Record-breaking East Melbourne apartment discounted $10 million

The price of the East Melbourne apartment which hit the market in May asking $46 million has been substantially revised.

The new Statement of Information attached to the listing for 1101/150 Clarendon Street indicates a guide price of between $36 million and $39.6 million.

The 11th floor sub-penthouse has an internal area of 1400 square metres.

At that value, the dwelling would still set a record price for a Victorian apartment.

It would also represent a substantial capital gain for the vendor, businesswoman Margaret Lou, who bought it off the plan 12 years ago for $19.4 million.

The 1400 square metre unit forms part of a 12-storey luxury apartment complex.

Salta Properties completed construction of the luxury East Melbourne tower in 2008.

The developer, Salta Properties founder, Sam Tarascio, has a penthouse which occupies the entire top floor.

The 11th floor residence – details which we covered in this item – is for sale via Whitefox Real Estate’s Marty Fox in conjunction with Savills’ Benson Zhou. Mr Zhou who wasn’t appointed on the gig in May.

With this month’s price reduction, the most expensive residential property for public sale in Victoria is again Avon Court, at 18-20 Shakespeare Grove, Hawthorn – with an asking price of c$40 million.

Avon Court
Avon Court at 18-20 Shakespeare Grove, Hawthorn.

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Marc Pallisco

Marc Pallisco

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

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