An international businessman based in China has paid $25 million – more than $33,000 per square metre – for a 750 square metre penthouse on the very top of Australia 108 – the Southern Hemisphere’s tallest tower – now under construction on Melbourne’s Southbank.
It equals the reported $25 million paid for two amalgamated penthouses in the Rebel Property Group/Capit. el Group’s Bondi Pacific development in Sydney, acquired by a company linked to Andrew Roberts, the former chief executive of Multiplex. But this sale was struck at a more ‘modest’ rate of about $28,000 per square metre for the 900 square metre property.
MELBOURNE RECORD SMASHED
The previous record in Melbourne was in 2008 when a massive 958 square metre penthouse in Salta Properties’ 150 East complex sold to a Sydney businessman for $18.2 million penthouse – about $20,000 per square metre.
A two level penthouse measuring about 800 square metres in James Packer’s $2 billion Barangaroo hotel-casino complex overlooking Sydney harbour, tipped to be offered for $100 million ($125,000 per square metre) would dwarf these prices.
But even the Barangaroo sale – were it to eventuate – would not come close to the US$237 million ($309 million) reportedly paid by an Eastern European buyer for an unfinished 1500 square metre penthouse in the Candy brother’s One Hyde Park luxury London residences last year.
In Manhattan, penthouse apartments up for sale are priced well over $100,000 per square metre, according to the Sotheby’s International Realty website. The most expensive, a four bedroom penthouse measuring 836 square metres on East 58th Street has an asking price of US$82 million ($108 million).
The Australia 108 penthouse sold less than two months after being marketed, suggesting there is global appetite for these ultra-expensive high rise properties.
However, a nearby 660 square metre penthouse on 84th floor of Melbourne’s tallest residential building, the Eureka Tower with an asking price of about $18 million ($27,000 per sq m) is still up for sale through Sotheby’s International nearly nine years after the skyscraper was completed.
Australia 108, being developed by World Class Land, an offshoot of Singapore developer Aspial, features 1105 apartments of which more than 1000 have been sold, many to offshore buyers.
The $25 million sale was negotiated by CBRE Residential Projects and Tim Kennan, owner of KM Sales and Marketing, on behalf of World Class Land.