The Albertine to sit above Melbourne’s favourite boulevard as luxury apartment sales fire

Mirvac gets a jump on rivals by unveiling plans for a third apartment project, The Albertine in Melbourne, at a time few others have gone ahead.

An artist’s impression of how The Albertine will overlook Melbourne.

Listed developer Mirvac is banking on the top end of Melbourne’s luxury apartment market as it revealed its latest prestige development, The Albertine, in the St Kilda Rd precinct.

The site on the city-fringe boulevard was picked up by the developer last year as the top end of the residential market showed signs of picking up.

But relatively few developers have been able to launch projects in that time, giving Mirvac the opportunity to bring its touch to the area without many rival projects being launched.

Formerly known as 31 Queens Lane, the $200m residential tower will see about 100 large-format one, two, three and four-bedroom apartments developed across 15 storeys, plus exclusive wellbeing amenities for residents which are becoming the hallmark of such towers.

The sales campaign is set to launch in August and pricing for a one-bedroom apartment starts at $695,000, two-bedders at $1.025m and three bedrooms from $2.28m.

Prices for the sought-after penthouses are yet to be set.

The Albertine is Mirvac’s third apartment launch in the rapidly recovering Melbourne market in six months.

An artist’s impression of the indoor swimming facilities at The Albertine.

The move follows the successful sales launch of Trielle at Yarra’s Edge and recently announced permit approval of 699 Park Street in inner-city Brunswick.

Mirvac is also active in the suburbs and is readying to launch MEKKO, its collection of highly sustainable apartments at The Fabric, its masterplanned community in Altona North.

Mirvac general manager of residential Victoria, Elysa Anderson, said The Albertine would reflect the quality of the group’s highly successful apartment projects, The Melburnian on St Kilda Rd and The Eastbourne in East Melbourne.

“Demand for quality, well-designed and constructed apartments remains strong, underpinned by low unemployment, wage growth, the return of overseas migration and scarcity of quality product. We recognise Victoria’s historically low apartment pipeline and remain focused on accelerating our supply of apartments that are built for tomorrow,” Ms Anderson said.

She said there was an increased appetite from owner-occupiers for lifestyle-focused, well-located apartments complete with high-quality amenity. “Capturing this unmet demand is a significant opportunity for us, particularly with our strong value proposition of delivering exceptionally designed residential apartment buildings in outstanding locations,” Ms Anderson said.

The building’s sweeping curves and organic forms encase a suite of residents-only, wellbeing-focused amenity, to be known as The Circadian Club. This “urban sanctuary” will have an indoor pool and spa, state-of-the-art gym, a yoga and pilates studio and sauna.

The Elysian Room will be the residents’ exclusive dining space on level 10, with sweeping views across Melbourne and beyond.

Crowning The Albertine on Levels 13 and 14, the Cumulus Residences are designed to capture Melbourne’s sparkling city skyline, Albert Park Lake and Port Phillip Bay via floor-to-ceiling glazing.

Early construction works are anticipated to commence later this year.