MELBOURNE: An exclusive $50m luxury residential complex, with penthouses selling for $6m, is set to open next year after construction began on Monday.
Ouwens Casserly Projects selling agent Oliver Bowler said the apartments in Adelaide’s inner east appealed to empty nesters and more than half of the building’s 16 residences had already been sold.
“The unique nature of these apartments is a big drawcard for those empty-nesters who’ve devoted their lives to raising their families and now want to treat themselves to a low-maintenance luxury lifestyle close to the CBD,” he said.
The residences include two and three-bedroom apartments selling from $2.8m and two four-bedroom penthouses with panoramic views selling for $5.95m.
The developer, Sydney-based investment firm Capital Prudential, said construction was set to be completed between July and September next year.
City of Burnside Mayor Anne Monceaux said the development “responds to the changing needs of today’s residents, such as those who wish to downsize”.
A student accommodation building at the same site, which was once dubbed “the ugliest building in the area”, was demolished after Burnside Council approved the development.
South Australian builder Kennett is constructing the building, which was designed by Loucas Zahos Architects, an award-winning Adelaide-based studio.
“This is a rare opportunity to build something truly special in one of Adelaide’s most prestigious suburbs,” he said.
A groundbreaking ceremony at the site on Monday was set to be attended by Housing Minister Nick Champion, Mayor Monceaux and representatives of Capital Prudential and Kennett.
Capital Prudential managing director Jarrad Haynes said he was proud to see the development progress to its next phase.
“This development is not just about luxury – it is about delivering enduring quality
appropriate for its landmark location,” he said.
“We are proud to be partnering with a South Australian builder with a long history like Kennett and we look forward to seeing this landmark project come to life.”
