Perth penthouses to push records

Two of the tallest residential apartment towers proposed for Perth – Capital Square and 18 The Esplanade – are vying for Western Australia’s apartment sale record, with offers of around $16 million already presented for their luxury penthouses.

Prices of that nature could even break the state’s residential sale record, which currently stands at $16 million following former stockbroker Dave Rigoll’s purchase of a mansion in Chidley Way, Mosman Park, this year.

Standing at 40 storeys, the proposed tower at 18 The Esplanade features a 465 square metre, two-storey penthouse apartment, with a private swimming pool, 250sq m terrace and views to Rottnest.

Agent Knight Frank has already received an offer of between $14 million and $16 million for the penthouse from an interested local party, while another investor, based in London, has also expressed interest.

Comprising 61 apartments, each with a starting price of $2.1 million, the Esplanade project is spearheaded by local developer Luke Saraceni, who is seeking planning approval from the City of Perth this week.

Knight Frank associate director residential WA Neil Kay said the project had received 51 expressions of interest to date and he expected to start writing contracts on October 20, subject to council approval this week.

Mr Kay said the successful buyer would have the opportunity to negotiate the final apartment configuration and fit-out with the developer and project architects.

“The market for apartments is still very strong but compared to last year it’s calmed down. We’re still making sales at high prices,” he said.

“The demand from owner occupiers and over 50s buyers in the market is very strong and it’s really only just beginning, I think.”

The Capital Square development on the former Emu Brewery site, meanwhile, is rumoured to have been fielding offers for its six-bedroom penthouse in recent months of between $16 million and $22 million.

The $1.3 billion project by Saville Australia and Babcock & Brown is earmarked for the corner of Mounts Bay Road and Spring Street and will feature three towers comprising more than 1,000 apartments in total when complete in 2012.

Tower One will house 265 apartments over 41 levels and is expected to be ready within three years.

The current apartment record was set in December 2006, when mining heiress Angela Bennett paid $7.95 million for a penthouse at the top of Mount Street, West Perth.

Before this deal the most expensive penthouse purchase was made by car dealer Brian Gardner, who secured the penthouse at the Raffles tower in Applecross for $6.7 million in 2005.

The only other penthouse expected to break Angela Bennett’s record this year is the three-level Wills Building apartment in King Street.

The apartment has an asking price of $8.8 million through Dempsey Real Estate and features 833sq m of living space, four bedrooms, four bathrooms, a library, and a 1,200-bottle cellar.