Rare half-floor apartment sells in Melbourne’s Eureka Tower

It may not be immediately obvious, but Melbourne’s tallest building is a nod to the Eureka Stockade.

Photo: Paul Rovere

A rare half-floor apartment in the Eureka Tower has sold for a record $4.75 million to the eldest daughter of property mogul Elias Jreissati.

Samantha Jreissati, the joint-managing director of the family’s Levantine Hill winery, bought the apartment on the 73rd floor in an off-market sale in late February.

There are seven half-floor apartments in the building, and it is the first time one has sold in more than a decade.

Ms Jreissati’s 69th floor apartment, which goes on the market on Wednesday.

The 300-square metre property fetched the highest price for a half-floor apartment in the the building to date, and featured three bedrooms, three bathrooms and panoramic views.

Ms Jreissati already owned a slightly smaller apartment on the 69th floor, listed on Wednesday, and said she wanted to stay in the building as it was a “Melbourne icon”.

“We are relocating within the building – which is a novel concept – making it an extraordinarily easy move to make. The removalists will be happy,” Ms Jreissati said.

Ms Jreissati’s 69th floor apartment, which goes on the market on Wednesday.

NPM sales executive Brett Jarvis, one of the agents handling the sale, expected the extensively refurbished three-bedroom apartment would also sell for a record price for the building.

“It’s rare to find a three bedroom apartment in Eureka,” Mr Jarvis said. “There’s not been one sold in the past two years.”

The apartment features French oak timber flooring, stone bench tops and custom cabinetry in the kitchen, a Sonos sound system and views across the city to the suburbs and the bay.

Ms Jreissati’s 69th floor apartment, which goes on the market on Wednesday.

Along with her role at the Yarra Valley winery, Ms Jreissati is general counsel at the Jreissati family’s Benson Property Group. She said she wanted to stay in the building because of its close proximity to parks and all the attractions of the city.

“Within walking distance to everything and with magnificent views, we feel lucky to have secured a home for our young family,” she said.

NPM managing director Sam Nathan said buyers looking for high-end CBD apartments were looking for a lifestyle, not just an investment.

Ms Jreissati’s 69th floor apartment, which goes on the market on Wednesday.

“These are people who know property and the value of property and see the value in the building,” Mr Nathan said.

He said buyers at the top end of the market wanted to live in a particular building – be it Eureka or others including The Melburnian on St Kilda Road or Quay West and Freshwater Place in Southbank.

“The buildings are almost trading as their own markets,” he said. “People who understand apartments and apartment buildings know these ones are well built.”

Levantine Hill winery in the Yarra Valley, of which Ms Jreissati is joint managing director.

Mr Jarvis said large CBD apartments were hard to come-by and many people found it difficult to upsize in the same building.

“There are 30 people on the waitlist for a large apartment in Eureka,” he said. “We won’t see another half-floor come up for another five to 10 years.”

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