Mirvac’s newest residential address, The Eastbourne, is tracking towards sell-out, with eager purchasers paying record amounts to secure a home in the landmark project, including almost $11 million for a customised pavilion apartment.
Pre-sales achieved from the off-market release campaign now stand at close to $300 million achieved in just three days, highlighting the strength in the local property market and buyer demand for luxury apartment living in premium locations.
The East Melbourne development, which revives Mirvac’s much awarded collaboration with leading architectural practice Bates Smart that resulted in The Melburnian, has also set a new record per square metre rate for the suburb.
The recent customised pavilion apartment sale now puts the top East Melbourne square metre rate at almost $24,000 per square metre, eclipsing 150 Clarendon Street, long held as the benchmark for prestige apartment living in Melbourne.*With The Eastbourne’s striking Grand Pavilion Penthouse, to feature 50 metres of frontage and an outdoor pool gazing across Fitzroy Gardens, yet to hit the market, the project is expected to continue to set records with pricing expectation for the Penthouse in excess of $30,000 per square metre.
Mirvac’s Head of Residential, John Carfi, said The Eastbourne’s recipe for success had been tried and tested previously at Mirvac’s landmark St Kilda Road development The Melburnian. “We knew we had something special here and that determined our approach and our collaboration with Bates Smart to create a landmark project befitting its location and address,” he said.
“It is wonderful to see the success of The Melburnian replicated in East Melbourne, where purchasers have jumped at this unique opportunity.”
The Eastbourne has been released in stages and primarily sold off market to discerning locals, with strong representation from the medical community. The first release comprised the Pavilion Collection – the project’s premium residences boasting large terraces with views over the Fitzroy Gardens and price tags starting from $2 million.