Capitol Grand South Yarra Appoints Multiplex – Construction Starts Today
LK Property Group today announced that it has appointed leading global contractor Multiplex as its construction partner for the six-star integrated retail and residential Capitol Grand South Yarra development.
Executive Chairman of LK Property Group Larry Kestelman said he was excited to announce Multiplex as a construction partner for the iconic luxury project with construction to commence immediately.
“Construction on Capitol Grand South Yarra will commence today. In just 12 months since going to market this development has broken every record in the luxury apartment market for the volume of property sold. Now, we are excited to announce our partnership with Multiplex and commence construction,” he said.
Mr Kestelman said the partnership with Multiplex continued LK Property Group’s commitment to partner with the best Australian talent to deliver Melbourne a truly international building befitting of the city’s global status.
“I’m a proud Melbournian and proud of our talent in this city so I bought the best team together including renowned architect Roger Poole at Bates Smart and leading landscape designer Jack Merlo to showcase Australian design and creativity. Now, we add Multiplex, another Australian success story, to the Capitol Grand South Yarra family,” he said.
Multiplex Regional Managing Director, Victoria, Graham Cottam said: “We are delighted to be appointed to deliver Capitol Grand for LK Property Group. We have vast experience in building high-rise residential towers in the busy CBD environment. Some of our recent completions include Bella Apartments, Platinum Tower, Southbank Grand Apartments and Southbank Central Apartments.”
Capitol Grand South Yarra has led the Melbourne luxury sales market with over $350 million of apartments sold since the development went on sale the same time last year.
Currently 70 per cent sold, the development featuring Oscar-winner Charlize Theron as ‘The Face of Capitol Grand’ is located on the prestigious site at the corner of Toorak Road and Chapel Street South Yarra, and is the only development to succeed on the former Capitol Bakeries site despite many false starts.
Capitol Grand South Yarra selling agent Christian Numa, Principal of Amity Real Estate, said that 60 per cent of apartments sold for Capitol Grand have been over the $1million mark, with 23 per cent of these over the $2 million mark with the stamp duty savings attractive to buyers.
“Capitol Grand has certainly proved that the luxury property market is strong, and there are still opportunities to save significantly on stamp duty by purchasing off the plan,” he said.
CAPITOL GRAND SALES FIGURES – MARKET ANNOUNCEMENT
- Over $350 million sold in just over 12 months
- Over 100 apartments sold since June-2016
- 70% of apartments sold in just over 12 months
- 60% of apartments sold have been over $1 million and 23% of these have been over $2 million
ABOUT CAPITOL GRAND
Spread over two towers linked by a high-end retail precinct, Capitol Grand South Yarra’s LK Tower reaching to level 50 will have a private entrance on Almeida Crescent, with the smaller Capitol Grand Tower fronting Toorak Road. Buyers will have access to six-star facilities not often seen in Australian residential living including two architecturally designed swimming pools with upper level LK Tower residents having access to an infinity pool and gym with 360-degree views of Melbourne and entertaining rooms.
All residents will be able to enjoy facilities known as ‘The Deck’ where Jack Merlo designed gardens feature private cabanas and entertainment areas, as well as a private lounge. Theatre rooms, chef-style kitchens for private catering, and spa treatment rooms are also key features.
Capitol Grand’s retail precinct will begin trading in early 2019 at the same time the first residents move into the smaller Capitol Grand Tower. The entire project is planned for completion by end of 2019.