East Melbourne apartment for sale at $46 million: a state record


An East Melbourne property would become the priciest apartment sold in Victoria if it achieves its $46 million asking price – or anything close.

A sales campaign for the sub-penthouse at 150 Clarendon Street (pictured, top and below), was launched on Instagram yesterday by Whitefox director Marty Fox.

The marketing is unusual for a property priced in this stratosphere – in that the vendor is interviewed, as part of a video on the company’s website.

The apartment sold to this vendor in 2007 for $19.4 million.

One of the living rooms within the sub-penthouse apartment.

With an internal area of 1400 square metres, the dwelling includes four bedrooms, 4.5 bathrooms and four car spaces, balconies, a cinema and numerous living and dining areas.

Salta Properties developed 150 Clarendon Street in 2008 as a premium product, with high quality fixtures and fittings, oversized dwellings, and a grand entrance foyer reminiscent of a five-star hotel.

Replacing a former Mercy Hospital, the property was for a period nicknamed the ‘tower-of-power’, given the number of business executives who lived there.

The apartment captures Melbourne CBD views over Fitzroy Gardens.

The apartment often speculated to be Victoria’s most valuable occupies the entire 12th (top) floor of 150 Clarendon Street.

Owned by Salta Properties founder Sam Tarascio Senior, it is considerably bigger than the 11th storey unit Mr Fox is marketing.

In February, the state record price for an apartment was set when Tim Gurner sold a seven-bedroom, 650 sqm penthouse within the proposed St Moritz complex, in St Kilda, for $30 million.

The residential development will replace the Novotel hotel, a site which once accommodated the St Moritz ice rink, at 14-16 The Esplanade. Mr Gurner is co-building the apartment complex with the landowner, Sydney’s Barana Group, directed by Greg Shand.

An image used in the marketing of St Kilda’s St Moritz project, where a $30 million apartment sold off-the-plan in February.

The former record price paid for an apartment in Victoria was again off-the-plan: in 2015, when an offshore buyer reportedly paid $25 million for the 100th (top) level of the Australia 108 building in Southbank.

In March we reported about a proposed South Yarra apartment development containing a $20 million penthouse overlooking the Royal Botanic Gardens. Larry Kestelman is also marketing apartments priced between $20 million and $25 million as part of his Capitol Grand project, in this suburb.

A year ago, former Australia Post chief Ahmed Fahour listed for sale his historic Hawthorn estate, Invergowrie, asking between $40 million and $44 million – withdrawing it from the market in August.

The neighbouring home, Avon Court, was listed at the same time as Invergowrie and, until yesterday, was the most expensive dwelling for sale in Victoria. We covered an Avon Court price drop to $40 million in this item in December.

The state’s record price for a residential home was set last February when an offshore businessman paid art dealer Rod Menzies $52.5 million for the Stonington estate in Glenferrie Road, Malvern, across the road from the Toorak suburb border.

The country’s priciest sale occurred in September last year when Atlassian co-founder Mike Cannon-Brooks paid the Fairfax family close to $100 million for Fairwater in Sydney’s Point Piper.

Mr Cannon-Brookes’ business partner, Scott Farquhar, set the national record the year earlier when he paid the same vendors $71 million for the unrenovated Elaine estate, next door to Fairwater.

Marc Pallisco

A freelance property writer and analyst, Marc is a co-founder of realestatesource.com.au.

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