Majority of stock sold prior to local launch of Southbank's Opus Tower development
The majority of one bedroom apartment and penthouse stock at the 37 storey Opus Tower has been sold or is under reservation, presumably going to offshore buyers prior to the tower's Australian launch on May 29. Only 31 two bedroom apartments and 40 premium residences remain, with prices starting at $665,000.
The property, which was heavily marketed in Hong Kong and mainland China, comprises 246 residences, including one and two bedroom apartments and penthouses. Marketing efforts include a cross promotional deal with Qantas, where registrants were entered into a draw to win 1 million Qantas Points, and the opportunity to earn 1 point per $1 spent on property purchases in the tower. Opus Tower is not the first off-the-plan property to be promoted through Qantas points by LK Properties, who launched the Qantas deal mid last year.
Construction has been approved after four years of delays.
Plans for the residential tower first emerged in 2010 after Tapil Pty Ltd obtained a planning permit for redevelopment at 57-61 City Road, Southbank for 246 apartments, two retail premises, three offices and parking for associated cars (see below).
Planning details from the City of Melbourne, 2010
However, after submitting plans for the building, Tapil ran into a series of roadblocks over minimum boundary setbacks on the building's east and west borders. Amended plans were submitted to the City of Melbourne, who were ordered to approve the amended plans by the Victorian Civil and Administrative Council in April 2011.
Tapil then listed the 912 square metre site with planning permits through Lemon Baxter in May 2011.
57-61 City Road's listing through Lemon Baxter. Source: The Age
It was then listed again in September 2011 through Colliers International. Reportedly, the site sold for $11.9 million last year with final plans greenlit in late February 2014.
Opus Tower will be located at 57-61 City Road, Southbank, near the Eureka Tower, fronting onto Fawkner Street and City Road. Designed by Artisan Architects, the tower will have a white, black and gold façade with textured concrete and metal components. There will be a ground floor retail precinct, and internal features will include curved, gold chained walls in the building’s lobby.
Larry Kestelman’s LK Property Group is currently accepting registrations from Australian for pre-release access to the project’s two bedroom residences. The apartments, marketed by Amity Real Estate, will offer floor to ceiling windows, timber flooring and Essastone benchtops in the kitchens. In May developers will launch the remaining stock to local buyers, including a premium selection of 40 residences in the tower.
Floor plan for penthouse option A at Opus Tower, Melbourne.
Floor plan for two bedroom apartment Opus Tower, Melbourne.