DEVELOPER Tim Gurner has set another Melbourne apartment price record, selling a four-bedroom penthouse in the gentrifying city fringe suburb of Collingwood for $7.5 million.
The $280 million “New York-inspired” Victoria and Vine project is in the traditionally industrial locale that has attracted a generation of hipsters and young professionals.
As well as the 375 sqm benchmark-setter, another penthouse within the project has sold for $6.75 million. Both prices eclipsed not only existing apartment records, but those for all stand-alone houses in Collingwood.
That previous record was a converted church warehouse on Oxford St, which REA data indicates changed hands for $6.1 million in 2017, while the suburb’s most expensive apartment was most recently listed as $2.582 million for a three-storey stand-alone completed Northumberland St in 2016.
Gurner set a Melbourne apartment record at the ultra-luxe Saint Moritz development in St Kilda earlier this year with the circa-$30 million sale of a penthouse to media boss and former Domain chief Antony Catalano.
Despite the swathe of apartments rising up around Collingwood, the suburb has not been linked to ritzier penthouse offerings.
Gurner said the record-breaking sales represented a coming of age for Collingwood as a luxury suburb in its own right, now commanding almost as much for its premium offerings as the neighbouring East Melbourne.
“Collingwood has long been known for its artisanal heritage and cultural appeal, however in the past few years we have seen an influx of buyers from the more traditional suburbs within Melbourne’s wealth belt as they swap their family homes in Toorak and South Yarra for a premium apartment that suits their lifestyle,” he said, adding that one of the penthouse buyers is currently living in South Yarra.
“One of penthouses was sold to a buyer currently living South Yarra, which underpins what I have long believed – that Collingwood is now just as popular and revered as the more typical high-end suburbs like Toorak, Brighton and Albert Park in Melbourne’s inner-east, and East Melbourne across the road.”
Victoria and Vine will comprise 240 one, two, three, four and five bedroom offerings, across nine individual buildings on a 5,100 sqm block bordered by Cambridge Street, Victoria Parade, Derby Street and Wellington Street.
An initial proposal for the site was condescendingly dubbed as “Las Vegas”, and redrawn plans by Cox Architecture were approved in March last year. Each of the buildings will have unique design aspects which will reference the “rich tapestry of warehouse-style, historic buildings for which New York’s Meatpacking district and Collingwood are both so well known”.
One-bedroom apartments start from $475,000.