Ubertas Buys St KIlda Road Office Building, Plans Luxury Apartments

Ubertas plans to develop luxury apartments on the site. It will be the developer’s third major residential project.

Ubertas bought the Park House office building at 505 St Kilda Road in October last year. It recently sold a two-level penthouse apartment at its $160 million project at 505 St Kilda Road for $10 million – smashing the record for the price of an apartment on St Kilda Road by more than $1.4 million.

Until recently, tennis ace Lleyton Hewitt (below) held the title of owning the most expensive apartment on St Kilda Road. He paid $8.325 million for a full floor of the distinctive Yve complex at 576 St Kilda Road. That record has now been broken twice.

Ubertas also recently announced plans to build a $400 million, 50-level office building and apartment tower on a site it owns at 350 William Street, at the north-west tip of the CBD, opposite Flagstaff Gardens.

Ubertas development manager Craig Trembath said the company would demolish the building on 568 St Kilda Road, as it had done for Park House, to make way for the new tower. The 44-year-old, five-level B-grade building of 3800 square metres is fully leased to tenants including the Sandhurst Golf Estate, Victorian Rugby Union and Volleyball Victoria.

A permit is expected to be lodged with council next year

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Marc Pallisco

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