Property Development

$30 million just the tip of the iceberg at Gurner’s Saint Moritz

Written by The ReReport
As seen in the Source link, written by on 2019-02-28 16:09:29


Gurner’s Saint Moritz development on The Esplanade, St Kilda has ten buyers for each apartment — and it’s still months away from official sales commencing.

A St Kilda development containing Melbourne’s priciest apartment has more than 10 buyers queued up for each of its remaining pads.

This is despite being months away from the official opening of sales.

To date, more than 1500 people have registered interest in the $550 million Saint Moritz development, set to replace the former Novotel Hotel at 16 The Esplanade.

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But developer Gurner has downsized the number of apartments on offer, submitting a revised application to planning authorities slashing the number from 240 to 120.

The actual number could be as low as 100.


A render showing the luxury penthouse that has set the Melbourne record.

“It will depend on how many customisations we have,” Gurner boss Tim Gurner said.

A double-storey penthouse at Saint Moritz set a $30 million apartment price record for Melbourne when real estate industry bigwig Antony Catalano snapped it up off the plan last month.

The super-luxury penthouse was initially priced at about $40 million and would have come with a more than 1000sq m floorplan, but its size was revised to a 650sq m interior with a 175sq m terrace after industry feedback.


But a double-storey floorplan and full wine cellar are still on the cards.

A second penthouse, planned for one of the two other buildings at the site, is expected to fetch $25-$30 million.

The project also comes with 5000sq m of amenities, includes valet parking and will have some of the first direct-access lifts to take apartment owners from their basement carpark directly into their home in Melbourne.

Mr Gurner said the goal was to return St Kilda to the grandeur it established as a playground for the rich and famous in the aftermath of the gold rush.


The development will rise above one of Melbourne’s most popular bayside spots.

He said most Saint Moritz buyers were expected to be locals.

“The buyers have been there for a long time, it’s just the product hasn’t been there,” he said.

Staples at the project include Gaggenau appliances, Italian marble, chevron floors and 2.7m-high ceilings that accentuate the views on offer.

Interior styling by David Hicks will be joined by extras as buyers desire, which could include bowling alleys, infra-red saunas or recording studios.

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Saint Moritz’s first tower, Pacific House, will commence sales in about June, with a display gallery nearing completion. The tower will include 45 apartments with an average $4 million asking price and 200sq m floorplan.