Talk about plucking money out of thin air.
Airspace on top of the Hampton Hotel at 52 Beach Road has made way for luxury penthouses, the biggest of which has come to the market with an asking price of $2.5 million.
The airspace was famously sold to a developer last year, after the council approved plans to build apartments on top of the hotel. Agents said this sparked a string of permit applications to build luxury penthouses on top of existing buildings, a trend they say has since slowed.
Selling agent Adam Gillon of Buxton Hampton East promises the Hampton apartment is taller, wider and more luxurious than any other offering on Beach Road. Coincidentally, it includes a roof-top deck which one would have to say, has development potential.
Other homes built on airspace includes penthouses on the former Tabcorp building in Queens Road, and penthouses on top of an apartment tower in Collins Street in the city.