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Global contractor Multiplex has reached a major construction milestone on a luxury apartment development in South Yarra.
The $800 million six-star retail and high-rise residential project by developer LK Property Group, and promoted by Oscar-winning actor Charlize Theron during its marketing phase, comprises 400 luxury apartments.
Apartment prices for a single bedroom residence in the Bates Smart-designed offering start from just shy of $1 million, while prices for a 500sq m penthouse is in the $20-$25 million range.
Multiplex regional managing director Graham Cottam said the double tower project is on track for completion next year.
“Around 400 workers are on-site every day and approximately 20,000 cubic metres of concrete has been used to date on both towers,” he said.
LK Group is led by chief executive Larry Kestelman, founder of the internet and phone company Dodo. Kestelman also owns the National Basketball League (NBL) and has interests in the Brisbane Bullets and Melbourne United.
Related: Beulah Launches South Yarra Apartments Starting at $5 Million
Located on the corner of Toorak Road and Chapel Street, the Capitol Grand Tower stands 10-storeys and the LK Tower 50-storeys high.
Multiplex construction techniques used in the build process include the use of cantilevered offset grillages on cranes to minimise impact to permanent structure, and temporary shield structure to protect overhead services during crane lifts from Chapel Street.
Capitol Grand will also house fine dining establishments, three levels of luxury retail, and a five level basement carpark.
