Beulah International has launched its latest project, a ritzy medium-density development in South Yarra with prices starting at an eye-watering $4.9 million.
The active Melbourne developer, who is currently undertaking an architecture competition for its $2 billion Southbank development, acquired the 146 Toorak Road West site in 2016 for $17.5 million.
The site was bought from developer Michael Yates, who had received a permit for 36 luxury apartments designed by local architects Bird de la Coeur, which Beulah reconfigured to 10 house-size apartments.
The sale was a major development site purchase in Melbourne at the time – reflecting a net saleable area value of $4760 per square metre.
Beulah has reduced the amount of apartments on the site and upped the luxury, launching eight three-bedroom residences priced between $4.9 million and $5.9 million and two four-bedroom penthouses starting at $9.7 million.
The project, designed by Rob Mills Architecture, has a completion date of 2020.
Beulah's Fawkner House project is launching at a precarious time in the prestige market, with recent research revealing that falls in house values were mostly confined to the most expensive quarter of the market.
Bucking the trend, Melbourne values increased across the past year in each segment of the market, with modest increases recorded in the prestige sector at 1.6 per cent.
In comparison, Melbourne’s most affordable suburbs recorded double-digit growth at 11.3 per cent.
Melbourne’s prime capital values grew by 60 per cent with 8.3 per cent of this annual growth occurring in the first quarter of 2017, according to Knight Frank research.
The Knight Frank Australian Prime Residential Review shows Melbourne prime residential sales ranging in the $5 million-$9.99 million price band has remained stable since 2015.