Cover story: Revival of city’s grand boulevard

Melbourne’s iconic boulevard of St Kilda Road has always attracted the wealthy.  In the 19th century opulent mansions housed the colony’s well-to-do. In   more recent decades, the city’s elite embraced apartments as city pads there. Now,  growing  numbers of cashed-up downsizers are leaving the suburbs for permanent city digs,  reviving interest in the prestigious street with the 3004 postcode where the city’s first luxury apartment boom and off-the-plan sales originally emerged.

While the newest entrants to the street have more mid-priced apartments and lack the number of extravagant whole-floor and half-floor abodes of older developments, many include full concierge services, lavish pools and gyms, libraries and private dining rooms communally available to residents. There is a direct correlation between the launch of new apartments on St Kilda Road and the commercial office market. When Docklands first lured many of the big corporations on St Kilda Road to its more energy-efficient buildings, redundant office space was converted into residential apartments.

That trend continues. One of the most recent office conversions is The Fawkner, which will transform the former business site at 499 St Kilda Road into 253 high-end apartments overlooking Fawkner Park. Other new projects Opera (450 St Kilda Road) and New Charsfield (478 St Kilda Road) are proving popular with downsizers seeking the coveted location that is close to many of the city’s best parks, including the Botanical Gardens and Albert Park, only a short tram ride or walk from the CBD and with easy access to all the desirable south-eastern suburbs.

“St Kilda Road has always been expensive real estate and the neighbour to the wealthy suburbs and empty-nesters flock to St Kilda Road because they still have a connection and close proximity to their traditional neighbourhoods,” 360 Property Group managing director John Meagher says.

Meagher says the demand for apartments on St Kilda Road escalated after the success of the “Tower of Power” Domain building at 1 Albert Road, a development which attracted the who’s who of Melbourne’s business world including trucking magnate Lindsay Fox, business and racing identity Lloyd Williams and former Grand Prix boss and developer Ron Walker.

The Melburnian was another celebrated addition to the street in 2002 that attracted prominent buyers while other developments such as the Smorgon family’s Metropolis (480 St Kilda Road) and Wood-Marsh-designed Balencea (454) had their own cachet. Older developments Kingstoun (461) and Parkside (481) were built with the spacious grandeur of the pre-GFC prestige apartment boom.

Domain Group senior economist Andrew Wilson says the shift to mid-priced residential apartments  is likely to continue.

“There is a rediscovery of those areas that are very close to the city and I think that precinct is just starting to get a bit more of a neighbourhood flavour to it,” he says.

Golden Mile

Established: Domain, 1 Albert Road 
The Melburnian, 250 St Kilda Road
Kingstoun, 461 St Kilda Road
Metropolis, 480 St Kilda Road
Parkside, 481 St Kilda Road
Balencea, 454 St Kilda Road

New arrivals: Fawkner, 499 St Kilda Road
Opera, 450 St Kilda Road
New Charsfield, 478 St Kilda Road

Street’s cred inspires investment

The central location of St Kilda Road and its prestigious reputation inspired Carmela Cuda to buy an investment apartment on the well-known boulevard.

“There’s no better address than St Kilda Road and I believe apartments there will hold their value because of the street name,” she says.

Cuda  bought a one-bedroom apartment at the New Charsfield development initially as an investment with the options of later using it either as a future residence, city pad or as a home for either of her two teenage daughters if they attend city universities.

“Down the track it might be a place for me to live once we downsize or we could use it as our holiday apartment to come for a weekend in the city,” says the Mulgrave resident, who was also impressed by the project’s architecture and communal dining rooms.

The ninth-floor apartment will have views of Albert Park and the bay. “We could have paid much less on a lower level but the view is beautiful and very calm and serene.”

478 St Kilda Road
Melbourne
$392,000-$1,360,000

When the New Charsfield apartment development is completed, the project will hold the unusual distinction of having both the oldest and newest residential buildings on St Kilda Road.

A 15-level tower designed by architects Rothelowman will sprout behind the old Charsfield, a Victorian-era mansion built in 1889 by Charles Webb, who is known for his iconic architectural contributions to the city of the Windsor Hotel, Melbourne Grammar and the Royal Arcade.

The old mansion will house a restaurant while the New Charsfield residents will get their own taste of a mansion experience with grand private dining rooms, a traditional library, residents’ lounge and garden terraces designed by landscaper Jack Merlo on the ground floor of the new tower.

Developed by Ever Bright Group, New Charsfield will consist of 130 apartments (50 one-bedrooms, 70 two-bedrooms and 10 three-bedrooms) with interiors designed by Hecker Guthrie. The project’s first five levels will be high-end serviced apartments with separate entrances and amenities. 

Agent: 360 Property Group, 9644 2600