans to reconfigure some of the residence layouts within the existing planning envelope to “ensure each apartment unlocks maximum water views and superior internal layouts”, including a full-floor wellness amenity level which is drawing inspiration from European bath houses.
Toorak-based Kennon Architects studio have been appointed to lead the design of the interiors.
“We have always heavily invested in Melbourne’s bayside suburbs, so acquiring one of the area’s most prized development sites with absolute waterfront views is an extremely exciting milestone for our team, and strongly aligns with our company’s strategic expansion plans,” said Emma Lowe, co-founder and managing director of Lowe Living.
“The Esplanade in Brighton is synonymous with prestige, beauty, and timeless appeal. Our design team is dedicated to delivering residences that reflect this, incorporating unobstructed bay views, wellness-driven amenities, and refined details throughout.”
Tim Lowe, co-founder and managing director of Lowe Living, said, “The Brighton Savoy represents a rare opportunity for us to complete a truly landmark development for the area that will complement Brighton’s natural beauty and all the iconic surroundings of The Esplanade, all while offering an exceptional lifestyle for our future residents in a treasured location.”
Lowe Living had in recent weeks doubled down on its Melbourne bayside luxury residential market plans, acquiring sites in St Kilda West and Hampton where it will deliver boutique apartment projects worth a combined $140 million.
It has existing projects in Hampton, as well as in bayside suburbs Sandringham, Parkdale, and South Melbourne.
