Besen Family to Build St Kilda Road Apartment Building |
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Written by Marc Pallisco
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Sunday, 23 September 2007 |
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Melbourne business squillionaires the Besen Family are turning their hand to residential property development, converting what was believed to be the first high-rise office building in St Kilda Road, into luxury apartments.
The new project, at 505 St Kilda Road, includes a penthouse apartment expected to fetch a whopping $7.5 million – substantially more than the next available luxury apartment in the world famous boulevard, which is asking $6 million.
An interest associated with the daughter of shopping centre billionaire Marc Besen is believed to have purchased the 46 year old office building for $16 million late last year.
Other boutique apartment projects in the street include 401 St Kilda Road, Balencea.
The record price for a penthouse in St Kilda Road is still held by tennis player Lleyton Hewitt, who paid a speculated $8 million for the top level of Sunland’s award winning Yve development nearby.
The Besen family empire began in 1939, with a Sussan store in Collins Street. It recently sold a half share of its Highpoint Shopping Centre for around $621 million.
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