South Melbourne trophy apartments competing with The Block Sky High
With the forthcoming auction of The Block apartments on Park Street in South Melbourne, Property Observer looks at competing apartments on the market in the same price category.
The Block Park Street complex comprises of five apartments, each featuring three bedrooms, four bathrooms and two car spaces. There is also the ground floor apartment.
The Block buyers will also have access to a resident’s rooftop featuring an outdoor cinema and a BBQ area.
The price guide for some apartments start at $1.2 million plus, however the show had previously signalled $1.5 million to $2 million hopes for the apartments, if you believe Keith, the foreman.
For those looking to buy comparable South Melbourne apartment face few options - and they tend to be off the plan offerings.
Potential purchasers looking for comparables will no doubt look at a three-bedroom, two-bathroom penthouse in the Sunday Apartment building.
Located at 65 Coventry Street, the 129-square-metre penthouse (pictured below) is listed for $1.3 million plus
The Coventry Street apartment also includes two car spaces, two balconies, Miele appliances and a communal pool, spa, BBQ area and garden courtyard.
The Sunday Apartment building is currently under construction but nearing completion.
A three-bedroom, two-bathroom apartment at 50 Albert Road South Melbourne is available to buy off-the-plan for $1.75 million.
Located on level 20, the apartment features an entertainer’s kitchen, 900 Miele appliances and two integrated fridges.
The apartment also features two private balconies and two car spaces.
The complex features a resident’s rooftop, two spas, a BBQ area and a function lounge.
Developed by Hamton and designed by Elenberg Fraser, Fifty Albert has an expected completion date of mid 2013.
The median apartment price in South Melbourne is $522,000, a 15.1% growth in the past five years, according to RP Data.
The median rent is $510.
The Block apartments will go under the hammer on July 27.