The salacious appetite for high-end property in Perth was on full display yesterday when the launch of an apartment development netted $45 million worth of sales in a single day.
And among them was a unit that went for more than $1m that the buyer picked up as a possible home for her grandson or great grandchildren.
The Ocean Grand display suite at City Beach was open for just six hours on Saturday, during which 20 apartments were sold.
And there were some nibbles for the development’s prize jewel — its mega-penthouse priced at $39 million, but no buyer just yet.
Blackburne development director Jordan Ennis said the opening day had exceeded expectations for what is expected to be a record-breaking project.
“Over 400 people (have) come through, and we have sold 20,” he said.
A further 57 apartments, valued at about $200m, were sold prior to the official launch. The average apartment price sits at around $3m.
“As of today (Saturday) we’ve just ticked over $250 million by sales volume,” Mr Ennis said.
“At this point, we have sold 25 per cent, we’ve sold just over 75 apartments.”
Total sales across the 264-unit development are forecast to reach about $720m, almost double the apartment value of Blackburne’s $350m One Subiaco project and its $400m Grove development in Claremont.
Ocean Grand is also set to eclipse South Perth’s $450m Civic Heart complex, currently the State’s most expensive apartment project.
Should the mega-penthouse sell for $39m, it would surpass Blackburne’s existing apartment sales record of $23m, set at One Subiaco.
“We have sold two penthouses so far, and the mega penthouse — we’ve had a series of inquiries this morning,” Mr Ennis said. “There is some interest. No buyers as yet.”
The two-level mega-penthouse spans 800sqm including balconies and carries an effective rate of about $49,000 per square metre. It will offer 180-degree views taking in the ocean, Rottnest Island, the Perth Hills and the CBD, with outlooks from four balconies and floor-to-ceiling glazing.
Several other penthouses in the development are priced from $7m.
Construction of Ocean Grand is expected to take close to three years.
It hasn’t been without controversy. The project has drawn strong resistance from numerous local residents and the council, mainly due to its size.
Residents of Ocean Grand will have exclusive access to facilities including a pool, cabanas, alfresco dining areas with barbecues and a pizza oven, private dining rooms and lounges, health and wellness amenities such as a cold plunge, sauna, steam room and spa, a golf simulator and concierge services.
Public facilities will include a retail precinct featuring a boutique supermarket, restaurants, cafes and a wine bar, as well as health and medical services, retail outlets and a new playground.
Mr Ennis said the project was aimed at downsizers and families seeking entry into the tightly-held City Beach market.
“It’s really been curated to accommodate not only the local residents existing in City Beach, but the residents living above (the new precinct) and for convenience,” he said.
“City Beach is tightly held in terms of the existing housing stock, so it’s a great opportunity to allow more people into City Beach.
“We’re offering two, three and four-bedroom apartments . . . so it really does accommodate both downsizers and families.”
The first buyer to secure an Ocean Grand apartment was Shirley Lavarack, who currently lives at Blackburne’s Grove Residences in Claremont.
“I bought two units and I’m ecstatic about it,” Ms Lavarack said. “The two-bedroom I bought for just over $2m, and the one-bedroom I bought for just over $1m.”
Ms Lavarack said she was still undecided whether she would move into one of the apartments herself or use them for family or investment purposes.
“Maybe in three, four years time, I will want to downsize my house to a two-bedroom,” she said.
“I’ve got a grandson who’s 16, and great grandchildren coming through so maybe one of them (will move in).”
