The St Kilda foreshore is set for a massive residential development in 2019 with plans for up to 140 luxury apartments being built on the site currently occupied by the Novotel St Kilda.
This new development is one of several St Kilda developments that will push St Kilda and the surrounding bayside suburbs of Elwood, West St Kilda and Middle Park into one of the most desirable places to live in Melbourne. Other St Kilda developments include The Block’s $20 million development of the Gatwick Hotel as well as the Cricket Victoria’s $40 million development of the Junction Oval.
The very impressive site stands on more than 6000 sqm of land and has uninterrupted views of the bay and Melbourne’s city skyline.
Although the site has a permit for 240 apartments, the developer Tim Gurner is planning to develop just 140 luxury apartments together with an upmarket wine bar and restaurant.
A recent development by Tim Gurner saw 20 apartments sell for an average price of $4.5 million per apartment.
The St Kilda apartments are expected to sell from between $1 million and $15 million, with the four penthouses expected to sell for up to $30 million.
The apartments are expected to be available to purchase from March 2019.
If you’re thinking of purchasing an apartment make sure you speak with Melbourne’s most knowledgeable Buyers Advocate – Jim Mcdonald from JMAC.
JMAC will use their experience, analysis and negotiation to secure the best property that your budget will allow.