CONSTRUCTION has begun on LK Property Group’s $300 million, six-star residential development Capitol Grand, on the prime South Yarra corner of Toorak Road and Chapel Street.
The development is being built by contractor Multiplex, and at the time of design by Bates Smart for Larry Kestelman the 50-storey, 180-metre project was to be the tallest building outside of Melbourne’s CBD.
It will comprise 400 luxury apartments across two towers; the 10-storey Capitol Grand Tower and 50-storey LK Tower and is currently 70% sold, having netted more than $350 million in apartment sales to date.
The five whole-floor penthouses in the building’s upper levels will offer 360-degree views, overlooking the entirety of the mass-density Forrest Hill precinct just over the road.
Kestelman hired Hollywood star CharlizeTheron to promote the development at a fee of $3 million in 2015 at events surrounding the Australian Grand Prix as well as in Hong Kong and China, which was overshadowed by gaffes and cancelled appearances by Theron.
At the time Kestelman was yet to receive approval for the tower, which was originally planned to feature 450 apartments.
Amongst other publicity stunts to boost sales was an offer from Kestelman of up to two million Qantas Frequent Flyer points to off-the-plan buyers.
Kestelman has a controlling stake in the National Basketball League and is the founder of internet provider Dodo.
Australian Property Journal
