Docklands first hotel branded penthouse seeks to break $20 million
Melbourne’s first hotel-branded penthouse has hit the market, with Docklands luxury tipped to test the city’s $20 million ceiling.
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International hotel brand 1 Hotels has recently opened the doors to its debut Australian property in Melbourne’s Docklands.
The hotel forms part of Riverlee’s broader Seafarers development, which integrates the grandeur of the site, the former Goods Shed No. 5, meticulously reconstructed and restored piece by piece by the developer.
Designed by Fender Katsalidis in collaboration with CARR, Seafarers pays homage to the site’s wharfing history through the use of recycled timbers, steel beams and concrete, softened by expansive ceiling gardens.
Now, the first hotel-branded penthouse within the development has been listed for sale, and it is shaping up to become one of the few residences in Melbourne to push beyond the $20 million mark.
The penthouse commands expansive views across the city skyline and Port Phillip Bay, outlooks that can never be built out thanks to its prime, direct waterfront position.
A private lift opens into an exclusive lobby, leading to a gallery-style hallway that runs the full length of the expansive 715 sqm residence. Upon arrival, an ornamental conservatory sets the tone, anchored by a towering tree that rises toward a skylight, flooding the space with natural light.
The eastern wing of the penthouse houses a dedicated entertainment room with its own bar, a home office with integrated desk space, and four bedrooms.
The master suite is wrapped in glass and features two walk-in wardrobes, both naturally lit by skylights, along with an ensuite complete with a freestanding bath.
A formal dining area and wine cellar sit between the private quarters and the western edge of the home, where the main living spaces are positioned to capture uninterrupted views of the bay and city.
The kitchen is appointed with a fully equipped scullery, Gaggenau appliances, and a marble island bench.
Additional spaces include a cocktail lounge with a fireplace behind black-framed glass doors, as well as another living and dining area. All of these zones open onto a full-width terrace featuring an outdoor kitchen with integrated stone island, an alfresco dining area, and an outdoor lounge.
The penthouse also includes secure parking for four vehicles.
Forbes Global Properties Australia agents Nick Peters and Tracy Tian Belcher are guiding the property at $19.5 million to $21 million.
While a sale at this level would place it among Melbourne’s most expensive apartments, it would still fall short of the city’s record. That benchmark was set in 2023 when billionaire Adrian Portelli, known for his high-profile purchases and giveaways on The Block, paid $39 million for a 1,200 sqm penthouse on the 57th floor of Sapphire by the Gardens in the CBD.
Designed by Fender Katsalidis and CARR, Seafarers pays homage to the wharfing history of the land with its recycled timbers, steel beams and concrete softened by ceiling gardens.
Founder and CEO of Starwood Capital Group, Barry Sternlicht was the driving force behind some of world’s most esteemed hotel marques, including St. Regis and W Hotels.
Passionate about sustainability and conservation, he believes the people who travel the world care about it deeply, and through 1 Hotels, set out to establish a mission-driven luxury hotel brand that would raise awareness, spark conversations and inspire change that benefits the planet.
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As interest rates, inflation and market sentiment fluctuate, investors are being urged to focus on data, not panic.
Australia’s median advertised rent has climbed to a record high, with every capital city recording quarterly price growth despite a slight lift in vacancy rates.
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Australia’s rental market has reached a new milestone, with national median advertised rents climbing to a record $670 per week in the June quarter as prices continued to rise across every capital city.
New data from realestate.com.au shows national rents increased 3.1 per cent over the quarter and 6.4 per cent over the past year, while capital city rents rose 2.2 per cent over the quarter to a median of $690 per week, up $10 from the March quarter.
REA Group economist Luc Redman said rental price growth had continued despite a small increase in vacancy rates.
“National median rents reached a new high in the June quarter, with widespread price growth across the capitals,” he said.
“The rent increases occurred despite a small increase in the rental vacancy rate over the same period.”
Melbourne and Perth recorded the strongest quarterly growth among the capitals, with rents increasing 3.5 per cent in each city. On an annual basis, Perth led the nation with rental growth of 10.3 per cent, followed by Hobart at 9.1 per cent and Darwin at 7.7 per cent.
Sydney remained Australia’s most expensive city for renters, with a median advertised rent of $800 per week, while Melbourne and Hobart were the most affordable capital cities at $600 per week.
Regional markets were more subdued, with rents holding steady over the quarter but remaining 5.3 per cent higher than a year ago, suggesting the rapid pace of growth outside the capitals has eased.
Mr Redman said the full impact of the Federal Budget’s changes to investor tax settings was yet to be seen.
“The May Federal Budget, which announced sweeping changes to investor tax settings, occurred in the middle of the quarter, so the full impact on the rental market is yet to be seen,” he said.
“While the vacancy rate has edged higher, the expected decrease in investor demand due to the budget’s tax changes could slow the pace of new supply, putting further pressure on rents.”
The report also found house rents continued to outpace units, rising 2.9 per cent across capital cities over the quarter compared with 1.5 per cent for units. Melbourne was the only capital where renting a unit was more expensive than renting a house, reflecting demand for well-located apartments.
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