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.