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Record price for Melbourne Penthouse with $30M sale

Luxury property developer GURNER™ has broken Melbourne’s price record for the most expensive apartment sale, contracting a $30m penthouse at its ultra-luxury Saint Moritz development in St Kilda to a high-profile Melbourne family.

The sale, contracted off-market prior to the development’s slated public launch in June this year has achieved an unprecedented $40,000 per square metre.

The price is 20 per cent higher than the previous Melbourne record and is the second highest in Australia, surpassed only by a $40m record price achieved for an apartment in Sydney.

The 6-star apartment development, to be built on the site of the once-famed ‘Saint Moritz Ice Rink’ that operated from 1939 – 1981, promises to be Australia’s most exclusive residential addresses, featuring amenities for residents that are worthy of a luxury hotel.

The 6,000 sqm site, which currently houses the Novotel Hotel, will be transformed into three, ultra-luxurious 8-storey towers with fewer than 40 apartments per building.

The penthouse, with breathtaking views of the bay stretching to the city skyline is designed over 650sqm internally and 150sqm externally. It features seven bedrooms, a seven-car private garage with direct lift access, four living rooms, an in-home sauna, gymnasium and two private pools.

The double-storey penthouse has earned its price-tag with gravity-defying design features such as a cascading two-storey water feature surrounded by marble-clad walls, a solid Nero Marquina bathtub with 180 degree water views, another internal pool that submerges into the rooms below – complete with transparent glass that can be viewed from the lower level – a floating fireplace and a 1,000-bottle, temperature-controlled wine cellar, accessible via a sculptural spiral staircase.

Developer Tim Gurner believes the planned amenities, design and waterfront position are the factors resulting in a record sale price.

“This penthouse has been designed to be the best in Australia and arguably one of the best in the world,” said GURNER™ founder and director, Tim Gurner, who travelled to the best hotels, penthouses and destinations in the world for inspiration.

“We had no intention of selling the prized penthouse until the launch, but once word got out we were swamped with interested buyers – all local Melbourne identities who quickly realised this will be Melbourne’s and arguably Australia’s best residential address.

“We had five interested buyers and two quickly became very competitive. We worked with the successful buyer to design and customise the penthouse with them before formalising the sale – a process that has now been completed.

“The contracted price is under strict confidentiality but we had an asking price of $30million and it’s fair to say I am extremely happy with the result and I know our purchaser is also.

“Off the back of this successful transaction we are currently designing another penthouse in the second building that will be priced in the vicinity of $25m to $30m. This will be launched as part of our ‘Penthouse Collection’ prior to the main project launch in June this year.

“The Penthouse Collection will include ten residences across the three buildings that will be the absolute best in Melbourne, priced from $5million up to $25million-plus.

“Saint Moritz is an irreplaceable offering and the last development opportunity along St Kilda’s famed Esplanade. We set out to achieve a new global standard and our penthouse sale underpins this vision. We can’t wait to bring the first building, Pacific House to the market mid this year,” Tim Gurner, founder and director of GURNER™ said.

The sale was the first by the new Victorian branch of one of the world’s most prestigious luxury real estate brands Christie’s International, which opened its doors only last week.

Chief Executive Officer of Christie’s International’s new Victorian affiliate, Mr Sean Cussell, formerly a director at Marshall White, has partnered with Australia’s leading high-end agent Ken Jacobs of Christie’s Sydney to establish the Melbourne office.

Mr Cussell is reportedly the agent responsible for the record for the highest price paid for a house in Melbourne, being rumoured to have sold Stonington Mansion in Malvern for $52m last year.

Mr Jacobs holds the record for the highest price paid for a house in Australia having sold the Fairfax family-owned mansion Fairwater last year to Atlassian co-founder Mike CannonBrookes for $100m.

Mr Cussell said Saint Moritz “unquestionably boasts the best penthouse apartment in Melbourne and is the best apartment project ever seen in this county.

“There is nothing that comes close and it will be impossible for anyone to replicate it. It truly is unique and has raised the bar in a way the development market has never seen before. We believe it will set a benchmark for quality all around the world.”

While Mr Cussell would not confirm the identity of the family who had purchased the penthouse, he said their decision to relocate from a substantial waterfront mansion in Melbourne to a luxury apartment would challenge traditional thinking on what constitutes a family home.

“The couple will be moving their large family into the 7-bedroom penthouse, which is a trend we are seeing more and more as Melbourne families sell their traditional established homes in favour of the convenience, comfort, amenity and security of a modern building all within minutes of the best that Melbourne has to offer

“The beach is at your doorstep, Melbourne’s best boulevard opens up from your driveway, the buzz of St Kilda surrounds you and the city is a few minutes away. It doesn’t get any better,” Mr. Cussell said.

Saint Moritz will offer 120 private residences encompassing two, three bedroom, four, five and six bedroom offerings, with prices ranging from $1.4million to $30million-plus.

The project is currently taking registrations of interest with sales to launch in mid-2019.

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