Penthouse residences have long been the rock star of apartment complexes, usually marketed towards high-net-worth buyers who are looking for something in the luxury property space. However, the reality of penthouse properties in 2024 is that there is a growing appetite for penthouse offerings in smaller residential locations that appeal to a broader range of buyers.
"Market feedback has been showing growing demand from both the downsizer market and higher-end buyers, seeking a premium product in boutique locations such as Toorak Road [in Melbourne]," says SEMZ Property Advisory and Project Management Director, Jon Purcell.
Emery Groups’ boutique project – Kirra Gardens – is located in Camberwell, one of Melbourne’s most prestigious suburbs, and is already 70% sold. The project was costed and is being sold on 2021 construction rates, resulting in the apartment prices being offered never to be repeated.
The final release of two and three-bedroom apartments includes the final Kirra Gardens penthouse, with construction on track for completion this October.
“Interest to date has been from families, downsizers and buyers seeking more space in a premium locality and setting,” says Jon (SEMZ).
“There is also strong interest from buyers within the local area who are looking to enjoy the benefits of the locality while living an easier, more boutique lifestyle – which Kirra Gardens penthouses offer.”
As a suburb, Camberwell is swimming in natural beauty, with a lifestyle drawcard that is unparalleled. From bustling weekend markets, critically acclaimed restaurants, and an iconic art deco cinema, Camberwell has something for everyone.
It’s also an area that truly prides itself on serenity, which can be seen within its beautiful parks and scenic trails. This characteristic is what C.Kairouz Architects Director Chahid Kairouz said inspired the design of Kirra Gardens more broadly.
“Our hope was to make the residences quite calming and tranquil. Something to feel positive about,” says Chahid.
“The neutral tones used throughout each apartment and penthouse are softened even further with backlit lighting and generous, open-plan spaces.
“These homes are sanctuaries.”
Externally, Kirra Gardens stands out from the crowd with curved hanging planters lining all building facades and an arbour entrance that needs to be seen to be believed. The project has been carefully designed with built-in sustainability in mind across the private gardens and communal spaces.
The jewel in the crown of Kirra Gardens is the rooftop space, with a built-in BBQ garden where residents can grow their own organic food and enjoy alfresco dinner parties during the warmer months.
When you step inside, Kirra Gardens continues to impress. Internal design features include balconies with treetop views, coffered ceilings and generous island benchtops. Bespoke joinery in each residence is elevated even further with Gaggenau kitchen appliances, electric and steam ovens, and Liebherr-integrated fridge-freezers.
“Kirra Gardens is an industry example in terms of its design and construction,” says Jon (SEMZ).
For more information on Kirra Gardens and the project’s final penthouse property, click here.
If you jump across the border into New South Wales, there’s another penthouse offering that‘s capturing the attention of buyers.
Held back from market release until now, the exclusive penthouse in Abadeen Group’s KOYO is ideally located in the heart of Sydney’s lower north shore, in Crows Nest. The development’s convenient location lies just five kilometres from Sydney’s CBD and a stone's throw from harbourside parks, beautiful beaches, and the new Metro station.
“Despite being so close to the CBD, KOYO is tucked away in a leafy locale making it the perfect location for buyers wanting to escape the bustle of Sydney without losing the benefits of inner-city living,” says Justin Brown, Managing Director of Abadeen Group.
The development’s exclusive single penthouse spans a whole floor, boasts three bedrooms, and has been designed with a beautiful indoor-outdoor flow that encourages entertaining all year round. The generous 195 sqm living area features a statement stone-surround fireplace, in-built bar, and a timber study nook, leading out to wraparound balconies on both sides of the apartment.
“Curved balconies and artfully designed overlapping terraces create a holistic aesthetic that settles the building into the local streets,” says Koichi Takada, Director at Koichi Takada Architects.
The high-end kitchen with a butler’s pantry is a highlight of the home and seamlessly integrates within the open-plan layouts.
With layers of natural stone, timber and metal detailing, the superb interiors bring a botanical feel to the space that is elevated by V-Zug appliances, iron bronze tapware and fluted panelling.
“The interiors at KOYO are designed to meet the needs of family living, with generous layouts and ample storage throughout,” says Justin.
“This doesn’t dim the sparkle of the superior fixtures and finishes, though.
“Residences at KOYO are practical and sophisticated, with an edge of quiet luxury that will be the envy of every visitor.”
Two palettes are used in the engineered timber floors in living spaces throughout the development – pale European Oak or darker Cor Ash – with ivory and soft grey wool carpets warming the bedrooms.
Grey and white natural stone benchtops and splashbacks bring warmth into each space, while limestone-inspired porcelain tiles adorn the bathroom walls and floors - creating the illusion of more space in the already sprawling rooms.
With interiors like this, you’d be forgiven for never wanting to leave the house again - but you’d regret it.
Crows Nest is one of the city’s true villages. Fabulous restaurants and trendy wine bars create a day-night energy in the neighbourhood streets. Cammeray Village and North Sydney’s business hub lie mere moments away for working professionals, while stunning outdoor spots are also at the fingertips of those who spend more time in nature than in the office.
Construction is well underway at KOYO by the iCIRT rated MLP CO, with works across all two and three-bedroom residences, including the full-floor penthouse, expected to be complete soon.
For more information or to book a private appointment, click here.
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