Mirvac Unveils The Grand Pavilion Penthouse

MELBOURNE, Australia, October 11, 2016

Mirvac Unveils The Grand Pavilion Penthouse, the Latest Addition to Melbourne’s Luxury Property Market. Melbourne’s prestige property market continues to experience unprecedented demand, attracting elite buyers from across Asia.

Mirvac, a leading Australian ASX-listed property group, recently unveiled the latest addition to Melbourne’s highly coveted and niche prestige property market. The Grand Pavilion Penthouse is the crowning glory of Mirvac’s multi-million-dollar luxury residential development, The Eastbourne.

According to Knight Frank’s 2016 Wealth Report, Melbourne is currently sixth in the top 25 performing global cities for prestige property. Melbourne’s prime properties saw 11.9 per cent price growth last year and the trend is predicted to continue with steady annual growth this year.

The Grand Pavilion Penthouse is expected to generate significant interest from wealthy expatriates living in Asia and astute property collectors, who are willing to pay top-dollar for trophy properties in prized pockets of blue-chip neighbourhoods such as East Melbourne, Toorak and South Yarra.

In 2015, an anonymous overseas buyer from Asia paid A$25 million for a 750 square metre penthouse in Southbank’s Australia 108 Tower (Charter Keck Cramer). The Grand Pavilion Penthouse at The Eastbourne, is planned to total 808 square metres in size.

The Eastbourne has already seen a customised apartment sale achieve a record of almost $24,000 per square metre that puts it at the top end of East Melbourne property, eclipsing 150 Clarendon Street, long held as the benchmark for prestige apartment living in Melbourne (Charter Keck Cramer).

Ranked the world’s most liveable city for an unprecedented six consecutive years by The Economist’s Global Liveability Index, Melbourne’s ongoing growth is underpinned by its commitment to the long-term strategic management of business, government, and cultural sectors make it a desirable location for foreign investment opportunities.

Melbourne offers Parisian cafe culture and world-class fine dining, and is considered the arts and sporting capital of Australia. The Grand Pavilion has been designed to showcase this quintessential Melbourne lifestyle.

Nestled within what is considered one of Melbourne’s most affluent suburbs, East Melbourne, its location and design pays homage to Melbourne’s historical buildings, European-inspired cobbled laneways and abundance of public parks and gardens. At The Eastbourne, residents are within moments of the city’s cultural and iconic landmarks including Melbourne Cricket Ground, the Royal Exhibition Centre and Collins Street.

Poised majestically atop the record-breaking East Melbourne residential building, where A$300 million worth of apartments sold in just three days to local owner-occupiers, the four bedroom penthouse has been designed by Mirvac and Bates Smart to echo the calibre of the palatial apartments fronting Central Park in New York and Hyde Park in London.

Mirvac CEO and Managing Director, Susan Lloyd-Hurwitz said, “Given its exceptional position in the most liveable suburb in the most liveable city in the world, The Grand Pavilion is a prize for any avid collector of luxury properties.”

Its blue-chip location and panoramic views are far from the only impressive features of the Grand Pavilion. The luxury residence boasts bespoke prestige living, with a luxurious blend of world-class architecture and sharp interiors.

“The Eastbourne Grand Pavilion Penthouse is the result of a studied global design process, whereby our teams scoured the world to marry the best in international luxury with this world-class location,” said Jeffery Copolov, Director of Bates Smart.

“There will be no home like this in Melbourne, offering such a vantage over Fitzroy Gardens coupled with world leading detail and refined luxury design. It is a seamless and harmonious residence designed to evoke an emotional response and offer its residents and guests a true retreat from the world.”

Designed to appeal to the upper echelon of property purchasers, the penthouse will be sold via private tender, inviting interested parties to invited to submit a confidential offer for consideration between October 7 and mid-November 2016.

About Mirvac

Mirvac is a leading Australian property group, listed on the Australian Securities Exchange. Mirvac’s investment portfolio has interests in office, retail and industrial assets, while its development business has exposure to both residential and commercial projects. With over 40 years of experience, Mirvac has an unmatched reputation for delivering quality products and services across all of the sectors in which it operates.