Cbus Property sells over half of Melbourne's 17 Spring Street

Cbus Property sells over half of Melbourne's 17 Spring Street
Cbus Property sells over half of Melbourne's 17 Spring Street

More than half of Cbus Property's new development, 17 Spring Street, has sold since it launched last month.

The $300 million luxury residential tower designed by Bates Smart has 73 apartments over its 33 levels, although a number of apartments have been amalgamated already.

Construction on 17 Spring Street will commence in September 2019 by the industry super fund backed developer.

Cbus has issued a notice to vacate to Mercure Treasury Gardens, the current site occupant.

Sales so far have been dominated by the local owner-occupier market.

The tower has been proving popular with upgraders already in the city, affluent downsizers and purchasers looking for a new city base.

Cbus Property’s CEO, Adrian Pozzo says 17 Spring will "undoubtedly be the jewel in our crown."

"Purchasers have recognised the unique opportunity offered through 17 Spring Street’s unrivalled location and exclusive offering," Pozzo said.

Cbus Property sells over half of Melbourne's 17 Spring Street
The penthouse living space

“We amalgamated a number of apartments at 17 Spring Street prior to launch, creating additional half floor configurations in anticipation for demand for oversized residences, particularly from the downsizer market.

"This strategy has proved successful with strong sales results for larger format apartments within the first month of the project going on market,” Pozzo added.

Brett Griffith, who is handling the marketing, says Spring Street was "highly sought after."

Cbus Property sells over half of Melbourne's 17 Spring Street

17 Spring Street will comprise a mix of two and three bedroom apartments, the two beds ranging from 105 to 160 sqm and three beds from 134 to 245 sqm.

There are a number of half and whole floor residences ranging from 245 up to 441 sqm internally.

The penthouse spans 468 sqm and has a 240 sqm terrace and a private pool.

Construction completion is anticipated for mid-2022.

 

Joel Robinson

Joel Robinson

Joel Robinson is a property journalist based in Sydney. Joel has been writing about the residential real estate market for the last five years, specializing in market trends and the economics and finance behind buying and selling real estate.

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