Luxury apartment listings on Chapel Street, South Yarra

The $50 million penthouse atop the Capitol Grand high-rise has been retained by its developer, Larry Kestelman.

Luxury apartment listings on Chapel Street, South Yarra
The apartment living area: Source Kay & Burton

The priciest resale apartment listing since completion of South Yarra's Capitol Grand, known by many as LK Tower after its developer, has hit the market.

It is a 45th floor apartment in the Bates Smart complex on Chapel Street.

It has separate wings, with one devoted to the main suite, the second wing offering the flexibility of two further bedrooms or a guest suite and home office/study.

The apartment, officially known as 4501/1 Almeida Crescent, is for sale by expression of interest.

There is an indicative selling price of $9.2 million to $9.75 million through Andrew Sahhar at Kay & Burton.

It first sold off the plan in 2018 at $9.2 million.

There is an asking price of $20,400,000 for unit 4701 in the Capitol Grand.

South Yarra continues to offer luxury off the plan purchasing opportunities including 661 Chapel.

Earlier this year there was a $17 million penthouse sale at 661 Chapel Street through Burtons estate agent Taylor Dow.

A local resident bought the penthouse that crowns the 126 apartment, 30-storey apartment tower by Malaysia-based developer Gamuda Land.

The 720-square-metre penthouse is across three full floors.

It sold as an empty shell allowing the new owner to customise the fit-out.

Gamuda Land's $134 million project was its first in Australia.

South Yarra's previous penthouse sales include a $16 million apartment at the top of Beulah International's Fawkner House project opposite Fawkner Park.

The $50 million penthouse atop the Capitol Grand high-rise on the corner of Chapel Street and Toorak Road was retained by its developer, Larry Kestelman.

In 2019 the South Yarra penthouse of developer Michael Fox sold for $9.12 million in the 2015-built Central South Yarra block that he built. 

The 30-level, 367-apartment block was designed by Rothelowman in collaboration with Plus Architecture.

There's been a long pause on the 402-416 Chapel Street island site, which since 2015 has been set to be a 12 level mixed-use development holding 75 metres of frontage to Chapel Street and bound by Simmons Street, Bray Street and Grey Street. 

The design the Fried Spotlight family was by Plus Architecture.

In 2016 there were plans for a $120 million Aloft Hotel on the site.

There's a project in the works at the flagship Jam Factory, which will be redeveloped under a new partnership between Newmark Capital, Gurner and Qualitas.

The new plans for a mixed-use precinct comes with an expected end value of about $1.4 billion.

Franze Developments remains in planning with their site at 430-438 Chapel St, the site known through past decades as the Chapel Street Huts.

Apartments in 661 Chapel Street, South Yarra

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1 bedroom from $546,000
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2 bedrooms from $798,000
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2 bedrooms from $873,000
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2 bedrooms from $1,292,000
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2 bedrooms from $1,638,000
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3 bedrooms from $1,841,000
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Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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