Melbourne apartment sets new record, selling for $39m

27 April 2023

The penthouse in one of Australia’s newest iconic landmarks developments, Sapphire by the Gardens, developed by SP Setia, has sold to a local businessman Adrian Portelli, for a record-breaking $39 million in a deal secured by Tim Storey from Colliers.

The 1,200sqm double-storey penthouse is situated on levels 57 and 58 in the Sapphire by The Garden’s residential tower, a unique development that interlinks to the upcoming 5-star flagship Shangri-La hotel through a striking sky bridge on level 46.

Managing Director for Colliers Residential Victoria, Tim Storey, said the local buyer was particularly fond of the location, the ability to customise his dream home and having exclusive access to what will become Melbourne’s new 5-star Shangri-La hotel.

“Together with architects Fender Katsalidis and Cox Architecture, Colliers Residential has been working with the purchaser to customise the space to suit his lifestyle,” said Mr Storey.

Mr Portelli hoped to move into his future home in about 12 months, and I am currently in the process of designing the penthouse.

“I’m looking to install a swimming pool, multiple kitchens and potentially a bowling alley. Being a car enthusiast, I am also going to crane in a showstopping car, which will become a true centrepiece in the home,” added Mr Portelli.

The 60-storey residential tower was completed in October 2022, with the majority of the residents of the 325 apartments already moved in and enjoying the exclusive amenities offered within the building, including an infinity edge swimming pool, a gym, sauna, sky lounge, a cinema, a karaoke room, a chef’s kitchen and a lounge with a fireplace.

The iconic twin towers, designed by award-winning Australian architects Fender Katsalidis and Cox Architecture, are located directly opposite the never-to-be-built Carlton Gardens and the UNESCO world heritage-listed Royal Exhibition Building, just minutes from Melbourne CBD.

The residential tower connects to the 500-hotel room, Shangri-La Melbourne, which will be one of the brand’s four flagship hotels globally, through a striking architectural feature, a sky bridge on level 47.