Luxcon Begins Construction on Port Melbourne Project

Construction is under way on Luxcon’s latest residential project, at Port Melbourne in Victoria.

Opposite Station Pier and the Port Melbourne tram stop, the 1400sq m site at 103 Beach Street, Pier 103 will have 19 oversized two- and three-bedroom apartments. 

Plans for the project were designed by Carr Architects and Acre is the landscape architects. 

Luxcon bought the site in July, 2021 for $16.65 million and filed amended plans in March, 2022. 

The end value of the project was estimated at $90 million in 2022. 

In December 2023, the penthouse for Pier 103 was sold for $10 million, setting a record price for an off-the-plan apartment in Port Melbourne.

The highest sale price for an off-the-plan apartment in Victoria is $38 million, which was paid for a sub-penthouse apartment in Beulah’s $2.7-billion twin tower project at Melbourne’s Southbank, and paid out in February, 2023.

Sydney-based Luxcon’s first acquisition in Melbourne was an office building at Albert Street, East Melbourne, in 2020 for $30 million.

That site is part of the luxury residential project, The Address, overlooking Fitzroy Gardens.

▲ A render of Pier 103, opposite Station Pier at Port Melbourne where most cruise ships dock in Victoria.

Luxcon plans to complete The Address within the next six months and has had record sales with a local family paying more than $20 million for the penthouse in February 2023. 

A smaller sub-penthouse in the same project was also sold to another local family also for more than $20 million.

The company has an internal construction team operating across New South Wales, Victoria and Queensland and is using it to build both The Address and Pier 103. 

Construction will also start on two more projects in Byron Bay ($100 million) and the Surfers' Paradise on the Gold Coast ($250 million) in the next two months. 

"We are very optimistic about 2024," Luxcon founder Ilya Melnikoff told The Urban Developer. 

"Our internal construction delivery capability will be a big factor in our ability to manage construction costs and to deliver a high end product."

Station Pier is the main pier for cruise liners and ships docking in the Port of Melbourne and was formerly the home for the Spirit of Tasmania ferry service before it was moved to a new purpose-built terminal at the Geelong Port.