Samuel Property’s Louise reaches completion, nears sell-out on Albert Park’s edge

Off the plan apartments buyers have started to move into Louise, the flagship Albert Park apartment development by local developer Samuel Property.

Construction firm Hamilton Marino has recently completed the two-year build of the 16-storey Louise Street tower, just off St Kilda Road.

Developer Illan Samuel says the project’s strong sales result, with around 90 per cent of apartments sold ahead of its construction completion, is a “good news story for Melbourne”.

“Melbourne hasn’t had the easiest time in the off the plan development space in recent years,” Samuel says, pointing to rising taxes and limited growth in the established property market. However, there are signs of improvement, with build costs having normalised and now “only moving modestly”, and improving sentiment among buyers both local and interstate that Melbourne is the city of opportunity.

Samuel attributes the success of Louise to a combination of the project team, design, location and apartment mix, noting strong investor interest driven by high rental yields and comparatively low body corporate fees.

While only about 20 apartments are currently being leased, they are achieving yields of between 5.5 and 6 per cent.

“The maths show investors are receiving neutral or even positive cash flow on a city-fringe residential asset that has grown by around 5 per cent year on year for the past three years based on our pricing strategy on incremental price rises during construction and sales milestones, while much of the broader market has remained relatively flat,” he says.

A handful of apartments remain, with one-beds starting from $595,000, two's from $779,000, and three-beds from $2,445,000. All but one sub penthouses have been sold, and that is priced from just shy of $14 million. It has four bedrooms and five bathrooms across its 600 sqm, and parking for five cars.

Darren Blair from Blair Property Group has handled the sales campaign.

Cera Stribley designed the 89-unit building, on the fringe of St Kilda Road and Albert Park, to respond directly to its heritage-rich context, where historic mansions and retained period buildings continue to shape the streetscape. 

The completed building reflects this influence through its brick façade and art-deco detailing, drawing cues from neighbouring heritage structures while delivering a contemporary residential format suited to modern inner-city living.

Amenities were conceived as an extension of daily life rather than a checklist of inclusions. Residents now have access to a ground-floor pool illuminated by a central skylight, a fully equipped gym, steam room, private dining room, lounge, and a landscaped outdoor terrace that wraps the communal spaces. 

The amenity offering reflects a biophilic design approach, with water and greenery used to soften the building’s urban setting and support wellbeing.

Samuel now shifts its focus to Hali, its beachside townhouse development in Dromana, which has been popular among city dwellers looking for a low-maintenance bolthole on the Mornington Peninsula.

Samuel recently began the construction phase of the 73-townhome community, one of the most unique developments the Mornington Peninsula has seen in decades.