Luxury developer GURNERTM has set another Melbourne price record, this time at its New York-inspired Victoria and Vine project where the developer has achieved Collingwood’s highest ever property sale twice within a two week period, transacting a 4-bedroom, 375sqm penthouse with a large terrace for $7.5million, then selling another Penthouse at $6.75million within the same two week period.
The two prices eclipse not only the existing record for apartments, but also all stand-alone houses ever sold in Collingwood.
The house price record was previously set by a converted church warehouse at 8 Oxford Street, with REA indicating a sale price of $6.1million* in 2017. Meanwhile the suburb’s most expensive established apartment was most recently listed as $2.582m for a three-storey stand-alone completed warehouse in 2016**.
Launching the limited edition ‘Penthouse Collection’ to the market just three weeks ago, GURNERTM has set the local market alight with the unprecedented penthouse sales in a market that has not been well known for penthouses in the past.
No stranger to breaking sales records in 2019, the developer had previously achieved the state’s most expensive apartment at its infamous Saint Moritz development in St Kilda.
GURNERTM Founder Tim 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.
“At Victoria and Vine we wanted to test the depth of this market by creating a series of expansive penthouses at a level of luxury and detail more akin to the stately mansions of East Melbourne.
“We are finding that buyers from East Melbourne are now wanting to be a part of the action in Fitzroy and Collingwood.
“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.
Bordered by Cambridge Street, Victoria Parade, Derby Street and Wellington Street, Victoria and Vine boasts 240 apartments across nine individual buildings, offering a combined 200m of street frontage that will transform an entire suburban block into a $280m luxury residential and retail precinct.
The project has been architecturally designed by Cox Architecture to deliver nine unique building forms that use juxtaposing materials and finishes to each offer their own individual identity, thus creating a vibrant street frontage that pays homage to the rich tapestry of warehouse-style, historic buildings for which New York’s Meatpacking district and Collingwood are both so well known.
Buoyed by the success of the developer’s industry-leading amenity offerings at Saint Moritz, Albert Place and FV, Victoria and Vine will deliver over 3,500sqm of resident amenity over four different levels.
Titled the V&V Private Club, key amenity will include a health club, rooftop lounge, multiple spa retreats and private dining facilities, a rooftop infinity pool and sundeck, an outdoor cinema, co-working space and business lounge, NYC-inspired bar and library, teppanyaki bar and a number of rooftop retreat spaces.
The developer has enlisted world-renowned interior designer, David Hicks, to collaborate on the interiors, creating two different collections that speak to the two unique locations that bookend the project.
Gurner said it was the combination of the impeccable interiors, unique architecture, and the unbeatable location in what is arguably the cultural capital of Melbourne, that had appealed so convincingly to buyers.
“Collingwood was once overlooked by the owner occupier market for the very same reason that it is now so popular. It’s a sign that our perception about what makes a suburb desirable is changing with arts, culture, nightlife and proximity to amenity being a key for all buyers.
“With its award-winning restaurants, cafés and cultural institutions, this gentrification has created a whole new subset of buyers who want to live right in the heart of it, from older couples, and families and professional buyers,” Gurner said.
The developer is gearing up to launch the final collection in the coming weeks, with construction earmarked to commence in later in 2019.
Victoria and Vine offers a mix of New York-inspired residences across one, two, three, four and five bedroom offerings, starting from $475,000 for one bedroom apartments, ranging up to $7,500,000 for a luxury penthouse.
*REA accessed 8 July 2019 – 6 Oxford Street, Collingwood
**RP Data accessed 8 July 2019 – 13/21 Northumberland Road, Collingwood
Source: GURNER