Off-the-plan penthouse sells for circa $16 million in Cbus Property’s luxury residential project, 17 Spring St

MARCH 2020

The state-of-the-art penthouse at Cbus Property’s prestigious 17 Spring St residential project has sold off the plan for a figure believed to be in the order of $16 million, demonstrating buyers’ ongoing appetite for the top end of Melbourne’s property market.

Architecturally designed by Bates Smart, the premium two-level, 468-square-metre residence, with terrace and private pool, brings 17 Spring St’s total committed contracts in excess of $250 million, at an average sale price of circa $4.0 million per residence.

Cbus Property’s Chief Executive Officer, Adrian Pozzo, said the sale of the penthouse showed that overwhelming confidence in the market remained for well-placed product.

“We continue to experience strong owner-occupier demand for premium residences,” he said. 

“The sale of the penthouse closely follows the sale of two whole-floor residences and we have experienced numerous requests from buyers wanting to amalgamate residences, which we anticipated when working on the floorplans with Bates Smart.

“Our other high-end development in Melbourne’s CBD, the soon-to-be-complete Collins Arch, is also almost 100 per cent sold, with the final two penthouses recently released to the market.”

Cbus Property embarked on 17 Spring St following the outstanding success of its pioneering 35 Spring St project, which sold out off the plan and was completed in 2017. 

The $300 million development occupies a 1,270-square-metre site at the east end of Spring Street, formerly occupied by the Mercure Melbourne Treasury Gardens. It comprises 73 two- and three-bedroom, and half- and whole-floor residences, each with views overlooking the Treasury and Fitzroy gardens.

Mr Pozzo said in addition to Cbus Property’s proven track record as a developer and Bates Smart’s reputation for high-end architecture, the exclusive Spring Street location had enticed myriad buyers seeking a city lifestyle.

“At the Paris end of the CBD, 17 Spring St has the very best of Melbourne on its doorstep, from the gardens and the sports precinct, to the theatres and the restaurants in the surrounding laneways – and all with the added bonus of accessibility to getting in and out of town,” he said.

Colliers International was appointed as the exclusive selling agent on the project and brokered the penthouse deal, with Director of Residential, Brett Griffith, saying that his team could not “keep up with the demand from buyers seeking premium residences in Melbourne CBD streets, such as Spring Street”. 

Hacer Group commenced site works in December 2019, and demolition of the existing building is down to level two, with basement piling works due to start in March 2020. Construction remains on track for completion in 2022.