$20 million apartment sale: final penthouse at 1 Hotel & Homes Melbourne is set to launch

The final penthouse at 1 Hotel & Homes Melbourne, by developer Riverlee, is set to launch to market following the sale of its sister penthouse for more than $20 million in February this year. 

It marks the last opportunity to buy within Australia's first 1 Hotel & Homes development, and one of the last waterfront sites of its kind in the city.

The release of Penthouse 1801 comes as Melbourne emerges as Australia’s branded residence capital, with Knight Frank identifying the city as the country’s leading market for the category and naming Riverlee’s 1 Hotel & Homes Melbourne development among the projects helping define the sector locally.

Globally, the branded-residence sector has grown from 169 developments in 2011 to 611 today, with more than 1,000 expected by 2030. 

While luxury labels like Armani have recently entered the Australian market, the Knight Frank report forecasts that ‘genuine hotel operators’ of branded residences are expected to command the strongest premiums.

Forbes global properties head of luxury projects Nick Peters, said the final 1 Hotel & Homes Melbourne penthouse was expected to appeal to a globe-trotting demographic, reflective of a structural shift occurring at the top end of the market.

“The ultra-high-net-worth buyer today is increasingly global, increasingly mobile and spending less time in any one location," said Nick.

"Many buyers at this level now spend fewer than 90 days a year in any single residence, which is fundamentally changing what they value in a home.

“Buyers are moving away from the idea that luxury means maintaining large houses and towards residences that deliver service, flexibility and convenience without compromise.

“We’re seeing strong demand for homes that offer the ability to lock up and leave for extended periods, while still having access to five-star hospitality, wellness offerings and personalised service when they’re in residence.”

Nick said the sale of Penthouse 1802 for more than $20 million demonstrated the depth of demand for premium branded residences in Melbourne.

“As branded residences become increasingly popular globally, the operator behind the brand will matter more than ever."

“There is a significant difference between a residence carrying the badge of a luxury brand and one connected to a globally recognised hotel operator delivering that experience every day – that is where the strongest premiums continue to be achieved.”

Situated atop 1 Hotel & Homes Melbourne, within Riverlee’s $600 million Seafarers precinct at North Wharf, Penthouse 1801 represents the final opportunity to purchase within Australia’s first 1 Hotel & Homes development.

Riverlee director Kristine Lee Pratt, said the release marked the culmination of a vision first established when Riverlee acquired the site more than a decade ago.

“When Riverlee acquired the 1 Hotel & Homes site in 2015, hotel-branded residences were still a relatively novel concept globally, and virtually non-existent in Australia," said Kristine.

"We wanted to create a genuinely global hospitality and residential experience on Melbourne's waterfront, something that could stand alongside the best offerings in cities like New York, London and Singapore, but still feel distinctly of this place.

"The shift toward hotel living reflects a broader evolution in what luxury means to high-net-worth buyers. 

"Today's affluent buyer is motivated not only by size, status or address, but by how a home makes them feel, the ease it creates and the life it enables."

Knight Frank research shows wellness-focused residential developments have almost tripled since 2017, while 73% of affluent buyers now identify health and wellbeing, as a key factor influencing their next property purchase – bringing about a shift that has come to define what the industry calls quiet luxury.

“At this end of the luxury market it's about removing friction - having your pantry stocked before you arrive, dinner organised when you're entertaining, your car waiting downstairs, or being able to leave the country knowing your home will be looked after while you're away,” said Kristine.

Residents at 1 Hotel & Homes Melbourne have access to more than 200 hotel staff and an extensive suite of hotel services including daily housekeeping, private chefs, in-residence spa treatments, 24-hour concierge, valet parking and more.

1 Hotel Melbourne was recently recognised as Melbourne’s highest-ranked hotel in the Travel + Leisure Luxury Awards Asia Pacific 2026, placing ahead of The Ritz-Carlton Melbourne locally, while also receiving a Michelin Key and inclusion in Travel + Leisure’s It List 2026.

Kristine Lee Pratt said the release of Penthouse 1801 carried a sense of finality, marking the culmination of more than a decade spent bringing 1 Hotel & Homes Melbourne to life.

“This is the last penthouse, on the last waterfront site of its kind in Melbourne," Kristie said.

"The site, the heritage, the hotel and the home have all come together in a way that simply can’t be recreated.”

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