Luxury St Kilda Apartment Fetches $10 Million

A spokesman for boutique developer the Ubertas Group confirmed the developer sold an apartment at its yet-to-be-constructed 505 St Kilda Road tower, for $10 million to an as-yet undisclosed business identity.

The apartment is spread over two levels and includes five bedrooms, each with its own ensuite, huge formal and informal living areas, six secure car spaces and expansive views of Fawkner Park, Port Phillip Bay and the CBD.

The $10 million sale price eclipses the St Kilda Road record set just two months ago, when an international buyer paid $8.56 million for an apartment at 401 St Kilda Road, near the Toorak Road junction.

Prior to that, tennis ace Lleyton Hewitt held the title for paying the most to buy into the exclusive tree-lined boulevard.

In 2004, he served up $8.325 million to buy the top two apartments in Sunland’s Yve development at 576 St Kilda Road, which he redesigned to form one full-floor penthouse.

News of a new price record for St Kilda Road comes in the same week developer Morry Schwartz announced he had achieved enough pre-construction sales to start building his medium-density luxury apartment offering at 401 St Kilda Road.

Lucient and Balancea are other apartment complexes on the world famous boulevard, targeting the top-end apartment buyer.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco

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