The Rise of Super-apartments in the Sky
A new breed of super-apartments are gaining in popularity in Melbourne, offering buyers the kind of amenity they’d get in a five-star hotel and the expanse of space they’d expect in a home - without the upkeep.
At Melbourne Square, nine buyers have opted to combine 19 apartments into super-apartments - with one purchaser even picking up six apartments over two floors.
This buyer plans to create three large three-bedroom family residences - one for he and his wife, another for their adult daughter and a third for his son’s family.
Adding to the impressive stats to date, domestic and international investors have also doubled down on the project, with 34 buyers purchasing 80 apartments in total. While not all of these will be combined into super apartments, many have been purchased as an investment or to co-locate family in the building.
CBRE’s Managing Director of Residential Projects Victoria, Andrew Leoncelli, says there are many reasons behind the creation of the super-apartments, and it isn’t just affluent downsizers wanting a castle in the sky.
He said families loved how super-apartments gave them a large family home with in-built childcare enabled by the inclusion of semi-detached quarters for the grandparents.
“People are applying the hotel concept of adjoining rooms to the residential apartment market and creating semi-detached sky-homes that equally provide privacy and connection to the larger family unit,” he says.
“With parents working longer hours and the high cost of living, creating combination apartments for family makes sense as it shares the cost of the purchase and long-term, the cost of childcare is negated.”