Gurner defies slowdown with $80m sales in 36 hours

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NEARLY $80 million worth of penthouses within Tim Gurner’s high-end Saint Moritz project in St Kilda have sold off-market in a 36-hour period.

The deals saw five of the development’s eight penthouses sell for $78 million, and follow former Domain boss Antony Catalano’s $30 million purchase of a 650 sqm seven-bedroom penthouse with 150 sqm of external space earlier this year.

Price tags ranged from $9 million for a 330 sqm penthouse, to $19 million paid for each of a 550 sqm sub penthouse with an expansive terrace, and a 480 sqm penthouse with rooftop pool and terrace.

Another penthouse with rooftop pool and terrace, of 400 sqm, sold for $16 million, and a 380 sqm penthouse with a large terrace fetched $15 million.

Saint Moritz will have around 120 residences, encompassing two, three four, five and six bedroom offerings across three towers on the 6,000 sqm site formerly home to the Novotel hotel, and which is owned by Greg and Kathy Shand. The project is named for the Saint Moritz Ice Rink that operated on the site from 1939 until 1981.

Prices begin at $1.4 million, and another transaction of around $30 million is expected.

Penthouse features include private steam rooms and solid Nero Marquina bathtubs with 180-degree water views, internal pools that submerge into the rooms below, private art gallery spaces, solid marble slab joinery and benchtops, floating marble fireplaces, direct lift access and feature glass ‘sky ceilings’.

Confidentiality agreements were signed with five newest buyers, which have been rumoured to include cricket legend Shane Warne, and football and media identity Sam Newman.

Gurner said the purchasers were “well-known local business identities who currently reside within 1.5 kilometres of the project and Toorak, most of which whom will be moving from large existing properties and family homes”.

“We quietly approached a number of Melbourne identities who fit the profile of this sort of residence, and within a matter of weeks we had dozens of interested parties all vying for one of the five penthouses,” he said. “Our strategy for releasing the Penthouse Collection first was all about providing our buyers with the opportunity to custom design their residence from the ground up, so the remaining floorplates will be designed around these penthouse offerings.”

Australian Property Journal