This is what $17 million gets you at the top of Perth’s western suburbs

Source: WA Today

You could win first division of Thursday’s $12 million Powerball lottery draw and still need to take out a $5 million loan to buy the penthouse apartment on top of the One Subiaco apartment building on the old Subiaco Pavilion Market site.

Property developer Blackburne has revealed details of the $17 million apartment on the 23rd floor of the $280 million development that, if sold, will smash the previous apartment sales record of $15.2 million set in 2014.

To put that into perspective you could buy an entire suburb a weekend on Rottnest or 5.4 McLaren Speedtail hypercars.

The six bedroom and bathroom apartment will be 1100 square metres of floor space, more than double the 415 square metre average on offer in new Perth estates.

It will feature views right across Perth from Rottnest to the Perth Hills.

The list of luxurious features (at the end of the article) reads like a list of 7-star hotel amenities in Dubai.

One of the most impressive features is a separate wing that can house “butlers or nannies”.

Entertaining in winter might be overwhelming with a grand total of three fireplaces to choose from.

Blackburne managing director Paul Blackburne said their design team worked for more than six months to create a level of opulence usually seen in places like Sydney, London and New York.

“The $17 million Penthouse boasts double height, floor-to-ceiling windows and an extensive list of amenities only seen in some of the most exclusive residences around the world,” he said.

“The owner of the Penthouse will be able to customise the space to suit their needs.

“My internal team researched for months looking at world’s best practice for penthouse design.

“We then briefed an architect and interior designer on our vision and met in weekly workshops to drive every aspect of the design right down to the location of taps and the direction cupboards open.

“Our fanatical attention to detail makes us challenging to work with but the outcome is that we have the best designs in Australia and they are always in high demand.”

Mr Blackburne said they had already had had a number of ‘ultra high net-worth’ Perth locals express interest in the Penthouse and the team would meet with potential buyers next week.

He said interest in the project had been incredible with more than $31 million in contracts signed in the past week and an expectation that about 50 per cent of the project would be sold before the public marketing campaign starts in October.

Mr Blackburne put that down to its location, price, quality, timing and growth potential.

“65 per cent of the Subiaco Pavilion Markets project is much larger high-end apartments priced between $1 million and $17 million however we also have one bedrooms in a separate building from around $400,000. The most demand from this week’s pre-release meetings was for the $1.5million to $3 million apartments,” he said.

“There is an undersupply of ultra luxury apartments in WA and One Subiaco meets the demand.”

Construction starts in May and will be finished in three years.