Tim Gurner to capitalise on booming penthouse market, lists Albert Place Residences sub-penthouse

Apartment 1405/7 Bowen Crescent in the Albert Place Residences has 180-degree views over Albert Park Lake

Tim Gurner to capitalise on booming penthouse market, lists Albert Place Residences sub-penthouse
The Albert Place Residences sub-penthouse. Image supplied

The Melbourne apartment developer Tim Gurner has listed the sub-penthouse in his South Melbourne project, Albert Place Residences, amid significant interest in penthouse offerings across Melbourne.

“I’ve never seen so much demand for luxury penthouse product," Gurner said.

"We sold out of our penthouses at Victoria & Vine and St Moritz months ago but this luxury three-bedroom product is still easily the most enquired about apartment type across our portfolio."

It comes with $4.4 million to $4.8 million price hopes.

"The space that was a personal creative vision project for Aimee Gurner and I .... a spectacular space with no expense spared," he said.

It has 180-degree views over Albert Park Lake, Port Phillip Bay and back to the city. 

Read more: Why Tim Gurner chose Collingwood's Smith Street, the world's coolest street

Tim Gurner to capitalise on booming penthouse market, lists Albert Place Residences sub-penthouse

The investment apartment at 1405/7 Bowen Crescent had been leased out for $260,000 a year, or $5000 a week, last year after the projects' construction completion by Crema. 

The building was designed by Elenberg Fraser.

The tenant was introduced by Burton’s agent Taylor Dow.

Gurner has now listed the penthouse amid the increasing demand for luxury penthouses.

Local agent Michael Paproth is running the sales marketing campaign.

“At present, there are a lot of high-net-worth Australians repatriating from overseas, particularly from Asia, who have become accustomed to apartment living and are on the hunt for homes exactly like this,” Paproth said.

Tim Gurner to capitalise on booming penthouse market, lists Albert Place Residences sub-penthouse

The 300 sqm apartment was modelled on the style of Beverly Hills mansions.

“Most of the furniture I had custom commissioned, and some of the art is from my own private collection,” Gurner advised.

“We really had no intention of leasing the penthouse. But after an interested party was introduced to us, we quickly negotiated a deal.

At that time Gurner had intended to keep the sub-penthouse for events with private clients.

It features $400,000 worth of arabascato marble in the kitchen, bathroom and joinery, plus polished plaster walls, ebony herringbone timber flooring, mirrored columns, and a state-of-the-art audio-video system.

The home offered a commercial kitchen with Gaggenau appliances, a 4m island bench and a separate scullery, and a main bedroom with dual walk-in wardrobes and a swish ensuite.

Bathroom features and fittings included a freestanding stone bathtub, a double rain shower, marble drawers and flooring, and a $40,000 SensoWash toilet.

The entry hallway has marble-slab flooring and walls.

Albert Place Residences offers private club facilities, including a bar, a library and a lounge, a 2500-bottle wine cellar and a Turkish bathhouse featuring a lap pool, a sunken spa and a sauna.

The development contains 140 apartments, which sold for between $475,000 and $21 million. 

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.

Tags: 
GURNER Tim Gurner Albert Park

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