Offices make way for Luxury Apartments

Market Insights
7 years ago
2 minutes

Commerce is making way for the comforts of home along Melbourne’s St. Kilda Road.

Listed by Tesca Carson and CBRE, the latest in a string of office towers to be converted into premium residential apartments has just been announced. Located at 457 St Kilda Road the eight level commercial building is on sale and is likely to be snapped up by a residential developer for converting into residential apartments.

When this stretch of real estate was first being filled, big business was the only sector with the cash to make it happen on a large scale. Now, of course, the residential sector’s boom has repositioned it to take over that mantel.

But what are the benefits of repurposing an existing building versus demolishing and developing a purpose-built apartment tower from the ground up?

From the care and attention we see every day in each fresh project on, the true architectural challenge of conversion will be to transform spaces that were designed to be business-like and functional, into homes that buyers see the potential for a genuine, homely emotional connection.

Is it better to simply demolish and redevelop? Whilst five office buildings are currently in planning for conversion into apartments, there is still the arrival of fresh developments making their march along this iconic Melbourne boulevard.

We wrote about one such project last week — St Boulevard. This elegant glass-curtained building is designed to make a huge statement on a global scale. And here it’s all about custom-designed luxury. As more and more high end residential projects are showing, there comes a point where in-house premium hotel-quality amenity starts to become the major draw card of a property.

St Kilda Road is the ultimate destination for this approach, just moments from Albert Park and the Australian Grand Prix, a hop, skip and jump to the sporting complexes of the MCG and Rod Laver Arenas. It’s this international appeal that adds to the street’s desirability on the property market.

To convert or to create from scratch? It’s an interesting question and, ultimately, buyers will determine which is the more successful.

source: smh

photo source: urban melbourne