Downsizers spend record $19m on East Melbourne penthouse

img img

An East Melbourne penthouse overlooking Fitzroy Gardens and the Melbourne CBD has been acquired off-the-plan by a local family for $19 million, setting a new apartment benchmark in one of Melbourne’s premier inner-city suburbs.

Developer Ilya Melnikoff, whose Luxcon Group is behind the 10-storey development at 380 Albert Street, said the buyers were a wealthy Melbourne family who had recently sold their large suburban home.

Selling agent Sarah Case from RT Edgar added that the buyers of the double-storey penthouse were empty nesters from Melbourne’s bayside suburbs who travelled a lot. Neither would identify them.

In another coup for Mr Melnikoff, the nephew of Meriton founder and Rich Lister Harry Triguboff, Luxcon sold a smaller sub-penthouse in the same development for $16 million, also to a local downsizing family.

The sales mean 12 of the 22 ultra-luxury apartments in the project – marketed by Luxcon as The Address – have sold off-the-plan. The development is under construction and due to be completed in October.

The sale of the top floor penthouse, which offers 485 sq m of internal space and 825 sq m in total, smashed the previous record for an East Melbourne apartment – $11.85 million paid in 2016 for a four-bedroom apartment on the eighth floor of 150 Clarendon Street, the suburbs most prestigious apartment building.

More recently, a 348 sq m penthouse in Mirvac’s The Eastbourne building at 280 Albert Street (next door to the Luxcon project) resold for $9.5 million, after it was purchased off the plan for $8.3 million in May 2016.

The record for a Melbourne apartment is $35 million paid last year for a 1000 sq m sub-penthouse that will take out an entire floor in the country’s tallest project, Beulah’s STH BNK skyscraper at Southbank.

However, this is nowhere near the $140 million paid in 2019 for the three-level penthouse at the top of Lendlease’s One Sydney Harbour at Barangaroo.

The Australian Financial Review
Larry Schlesinger


Keep Up to Date with Luxcon

Level 18, 25 Bligh Street
Sydney, NSW 2000 Australia
T: 1300 589 266
F: +61 2 9231 3379

When You Experience the World

You Expect the World