Putting up the Capitol
The market is becoming so competitive that the Melbourne-based LK Property Group announced Hollywood star Charlize Theron, soon to be seen in Mad Max: Fury Road, as the face of its campaign for the Capitol Grand South Yarra development, appearing in the lavish promotional video and brochure.
“People aren’t as interested in having a garden or maintaining houses.” – Michael Yates
Charlize Theron jetted into Melbourne to promote the Capitol Grand – at a cost of $3 million.
Crown Property’s Iwan Sunito founded the company in 1994 after gaining a degree in architecture from UNSW. When the 2004 recession hit, he made the call to build a luxury apartment complex in Parramatta offering resort-style living.
“Sydney’s popularity with international visitors and investors is increasing every year and this, combined with strong economic fundamentals, significant government investment in infrastructure and shortage of housing supply, is providing a strong base for the property market,” Sunito says.
Part of the appeal for high-flying executives, both local and international, is that they can stroll to the office or the iconic harbour. “Location is key; buyers want to live close to transport, shops and restaurants with easy access to employment hubs, reputable schools and universities.”
An artist’s impression of an interior in Melbourne’s Capitol Grand project.
Yates of Yarra
Michael Yates, one of Melbourne’s leading property developers, has been working at the top end of town for more than 50 years, focusing on the affluent suburb of South Yarra. His latest project, Yarra House, will feature two north-facing, three-bedroom penthouses with striking views and interiors by renowned design house Hassell.
Yates has noticed a distinct shift in the demographic buying into penthouses, towards older couples with teenage children. He says luxury apartment living is increasingly winning out, because they can be locked up and left easily. “Life’s a lot faster than it used to be and as a consequence, people aren’t as interested in having a garden or maintaining houses,” he says.
A father to five kids, only three of whom have moved out, Yates says on-site security and concierge services also appeal. “We sold an apartment the other day for $3.5 million to a chap who had a business interstate and spent a lot of time commuting to Sydney,” he says. “He has a couple of teenage children and leads a very busy lifestyle, travelling overseas with his wife a lot, so he can leave them behind knowing that there’s security in the building giving him peace of mind.”