Melbourne's prestige off the plan apartment market booms with $25 million sales at Cbus Property's 17 Spring Street
The Melbourne off the plan prestige market is continuing to see heightened demand.
Two whole-floor apartments in Cbus Property's exclusive 17 Spring Street residential tower have just sold for a combined total of $25 million, within two weeks of each other.
The Garden Residence, spanning the whole of level 10 with a private 280 sqm plus terrace with landscaping by Paul Bangay, sold even before its marketing campaign.
Following The Garden Residence sale, another whole-floor apartment on the 31st level sold. There's now just one whole-floor apartment remaining in the whole 73 apartment building.
Adrian Pozzo, chief executive of Cbus Property, said the sales showed that overwhelming confidence in the market remained for well-placed product, despite the challenges generated by the COVID-19 pandemic throughout the past 18 months.
“Cbus Property continues to experience strong owner-occupier demand for premium residences in prime locations and our purchasers see immense value in buying at the top end of Melbourne’s CBD,” Pozzo said.
The $300 million 17 Spring St, architecturally designed by Bates Smart at the end of Spring Street, is set to be built on the 1,270 sqm site that was formally occupied by the Mercure Melbourne Treasury Gardens.
It comprises 73 two- and three-bedroom, and half- and whole-floor residences, each with views overlooking the Treasury and Fitzroy Gardens.
Construction is anticipated for completion in late 2022.
It's Cbus Property's second success on Spring Street, having sold out their 35 Spring Street well before its 2017 completion.
Colliers International brokered the whole-floor sales, with their director of residential Brett Griffith saying that despite the challenges brought about by COVID-19 throughout the past 18 months, they cannot keep up with the demand from buyers seeking premium residences in Melbourne CBD’s premier streets, such as Spring Street.
“Quality apartments from quality developers are extraordinarily resilient in all markets; they very rarely shift or drop in price,” Griffith said.