Construction starts on Saint Moritz development at St Kilda Novotel site 15 months early

Construction has commenced on Gurner's $540 million Saint Moritz development at St Kilda.

The project will transform the former Novotel St Kilda site.

Demolition of the existing building commenced on July 17, some 15 months ahead of schedule.

The project secured $500 million in presages including reports of an arrangement involving a $30 million two-level, 650 square metre penthouse sale to former Domain boss Antony Catalano in February.

The developer has confirmed ANZ is funding the $300 million construction debt facility.

Gurner suggest is ranks as the largest residential construction loan undertaken by the big four banks to a private developer this year.

ANZ has funded over 90% of Gurners’s projects since the brand’s inception in 2014.

Local builder Crema Group has been appointed to build the three-tower, 'ultra-luxury' precinct, with the build contract worth upwards of $150 million.

Only five residences remain for sale in the final building, Grand Esplanade, while the first two buildings, Pacific House and Azura, are fully sold.

Saint Moritz has been designed by Fender Katsalidis and Koichi Takada Architects, with the interiors crafted by David Hicks.

Completion is slated for late 2021.