Construction is under way on Luxcon’s latest residential project, at Port Melbourne in Victoria.
Opposite Station Pier and the Port Melbourne tram stop, the 1400sq m site at 103 Beach Street, Pier 103 will have 19 oversized two- and three-bedroom apartments.
Plans for the project were designed by Carr Architects and Acre is the landscape architects.
Luxcon bought the site in July, 2021 for $16.65 and filed amended plans in March, 2022.
The end value of the project was estimated at $90 million in 2022.
Sydney-based Luxcon’s first acquisition in Melbourne was an office building at Albert Street, East Melbourne, in 2020 for $30 million.
That site is part of the luxury residential project, The Address, overlooking Fitzroy Gardens.
Luxcon Group has a substantial pipeline of completed projects including The One residences at Sydney’s Bellevue Hill, Jardine Residences at Epping, and Eighty-Eight at Kensington.
In December 2023, the penthouse for Pier 103 was sold for $10 million, setting a record price for an off-the-plan apartment in Port Melbourne.
The highest sale price for an off-the-plan apartment in Victoria is $38 million, which was paid for a sub-penthouse apartment in Beulah’s $2.7-billion twin tower project at Melbourne’s Southbank, and paid out in February, 2023.
Station Pier is the main pier for cruise liners and ships docking in the Port of Melbourne and was formerly the home for the Spirit of Tasmania ferry service before it was moved to a new purpose-built terminal at the Geelong Port.
The Urban Developer