By: Andrew Date
What you should know, before buying a Penthouse or Apartment on St Kilda Road Back
My partner Libby and myself are lucky enough to live in the multiple architectural award-winning building YVE, located at 576 St Kilda Rd Melbourne.
We love the building for all its amenities, and of course its design. But what we enjoy the most about living where we live is the location. We’re close enough to the city, without being at the very heart of the action (i.e. the noise and crowds).
We are spoilt for choice when it comes to green open space: Albert Park Lake, Fawkner Park and the Royal Botanic Gardens are all a short stroll away.
There are a number of tram routes at our doorstep every 3 minutes, Wesley College across the road and Albert Reserve Tennis and Cricket Club just down the road.
Add to this the Metro Tunnel development, which will include five brand new underground train stations, in the inner ring of the Melbourne CBD. St Kilda Road residents will benefit from the new Domain station planned for the corner of St Kilda Rd and Domain Road.
The train station will service thousands of residents and workers who live and work in the St Kilda Rd precinct and travel across the city. This will make commuting from the south side to the north side of the CBD a breeze. If you are a resident, you will have to wait a while, as the project is due to be completed by 2025-26.
If you are a resident of the area like myself, you will know there has almost always been a crane and construction underway in the area!
We’re now seeing a shift from office buildings, to more specific boutique apartment living. Over the last three years, eight commercial office towers have been acquired for redevelopment to residential apartments.
Lindsay Fox is also aiming to replace Linfox’s office at 498 St Kilda Rd with a 148 unit 20-storey tower which will overlook the scenic Fawkner Park. Qualitas purchased the office next door to Fox Headquarters in 2015 and are currently midway through a 300 million luxury apartment conversion.
The commercial market has been running hot along St Kilda Road. During the last 12 months, the recent results are indicating that foreign investment in the commercial space is growing at a rapid rate.
As a property advocate, I thought it was pertinent to share the top commercial and residential penthouse and apartment results, which have transpired over the last 12 months along our beautiful boulevard.
In November CBRE sold 312 St Kilda Road for $77 million to Singapore’s Tong Eng Group. They snapped up the prominent St Kilda Road office tower in Melbourne, from the Myer Family Investments.
In August, Vantage Property Investments acquired 420 St Kilda Road for $69 million.
Another international company purchased 390 St Kilda Road for paid $98 million.
Recently a Hong Kong based company, purchased 324 St Kilda Rd for 42 million, with a yield of approximately 5.8%
A Taiwanese developer has also paid 34 million for 596 St Kilda Road, with this equating to a record $18,000 per sqm. This is one of four buildings along St Kilda Road that will be withdrawn from the office sector and will be converted to residential apartments.
1 Bowen Crescent South Melbourne, which runs into St Kilda Road was listed by Josh Rutman from CBRE Commercial and sold for 14 million to a Sydney family. It currently returns $669,285 per year in rent.
My Top Residential Results on St Kilda Road in 2017
1903/1904 – 576 St Kilda Rd.
Bec and Lleyton Hewitt’s YVE Penthouse – listed by WHITE FOX Real Estate and sold by Ryan Fisher for an undisclosed amount in the vicinity of 10 million in August this year. The standout result for 2017. Offering six bedrooms, seven bathrooms, and eight car parks plus a tremendous 740sqm of internal living space and 440sqm of terrace and some of the best views of Melbourne.
1206/368 St Kilda Road
Sold in January for 2.35 million. Offering three beds, two baths, two cars. Extra features include a 24-hour concierge, a resident’s library and boardroom, a large pool and spa, a gym and sauna and proximity to public transport and some of Melbourne’s finest epicurean delights and entertaining venues reinforce the namesake of The Royal Domain.
3203/368 St Kilda Road
Located opposite the Royal Botanical Gardens. Offering 3 bedrooms, 2 bathrooms and 4 car spots. Sold for $5.4 million in February this year.
202/401 St Kilda Road
Three beds, three baths, three car spaces. SOLD April 2017 – $3.6 million. The sanctuary of internationally acclaimed interior designer David Hicks, this one of a kind and luxurious three-bedroom, the 3.5-bathroom apartment is secluded within the world-class Elenberg.
303/401 St Kilda Road
After one year on the market, it eventually sold for $3.7 million in February 2017
250 St Kilda Rd Southbank
Sale Price $2.72 million in May – 2017. – 3 beds 2 baths 2 cars.
1608 St Kilda Rd Southbank
The Melburnian – Melbourne’s most Prestigious Address! 2 bed – 2 bath, 2 cars, sold in May 2017 for $2.720 million
1605/576-578 St Kilda Road – YVE
SOLD, 17 Feb 2017 $2.2million – Leased at $1,790/W – Previous Sale $1,870,000 in June 2007.
If you are thinking of buying a luxurious Melbourne Penthouse or apartment or would like to learn more about the commercial properties along St Kilda Road. Please feel free to give me a call on 0402 346 810, and we will help guide you through the best on and off-market opportunities available in the Melbourne market.