Property Insight: Capitol Grand, Melbourne
Melbourne’s luxury residential offering Capitol Grand appears in South Yarra neighborhood.
Melbourne’s trendy South Yarra neighborhood will be getting a new addition to its growing skyline as Australian developer LK Property Group launches its AUD500 million mixed use development, Capitol Grand. Billed as Melbourne’s first “six-star” luxury residential offering with 24-hour New York style concierge services, the project is poised to set a new standard of luxury-living in Melbourne, and in Australia.
The site is nestled on the corner of Chapel Street and Toorak Road in South Yarra, a mere 4kms from Melbourne’s city center and near the edge of the iconic Yarra River. South Yarra is one of Melbourne’s most sought after neighborhoods with a host of entertainment, dining and lifestyle options as well as proximity to some of Melbourne’s top schools.
Melbourne itself has long been heralded as one of the world’s most liveable cities offering a wide selection of activities, shopping, world class cuisine, and lifestyle and entertainment choices that Capitol Grand is set to add to.
The greater Melbourne area is also home to some of Australia’s most famous wine producing regions such as the Yarra Valley and Mornington Peninsula, both within a one to two hour drive from the city.
Melbourne’s property market has been on a hot streak as of late. Interest rate-cuts and a favorable Australian dollar to overseas investors has helped buoy the market which has seen home prices in Melbourne jump 6.1 percent from June to August.
Designed by architects Bates Smart, the focal point of the project is the 50-storey LK Tower which features bespoke, luxury penthouses and residential units and a host of unique, high-end amenities.
LK Tower itself is uniquely designed with three elliptical forms to ensure light and shadows play off the exteriors of the building. Depending on the weather and one’s vantage point from outside, the shape of the building will appear to change due to its design.
Residents in LK Tower will have a private porte cochere entrance that leads from a luxury hotel-like ground floor lobby with concierge service to the residences. Those on floors 33 and above will have exclusive access to the LK Tower Azure Club which features a private infinity pool with sweeping views over Melbourne and Port Philip Bay.
Other amenities for residents within Capitol Grand are plentiful. What’s known as “The Deck” will feature a comprehensive gymnasium, 25m lap pool, and Jack Merlo-designed rooftop gardens with cabanas. A variety of function spaces for private entertaining will also be available.
Shopping is a key feature for Capitol Grand which aims to create an iconic style destination with 5,500sqm of retail space. LK Property Group appointed a number of high-profile ambassadors and style icons for Capitol Grand including Hollywood actress Charlize Theron, artist Vincent Fantauzzo and real estate broker and star of US TV Show Million Dollar Listing New York, Fredrik Eklund.
Capitol Grand will have three levels of luxury retail shopping and dining options with LK Tower being connected by a 26-store, double storey retail precinct designed to recapture the elegance and history of street-arcade shopping that Melbourne gained fame for in the mid-1850’s and which is still preserved in parts of the city today.
Construction is set to begin in the coming months and the project is expected to be completed in 2018.
Property: Capitol Grand
Location: South Yarra, Melbourne, Australia (Cnr Chapel St & Toorak Rd)
Developer: LK Property Group
Architect: Bates Smart
Highlights: Jack Merlo designed gardens, Private Azure Club on Level 33, Two architecturally designed pools, 24-hour concierge service, Private function spaces, On-site car wash facilities, Attached luxury shopping arcade
LK Property Concierge
Tel +61 3 9099 4999
Text by Simone Pitsis
This article was originally published in Palace