Sapphire By The Gardens breaks Melbourne price record with $39 million penthouse sale

Market Insights
1 year ago
2 minutes

The exclusive sky-high penthouse at Sapphire by the Gardens has broken the sale price record for an apartment in Melbourne.

Sold for a record-breaking $39 million to local businessman Adrian Portelli, the deal was secured by Managing Director of Colliers Residential Victoria, Tim Storey.

Boasting 1,200 sqm, the double-storey penthouse commands levels 57 and 58 of one of Australia’s newest iconic landmark developments, Sapphire by the Gardens.

The dining and kitchen area of the record-breaking penthouse boasts sweeping floor-to-ceiling glazing overlooking the city. Image courtesy of Colliers Residential Victoria.

Developed by SP Setia, Sapphire by the Gardens is a premium residential project that adjoins Australia’s flagship 5-star Shangri-La hotel via a striking floor-glass oculus sky bridge on level 46.

Tim Storey shared that Mr Portelli, the buyer of the penthouse, is fond of the development’s location, the ability to customise the residence into his dream home, and having exclusive access to what will become Melbourne’s most prestigious 5-star luxury hotel - Australia’s flagship Shangri-La.

The stunning master bedroom of the penthouse boasts ample space and storage for utmost convenience. Image courtesy of Colliers Residential Victoria.

Currently in the process of designing the penthouse, Mr Portelli hopes to move into his future home in approximately 12 months.

“Together with architects Fender Katsalidis and Cox Architecture, Colliers Residential has been working with the purchaser to customise the space to suit his lifestyle,” said Mr Storey.

“I’m looking to install a swimming pool, multiple kitchens, and potentially a bowling alley,” Mr Portelli shared. “Being a car enthusiast, I am also going to crane in a showstopping car, which will become a true centrepiece in the home.”

The study room of the penthouse evokes design elegance. Image courtesy of Colliers Residential Victoria.

Sapphire by the Gardens was completed in October 2022, with most of the residents of the 325 apartments already moved in.

Fostering a luxury lifestyle, the development features exclusive resident-only amenities including an infinity-edge swimming pool, gymnasium, sauna, sky lounge, cinema, karaoke room, chef’s kitchen, and a lounge with fireplace.

The penthouse’s stylish dining and kitchen area. Image courtesy of Colliers Residential Victoria.

The iconic twin towers were designed by award-winning Australian architects Fender Katsalidis and Cox Architecture. It boasts a well-connected location directly opposite the never-to-be-built-out Carlton Gardens and the UNESCO World Heritage-listed Royal Exhibition Building, just minutes from the Melbourne CBD.

Sapphire by the Gardens’ residential tower connects to the 500-hotel room Shangri-La Melbourne through a striking architectural feature - a sky bridge on level 46. The 5-star hotel will be one of the brand’s four flagship hotels globally.

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