Catalano pays $30m for new domain

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FORMER head of Domain, Anthony Catalano has paid a figure believed to be more than $30 million for the penthouse of Tim Gurner’s Saint Moritz development in St Kilda, breaking Melbourne’s apartment price record.

Gurner’s development company said the price for the six-star, seven-bedroom penthouse is 20% higher than the previous Melbourne record, and comes in at $40,000 per sqm. The penthouse has an internal area of 650 sqm and a 150 sqm external area.

The $550 million Saint Moritz project will replace the Novotel currently on the 6,000 sqm site at 14-16 The Esplanade, owned by Greg and Kathy Strand. The project is named for the Saint Moritz Ice Rink that operated on the site from 1939 until 1981.

Gurner is looking will reduce the number of approved apartments, currently at 236, to 120 residences across three eight-storey buildings. The apartments would have an average price point of $3.5 million.

The first of the three buildings, Pacific House, is expected to launch mid-year, and will have 45 residences with an average price-point of $4 million.

That will include newly-sold penthouse and feature a private pool, seven-car private garage with direct access lift, four living rooms, in-home sauna and gym.

Gurner is designing another penthouse in the second building that will be priced in the vicinity of $25 million to $30 million. It will be launched as part of a penthouse collection’ prior to the main project launch in June, and will include ten residences across the three buildings.

Australian Property Journal