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Cbus Property Secures Spring Street Penthouse Sale

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A two-level penthouse at Cbus Property’s 17 Spring Street development has sold off the plan for about $16 million, on the “Paris end” of Melbourne's CBD.

The 468sq m penthouse, complete with terrace and its own private pool, sits in Cbus Property’s $300 residential development—slated for completion in 2022.

While Cbus Property’s chief executive Adrian Pozzo wouldn't disclose the interstate buyer’s identity, Pozzo said the penthouse sale shows “overwhelming confidence” remaining in the market, with the group also receiving requests from buyers wanting to amalgamate residences.

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

▲ A $16 million penthouse has been snapped up off-the-plan at 17 Spring Street Melbourne.
▲ A $16 million penthouse has been snapped up off-the-plan at 17 Spring Street Melbourne.


Pozzo says the sale brings the project’s total committed contracts in excess of $250 million, with an average sale price around $4 million per residence.

Melbourne’s luxury residential property market is tipped to record growth of 3 per cent this year, according to latest forecasts from Knight Frank research.

The report forecasts that Melbourne’s supply of high density apartments, with three or more bedrooms, could fall by 21 per cent over the next three years.

Cbus Property’s 17 Spring Street development, comprises 73 two- and three bedroom, and half- and whole-floor residences.

Seven apartments remain for sale at the inner Melbourne project, including three whole-floor apartments and four three-bedroom apartments.

The high-end project sits on a 1270sq m site, formerly occupied by the Mercure Melbourne Treasury Gardens hotel, which Cbus purchased for around $70 million in 2017.

Hacer Group commenced site works on the project in December last year. Demolition of the existing building is down to level two, with basement piling works slated to start this month.

Colliers International was appointed as the exclusive selling agent on 17 Spring Street, managing the penthouse deal.

Cbus Property is also behind the Collins Arch development at 447 Collins Street, which Pozzo says is soon to be finished. Its final two penthouses were released to market mid- last year with price expectations each north of the $8.5 million mark.

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Article originally posted at: https://theurbandeveloper.com/articles/cbus-property-seals-penthouse-sale