Larry Kestelman’s LK Property Group has completed the first tower at the Capitol Grand project, after securing funding for the construction of the $800 million development last year.
More than 85 per cent of the 400 apartments across the dual-tower South Yarra project have sold — the larger, 50-storey “LK Tower” is scheduled for completion in late 2019.
LK Property Group approached Goldman Sachs to fund construction, after failing to secure funding from the major banks despite pre-selling 75 per cent of the project. The Capitol Grand tower topped out in early October 2018.
Located on the corner of Toorak Road and Chapel Street, the now-completed Capitol Grand Tower comprises 88 apartments across 10-storeys with starting prices just shy of the $1 million-mark.
The precinct is marketed as combining “six-star” residences with luxury retail to create the ultimate lifestyle destination.
Residents that buy above level 32 in the LK tower will have their own entrance, lift and access to a residents-only private club.
The developer secured David Jones as the anchor retail tenant in its premium three-level retail offering, with the department store taking 500sq m for its food retail arm. The David Jones premium food hall will be its second in Melbourne, after launching the concept in Malvern Central last year.
“We’re thrilled to complete the first luxury residential tower on this monumental project and continue our ongoing partnership with LK Property Group,” Multiplex regional managing director Graham Cottam said.
Work commenced on the Capital Grand in January 2017, with more than 2,500 people employed during the construction phase.
The 50-storey LK Tower will be the largest tower outside of Melbourne’s CBD.