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Albert Place in the lap of luxury

Demonstrating the appeal of luxury, fully fitted-out penthouses, a lavish 300sq m apartment in Melbourne’s newly completed $140m Albert Place Residences development has just been leased for $260,000 per year or a hefty $5000 per week.

With views over Port Phillip Bay and Albert Park Lake, the three-bedroom apartment was modelled after the interior of a typical Beverly Hills mansion and includes more than $400,000 worth of book-matched Arabascato marble slabs, a commercial kitchen and state of the art AV sound system.

The penthouse’s interior was designed by the apartment’s ­developer Tim Gurner and his team.

It includes more than $250,000 worth of artworks, $300,000 worth of designer furniture and a fully automatic sensowash toilet worth $40,000.

The double-length kitchen features a 4m island bench and includes a separate scullery.

There’s also a freestanding stone bathtub and double rain shower.

Mr Gurner said the penthouse sported a larger-than-life entry-way with book-matched marble slab flooring and walls.

Initially he had no intention of leasing the penthouse in the Albert Place Residences project, which was completed earlier this year.

“But after an interested party was introduced to us, we quickly negotiated a deal,” Mr Gurner said.

“The lease underpins the demand for luxury and underpins the resilience of the rental market, even in these current times,” he said.

Designed by Elenberg Fraser, the Albert Place Residences comprise 150 apartments of one, two and three bedrooms. The development’s private club facilities include a 2500 bottle wine cellar, a Turkish-style bathhouse with a full-length lap pool, sunken spa, sauna and lounge area. There’s also a private bar, library and lounge, plus a mahogany games room with poker and pool tables.

The new penthouse tenant was introduced by Burton’s agent Taylor Dow.

Source: https://www.theaustralian.com.au/business/property/albert-place-in-the-lap-of-luxury/news-story/ff00c9046d2b89a2329acb62388e2e32

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