Currently 14 levels out of the ground, The Grace at Albert Park Lake will have 79 one-, two- and three-bedroom apartments ranging in size from 78sqm to 301sqm when complete.
Prices start at $650,000 with one penthouse at the top with two outdoor terraces going for $4.5 million. The Fin Review is reporting the DMF will be 18% for apartments above $1.2 million and 26% for apartments below $1.2 million.
Any capital gain is split 50/50 on sale and the resident can choose their own selling agent.
The development, designed by Fender Katsalidis and Mim Design, is located at 128 Albert Road, next door to Australian Unity’s headquarters which will be repurposed into an assisted living and aged care facility when its new offices are completed in the CBD.
“When it’s all done it will be a precinct,” CEO for independent and assisted living at Australian Unity Kevin McCoy said.
Australian Unity already has one vertical village in Melbourne, Rathdowne Place in Carlton, while other Victorian operators such as Stockland are also pushing ahead with vertical retirement and aged care developments.