Opulent boardroom apartment in heritage Port Authority Building flies back onto market with $5

A lavish apartment that was formerly the boardroom in Melbourne’s Port Authority Building has flown back onto the market, shaving half a million dollars from its original price tag.

The grand 101/29-31 Market St pad is for sale with a $6.5m-$7m asking price – a more than$500,000 haircut from when it was last listed in 2018 for $7m-$7.7m.

After lingering for about a year, the initial listing was pulled in 2019.

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Now, the opulent apartment is back and is expected to sell now that the market is “firing again”, according to Cushman & Wakefield Melbourne agent Anthony Kirwan.

“Australia has opened up and the tourism and education sector is back again, so we thought it was a good time to put it on the market to attract the offshore family market or expats,” said Mr Kirwan, whose agency has the listing in conjunction with Kay & Burton Stonnington.

He added that the vendor, a retired hedge fund manager who had “a fairly long and successful career in Europe and Asia”, had spent a small fortune on the property during his time there.

The nine-storey, heritage Port Authority Building was originally built in 1929 by renowned construction firm Hansen Yuncken to a theatrical Beaux Arts-style design by architects Sydney Smith, Ogg and Serpell.

Heritage documents show it was occupied by the Port Authority as “the centre of Melbourne’s maritime industry” until 1982 when the former State Electricity Commission took over, before it was converted to a hotel in 1999.

The three-bedroom boardroom apartment has since received a stylish renovation by SJB Interiors, paying homage to its regal features such as parquetry flooring, blackwood panelling, marble fireplace mantels, ornate ceilings and bronze light fittings.

It also boasts two marble kitchens, a sitting room and study, and marble ensuites in two of the three bedrooms.

“It’s something you would expect to see in New York or Paris,” Mr Kirwan said.

The agent noted that the property was being marketed towards travelling business executives including buyers from Wall Street and London’s financial districts.

“A lot of people are moving to Australia for lifestyle reasons and there’s a lot of money coming into the country now that Covid is over,” he said.

“Melbourne is really affordable compared to other global cities … if this asset was offered in Manhattan it would have a $25m-$30m price tag.”

Kay & Burton Stonnington agent Rae Mano added that the property was a “special offering” for buyers wanting a CBD residence with historic significance.

Expressions of interest close on October 27.

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emily.holgate@news.com.au

Originally published as Opulent ‘boardroom’ apartment in heritage Port Authority Building flies back onto market with $500k price cut

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