Developer and builder Lowe Living has paid a reported $25 million for the Brighton Savoy, a landmark development site on Melbourne’s Bayside.
Lowe Living secured the hotel site through an off-market transaction, directly negotiating with the Lee family, who have owned the site at 150 The Esplanade, Brighton, for the past 55 years.
The site holds plans, approved this week, for 14 ultra-luxury apartments across three levels.
With an estimated GRV of $140 million, the developer said the project was likely to come to market in mid-2025. Early estimations suggest the apartments will be priced from $5 million up to $20 million for half-floor penthouses.
The $5-million price point would be the highest entry price in Lowe Living’s development history, which, the developer said, underscored the site’s “exclusive and rare offering”.
The planning permit allows for a three-storey development. Lowe Living said it was collaborating with Toorak-based Kennon Architects studio to “elevate the project through a client-led design process”.
It said it had plans to reconfigure some of the home layouts within the planning envelope to “ensure each apartment unlocks maximum water views and superior internal layouts, including a full-floor wellness amenity level ... drawing inspiration from bath houses found in Europe”.
“The Brighton Savoy represents a rare opportunity for us to complete a truly landmark development,” Lowe Living managing director and co-founder Tim Lowe said.
Lowe Living has a $770 million development and $250 million construction pipeline.
Built as a private home in 1909, the property was transformed into the four-star Savoy Hotel, overlooking Brighton Beach, in 1959.
The 3386sq m corner site is 100m from the Brighton Bathing Boxes, which typically sell for $350,000 to $400,000.
