Fortis sets new Richmond benchmark with Keebaugh penthouse purchase
Hospitality entrepreneurs Bruce and Chyka Keebaugh have set a new price benchmark for apartment living in Richmond with their purchase of a Carmine House penthouse.
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Leading Australian development manager Fortis has secured a landmark off-the-plan sale at Richmond Square, with high-profile hospitality entrepreneurs Bruce and Chyka Keebaugh purchasing a 550sqm penthouse residence in Carmine House, establishing a new price benchmark for apartment living in Richmond.
The purchase underscores the continued demand for premium, amenity-rich residences in Melbourne’s inner east.
The transaction marks a significant milestone for the $330 million mixed-use precinct, reinforcing buyer appetite for integrated, lifestyle-led developments.
Richmond Square comprises two residential offerings – Carmine House and Wiltshire House – alongside a 57-room boutique hotel, strata office space and a curated mix of retail and lifestyle operators.
As part of Carmine House, residents have access to hotel-style amenities and services, including concierge, housekeeping, dry cleaning and in-residence food and beverage delivery.
Best known for building The Big Group into one of Australia’s leading luxury hospitality and events businesses, the Keebaughs were drawn to the precinct’s integrated lifestyle offering and its proximity to Melbourne’s hospitality, cultural and sporting precincts, while remaining well connected to the Mornington Peninsula, where they spend much of their time.
As well, Chyka is well known to Australian audiences as one of the original stars of The Real Housewives of Melbourne, appearing across three seasons of the hit reality series.
Alongside her business ventures with Bruce, she has built a public profile as a lifestyle authority, authoring two books on home and entertaining, Chyka Home and Chyka Celebrate.
“We weren’t simply looking for a luxury apartment,: the couple said. “We were looking for a home that delivers an exceptional lifestyle every day. The combination of design, walkability, security and the broader precinct vision for the broader precinct immediately stood out.”
Jordan Winada, Head of Acquisitions (Commercial) Victoria at Fortis, said the result highlights evolving priorities at the top end of the market.
“This sale reinforces that premium buyers are prioritising the complete lifestyle experience,” says Winada.
“They’re increasingly looking beyond the apartment itself and assessing the quality of the surrounding neighbourhood as well.”
Sean Cussell, Director at Christie’s International Real Estate Victoria, who negotiated the transaction, said the result reflects the lack of comparable product at this level of the market.
“There’s simply no direct comparison for this in Richmond. It’s not just an apartment; it’s part of a fully integrated precinct combining residential, hotel, workplace and lifestyle amenity,” Cussell said.
“Buyers are increasingly assessing the broader offering, from amenity and walkability to service and convenience. Projects that deliver a complete lifestyle experience continue to outperform.”
The sale contributes to Fortis’ strong national performance, with the business recording more than $124 million in sales since March, the last three all record-breaking penthouse sales across the country, reflecting sustained momentum across its portfolio and continued appetite for premium, design-driven developments.
This follows Fortis’ recent record-breaking Ruby House penthouse sale in Sydney’s Double Bay, which set a new benchmark for apartment living in the suburb and underscores the strength of demand at the ultra-premium end of the market.
Richmond Square will announce its hospitality and lifestyle operators in the coming weeks as the project progresses towards completion this year.
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Set on one of the city’s last absolute riverfront sites, The Riversdale by Mosaic combines irreplaceable waterfront ownership with one of Brisbane’s most significant residential opportunities.
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Abadeen, the Lower North Shore’s most active and prominent residential developer, together with investment partner Phoenix Property Investors, has lodged a State Significant Development Application to transform the former Honeysuckle Garden and Midas site on Military Road into 100 premium new homes.
With an estimated completed value of $230 million, the proposed development will transform the former Honeysuckle Garden and Midas site into a landmark mixed-use residential community comprising 100 premium residences, activated ground-floor retail and a resort-style rooftop wellness and recreation precinct designed to become one of the Lower North Shore’s most exceptional resident amenities.
The proposal has been carefully designed to respond to the site’s varied street frontages and surrounding neighbourhood. The building comprises predominantly five and nine storeys, steppingdown towards Hale Road to reduce its visual impact, with the tenth level rooftop
wellness facilities rather than residential apartments. This built form remains below the 12-storey outcome identified through Mosman Council’s recently endorsed Masterplan process, demonstrating a considered approach to delivering much-needed housing while respecting the site’s context and neighbouring properties.
Designed by leading Australian practice DKO Architecture, under the direction of Senior Associate Matthew Ritchard, the proposal has been conceived as a contemporary response to Mosman’s unique landscape, history and community.
Occupying a prominent position on Military Road between Cremorne and Mosman villages, the site is close to boutique retail, acclaimed dining, harbour beaches, leading schools and excellent public transport connections. Upper-level residences would enjoy panoramic views stretching north across Middle Harbour, south to the Sydney CBD skyline, east to Balmoral and Sydney Heads, and west across the Lower North Shore.
Abadeen Executive Chairman Justin Brown said the project represented an opportunity to deliver a new generation of homes for Mosman that responded to changing buyer needs while remaining respectful of the suburb’s established character.
“This is one of the most significant sites to come to market on the Lower North Shore in many years,” Brown says.
“The apartments have been designed as genuine long-term homes, with efficient floor plans that maximise usable living areas, generous internal storage, strong natural light and practical connections between internal and external spaces. A diverse range of apartment sizes and configurations provide greater housing choice for individuals, couples, families and local downsizers.
“The focus has been on creating homes that caters for a broad range of buyers, from young professionals purchasing their first home, to couples establishing themselves, growing families and local downsizers who want to remain in Mosman.”
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