Marcel Kreis upgrades in South Yarra

Marcel Kreis, the former chairman of private banking for the Asia-Pacific region for the Zurich-based Credit Suisse, has upgraded South Yarra residences.

He secured $3.7 million last month for his redundant Murphy Street abode, which was bought in 2012 for $3.2 million. The Murphy Street property did previously have $4 million-plus hopes.

Its sale was some months after the buyers agency Jacobs Buyer Advocates reported on its unsuccessful auction noting "even Gerald Delany couldn’t persuade the crowd of 20 odd to raise their hand."

It seemed buyer’s were calculating the cost of bringing the residence back to the original floor plan.

Gerald Delany placed a vendor bid at $3.7 million.

Eventually he passed the property in at this level with a whispered offer of $3.5 million rejected after the property was passed in.

Designed by architect Nicholas Day, the recently sold 390-square-metre apartment is in a quiet South Yarra street, between Domain and Toorak roads. 

There are two apartments in the block; the upstairs apartment had been kept and lived in by the developer owner.  

Back in 2001 the Melbourne-based producer and writer team Nadia Tass and David Parker had paid $1.545 million for the then house at Murphy Street.

Their movie industry box office successes include Malcolm, Amy, The Big Steal and Rikki and Pete.

The house was sold by developer Simon Bancroft, whose previous family interests included a dry-cleaning business.

Marcel Kreis has bought the other within the duplex for $4.3 million.

Kreis had joined Credit Suisse in 2007 from UBS AG, Switzerland’s biggest bank, after posts that also spanned Citigroup Inc. and the Merrill Lynch international wealth arm.