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Tim Gurner Albert Place Residences: Apartment leased for $5000 a week

A marble-drenched South Melbourne apartment that was modelled after “LA’s illustrious Beverly Hills mansions” — and features a $40,000 “singing and dancing” toilet — has been leased for a quarter of a million dollars a year.

A tenant has agreed to part with $5000 per week, equating to $260,000 annually, for the three-bedroom pad in high-profile developer Tim Gurner’s $140 million Albert Place Residences project.

More than $250,000 worth of international artwork and $300,000 worth of designer furniture was included in the deal.

“Most of the furniture I had custom commissioned, and some of the art is from my own private collection,” Mr Gurner said.

“We really had no intention of leasing the penthouse. But after an interested party was introduced to us, we quickly negotiated a deal.

“The lease underpins the demand for luxury — and underpins the resilience of the rental market even (amid COVID-19).”

Mr Gurner had intended to keep the sub-penthouse — which takes up half of level 14 in the 18-storey project — for events with private clients.

He said he “spared to expense” custom designing the luxury 300sq m apartment himself, to also feature $400,000 worth of Arabascato marble in the kitchen, bathroom and joinery, plus polished plaster walls, Ebony herringbone timber flooring, mirrored columns, and a state-of-the-art AV sound system.

The home offered a commercial kitchen with Gaggenau appliances, 4m-long island bench and a separate scullery, and a main bedroom with dual walk-in wardrobes and a swish ensuite.

Bathroom features and fittings included a freestanding stone bathtub, a double rain shower, marble drawers and flooring, and a $40,000 Sensowash toilet.

The standout entry hallway was decked out in marble-slab flooring and walls.

Floor-to-ceiling windows frame 180-degree views over Port Phillip Bay, Albert Park Lake and the city skyline.

The tenant will also gain access to Albert Place Residences’ “private club facilities”, including a bar, library and lounge, a 2500-bottle wine cellar and the Turkish bathhouse-inspired “Prince’s Baths” featuring a lap pool, a sunken spa and a sauna.

The development has been fully completed to contain 140 apartments, which sold for between $475,000 and $21 million, and all residents have moved in.

Source: https://www.news.com.au/finance/real-estate/melbourne-vic/tim-gurner-albert-place-residences-apartment-leased-for-5000-a-week/news-story/f9a748a0125a30feffa3c37fba9abdac

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