The Block producer Julian Cress pockets $1.71 million from adjoining Gatwick apartment shells

The Gatwick Private Hotel after it was renovated for the 14th series of The Block, last year.

One buyer has snared two adjoining apartment shells on the ground floor of St Kilda’s Gatwick Private Hotel – the subject of last year’s reality renovation television series, The Block.

The $1.71 million deal was struck after a public auction on Saturday where the two unrenovated flats passed in for $1.62 million.

When the units hit the market last month, each had a price guide of between $800,000 and $900,000.

They were offered by the producer of the show, Julian Cress.

Six more apartment shells were created and renovated within and atop of the former hostel at 34 Fitzroy Street.

Five of those were sold by five contestant groups as part of last year’s series.

Ground floor offering was unique

The ground floor shells which were auctioned this weekend are accessed from a foyer separate to the other dwellings.

This common area was renovated as part of last year’s program.

The units also open onto spaces which can be configured as gardens.

According to this item in realestate.com.au, the purchaser is a Melbourne architect which plans on creating one 260 square metre dwelling.

Domain reports – in this item – that the shells passed in to Neometro co-founder Jeff Provan.

Yvette Kelly, who with her sister Rose Banks, for decades ran The Gatwick Private Hotel as a rooming house – attended the ground floor shell auctions.

Ms Kelly and Ms Banks acquired one of the renovated apartments, last year, for $2.77 million.

The pair sold Julian Cress the hotel for $10 million in 2017.

The shells, G01 and G02, were marketed by The Agency’s Peter Kakos and Jesse Raeburn – the latter who was a contestant on the 15th series of The Block, which aired this year.

The ground floor apartments are accessed from a foyer separate to the other six dwellings.
The incoming owner, said to be an architect, is expected to spend more than $200,000 to create the one, 260 square metre, dwelling.

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Marc Pallisco

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

Marc Pallisco