Another Luxury Apartment Tower in St Kilda Road Precinct

A consortium led by Macquarie Bank has paid a record $3300 per square metre of land, to snap up a development site opposite Albert Park Lake and the Melbourne Grand Prix circuit.

The property at 70 Queens Road is expected to make way for a luxury apartment tower, similar to the nearby Lucient project at 430 St Kilda Road, which Macquarie Real Estate Capital is developing with boutique private developer Lustig & Moar.

70 Queens Road was sold with a permit for a 10-level, 46-unit apartment tower. When developed, units in the block would offer uninterrupted views across Albert Park Lake and the St Kilda township, to Port Phillip Bay and Williamstown.

An existing double-storey red brick building, split into six separate apartments, will be demolished to make way for the as-yet-unnamed development.

Jones Lang LaSalle executive, sales & investments Damien Steele confirmed the property had sold off-market when contacted by BusinessDay but declined to elaborate on any part of the deal. However other well placed sources say the property, which sits on a 2,323 square metre block, sold for a price of around $7.7 million.

Entry level apartments in the Lucient apartment project at 430 St Kilda Road, started at a very high $2.2 million. Lucient is one of several prestige apartment complexes under construction in St Kilda Road, which runs parallel to Queens Road, across the road from Albert Park Lake.

Other prestige residential projects under construction in the immediate vicinity include Balencea at 454 St Kilda Road at Grosvenor at 55 Queens Road, at the corner of Beatrice Street. Sydney-based developer Stockland recently announced it would build an apartment tower on the site of the Royal Victorian Institute for the Blind building at 517 St Kilda Road.

This year alone, the record price for an apartment in St Kilda Road has been smashed twice, giving developers confidence to build in the inner-city precinct.

In October this year, developer Pan Urban sold a single level penthouse apartment at 401 St Kilda Road to an international buyer for $8.59 million.

Four weeks later, boutique property developer Ubertas sold a penthouse apartment at 505 St Kilda Road, the site of one of St Kilda Road’s earliest office towers, for $10 million.

Related Items :

• Looks Like The End For Historic Avalon Mansion, Queens Road
• Luxury St Kilda Apartment Fetches $10 Million
• Macquarie Buys 71 Queens Road Office Building
• Iris Lustig Moar Sells Albert Road Office Building For Around $20 Million
• Besen Family to Build St Kilda Road Apartment Building
• Lleyton Hewitt Sitting on a Winner at Yve
• New St Kilda Road Apartment Record
• Colin Cookes Forks Out $7 Million For Royal Domain Tower Apartment, St Kilda Road