A luxury South Yarra apartment development by Fadil ‘Butch’ Sadikay, the founder of retail brands Osmosis and Surf, Dive ‘n Ski, has been dressed for success.
Opposite the Royal Botanic Gardens and dubbed the Botanic Collection, it is understood to have snared multiple multimillion-dollar sales this year, including a 300sq m full-floor apartment in its highest profile building at 30 Anderson St for an undisclosed sum.
A third-storey penthouse in the same building has a $20 million asking price.
Mr Sadikay raised eyebrows in 2016 when he splashed $33 million to buy the three-property site from the estates of long-time South Yarra resident Marion Page, daughter of businessman Sir Clive McPherson. The massive figure was double the $16 million they had been valued at.
Now his development firm, Sadikay, has begun to recoup the costs with a four-building redevelopment that will ultimately house 17 apartments.
Industry sources hinted the only original building being retained across the 2655sq m complex, a 1930s house built by celebrated architect Marcus Martin that will be retrofitted as apartments, is on the cusp of selling out.
Kay & Burton’s Damon Krongold said while he could not disclose sales to date, there had been an “overwhelming level of inquiry”.
The stability and energy of having Mr Sadikay at the helm and as a near neighbour, alongside the project’s location and quality, were winning buyers over — despite a $2.99 million entry point.
“He goes past this every day, and it’s unbelievably important to him to establish this benchmark of quality and finish around the corner from where he resides,” Mr Krongold said.
With leafy views over its neighbour, the Yarra River down the hill and the CBD a pleasant walk away, the development is in a part of Melbourne that has been home to the rich and famous for more than a century.
“This is the upper echelon of aspirational property,” Mr Krongold said.
The new buildings being created at the site are highlighted with curving architecture inspired by nature, with architects at Rob Mills and Powell & Glenn revealing they actually laid tree branches over their designs to ensure they were getting the right natural feel.
Most apartments feature open-plan, three-bedroom floorplans and scope to customise.
All have been designed with high ceilings and copious natural light to accommodate buyers likely to want to display artworks.