The Eastbourne breaks sqm rate record in East Melbourne

The Eastbourne breaks sqm rate record in East Melbourne
The Eastbourne breaks sqm rate record in East Melbourne

An $11 million apartment in Mirvac's The Eastbourne has sold, achieving a sqm rate at almost $24,000 per sqm.

It eclipsed the previous record held by the Salta building at 150 Clarendon Street which has long been the benchmark for prestige living in Melbourne.

With the Grand Pavilion Penthouse yet to hit the market however, the new record may not stand for long, with price expectations exceeding $30,000 per sqm.

The penthouse will feature 50 metres of frontage and an outdoor pool offering views across Fitzroy Gardens.

The Eastbourne is a classically terraced building set across 11 levels fronting Fitzroy Gardens, boasting spectacular views of the CBD and neighbouring abundant greenery.

Construction is set to start in the coming months on the Bates Smart development, so the design suite, which is now open to the public, will only be on site for a limited time.

John Carfi, Mirvac's head of residential said The Eastbourne’s recipe for success had been tried and tested previously at Mirvac’s landmark St Kilda Road development The Melburnian.

“We knew we had something special here and that determined our approach and our collaboration with Bates Smart to create a landmark project befitting its location and address,” he said.

“It is wonderful to see the success of The Melburnian replicated in East Melbourne, where purchasers have jumped at this unique opportunity.”

The first release comprised the Pavilion Collection – the project’s premium residences boasting large terraces with views over the Fitzroy Gardens and price tags starting from $2 million.

More than 90 percent of this stage has been sold to some of Melbourne’s most highly regarded people, including residents from the famed 150 Clarendon building on the other side of the park, upgrading to East Melbourne’s newest address.

One, two and three bedroom apartments are available, starting from $500,000, with these apartment aimed at the discerning young professional market.

Carfi said that families with young and teenage children have been attracted to the lifestyle advantages of The Eastbourne.

He also suggested that Sydney-siders have seen value in the building and customers are flying down to buy.

The project will also feature a dining room with chefs kitchen, resident's lounge with courtyard and barbecue, a cinema room and a business centre.

With demolition already underway, construction is set to commence early in 2017 and completion expected by mid-2019.

Over 3000 expressions of interest were lodged by interested buyers when the project was launched. 
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