Melbourne apartment record: STH BNK full-floor pad five years from being built sells for $38m

STH BNK By Beulah renders - for herald sun real estate

A render of the STH BNK By Beulah towers that will join a growing cluster of the tallest skyscrapers in the southern hemisphere.

Melbourne’s apartment price record has been smashed by $3m after an unknown buyer lavished an astonishing $38m on a home that is years from being built.

Incredibly, they aren’t even planning to make the ultra-expensive residence in the city’s future tallest tower their home, with early details indicating they are an international businessperson.

The mega sale at the STH BNK By Beulah development eclipses the previous high, a $35m deal signed for a home in the same building last year.

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Developer Beulah international confirmed the record-smashing property would occupy a full floor somewhere above level 75 in the $2.7bn two-tower precinct’s main, about 100-storey building that is expected to stand 365m tall.

Residences will stretch as high as level 93 in the tower, but one of the topmost floors will be reserved for a publicly accessible skygarden.

Beulah managing director Adelene Teh said the buyer of the $38m apartment had residences around the world, but visited Melbourne “quite a lot”.

The full-floor apartment is expected to be heavily customised, but it’s expected the more than 1000sq m sky home will feature two kitchens — one for show and one hidden away for catering events held in the home. There is also likely to be a spa or sauna and a privat theatre.

STH BNK By Beulah tailored living residences render

The development’s most impressive suggested floorplans include indoor pools and trees.

Lavish living spaces will be surrounded by 360 degree views.

The buyer will also be able to access luxury hotel amenities from a Four Seasons hotel, including having a chef brought up to their home, that is also part of the development.

There is no builder appointed yet, though it is understood the firm is close to selecting one.

Even once construction commences it is expected to take several years to build with early estimates indicating the $38m buyer won’t be seeing their residence until at least 2027.

the latest sale joined a $35m record-setting deal last year, two more above $30m and numerous sales above $10m. In total more than $600m in homes have been sold in the development so far.

“Despite a challenging market due to rising interest rates, the prestige market remains active – as we’ve seen with a number of record breaking sales recently – as these buyers often aren’t reliant on funding from the banks,” Ms Teh said.

“Purchasers have come from all walks of life, some are local families who want to create a truly special family home in a landmark project … there are also local business owners and frequent travellers who live in different cities during different parts of the year.”

Sky high bedrooms at the top of the complex will have residents sleeping above the clouds.

The development’s podium rooftop space is expected to blend sculptural elements, gardens and a variety of seating areas.

The wider development designed by Cox Architecture is being touted as a city within the city, and will also boast a hotel, art gallery, retail and wellness precinct.

Homeowners in the tower will also be able to use its private fleet of cars including Porsches, Teslas and BMWs.

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