Global contractor Multiplex has been officially announced as the construction partner for LK Property Group’s six-star integrated retail and residential Capitol Grand South Yarra development.
LK Property Group Executive Chairman Larry Kestelman said he was excited to announce Multiplex as a construction partner for the iconic luxury project with construction already underway.
“In just over 12 months since going to market this development has broken every record in the luxury apartment market for the volume of property sold,” he said.
“We are excited to announce our partnership with Multiplex and deliver a new level of luxury for apartment residents.
“I’m a proud Melbournian and proud of our talent in this city so I brought the best team together including renowned architect Roger Poole at Bates Smart and leading landscape designer Jack Merlo to showcase Australian design and creativity. Now, we add Multiplex, another Australian success story, to the Capitol Grand South Yarra family.”
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Capitol Grand South Yarra has led the Melbourne luxury sales market with over $350 million of apartments sold since the development went on sale the same time last year.
Currently 70 per cent sold, the development is located on the corner of Toorak Road and Chapel Street South Yarra, and is the only development to succeed on the former Capitol Bakeries site despite many false starts.
Capitol Grand South Yarra selling agent Christian Numa, Principal of Amity Real Estate, said that 60 per cent of apartments sold for Capitol Grand have been over the $1 million mark, with 23 per cent of these over the $2 million mark with the stamp duty savings attractive to buyers.
“Capitol Grand has certainly proved that the luxury property market is strong, and there are still opportunities to save significantly on stamp duty by purchasing off the plan,” he said.