Apartment putting greens drive top-end sales for Kew project
A luxury development offering golf practice greens has scored a pair of sales close to $4 million each for the novel offerings.
The big sales putt the Grounds of Kew by Beulah International into the upper echelons of the region’s wider apartment market.
They are only topped by a $6.4 million sale for a 347sq m penthouse in The Alexandra complex by Franze Developments.
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At about $16,000 a square metre, the two ground-floor apartment sales at 367 Cotham Rd include outdoor spaces landscaped by Paul Bangay alongside the greens designed by Australian Masters golfing champ Craig Spence.
The developer also brought in MasterChef regular Adam D’Sylva to plan their kitchens, and the series of big names has proven enough to convince most of the buyers to date to relocate from north of the Yarra.
“The talking point from purchasers has been that they love the collaboration … they feel like they are buying into something special,” said Beulah International general sales manager Jamie Baldwin.
“And 70 per cent have come from Eaglemont and Ivanhoe north of the Yarra.”
Half of the development’s ground-floor apartments are now sold, with two remaining — both offering a putting green.
Heavy customisation has been a hallmark of the project, which is now 50 per cent sold, but while the buyers of the first two apartments with the putting greens on offer have yet to confirm they will include them, putting tips and lessons provided by Spence for prospective buyers have been popular.
Spence previously told the Herald Sun many US players used a home green to shave a few strokes off their game.
“The purpose of the green, other than to have a bit of fun and entertain guests, is for a keen golfer to practice the basics — with putting it’s about trying to repeat the same putting stroke and get the same ball movement,” Spence said.
The emphasis on luxury features and the scope for customisation had been well received by buyers undaunted by Melbourne’s property market correction.
Many of the buyers have elected to add customised fireplaces, and in one case to split a single super-sized apartment into two residences, Mr Baldwin said.
“It was a four-bedroom (500sq m) apartment that’s been converted to two two-bedroom apartments as they didn’t want an apartment that large,” he said.
The top-floor apartment snared a hefty $17,500 a square metre in a $3.1 million sale.
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Construction on the project starts in four weeks.