“Kay & Burton has made its mark in the South Yarra, Toorak and Armadale markets, and when it comes to high-end apartments in these areas, Damon was the right person.”
Butch, Managing Director of Sadikay Group

A case study in the successful property marketing of The Botanic Collection c/o Kay & Burton Director Damon Krongold.

Properties

Unlike an auction of a high-end apartment or house where there’s a relatively small window of opportunity to sell a property, these luxury apartments in Melbourne’s premier enclave adjacent to the Royal Botanic Gardens, were steadily marketed and sold over nearly two years. Prior to the onset of COVID-19, a sumptuous display suite was erected on Domain Road, South Yarra, with these spacious apartments designed by two of Melbourne’s leading architectural practices, with separate developments by Rob Mills and Powell + Glenn. All of the apartments were marketed as Expressions of interest (EOI) with the penthouse for number 30 Anderson Street selling on 23 November 2021. “It’s been slow but steady, with the mid-level of 30 Anderson selling very quickly, while what started out as four apartments in the Marcus Martin building (circa late 1930s) was consolidated into a large home,” says Damon Krongold, pointing out what is essentially a new contemporary home behind a significant interwar façade. Prices varied across The Botanic Collection with the entry-point being just under $3 million for an apartment in Kurneh Place to the dearest of the apartments, the penthouse at 30 Anderson Street, securing quotes in the EOI as expected to sell between $16.5 million and $17.5 million. And the Marcus Martin building, now one house, was in the range of between $25 to $30 million by the time it would be fully completed.

Campaign

Given the extremely high calibre of offering, there was print and also digital coverage – including Domain Review, Domain Prestige alongside digital platforms such as realestate.com.au, domain.com.au as well as Kay & Burton’s own digital platforms. Krongold and Kay & Burton’s Managing Director Ross Savas also travelled with Krongold and a few of the key sales team to Hong Kong and China to meet with potential purchasers. “Travelling overseas was disrupted during COVID and there was a time during this period that the luxury market was disrupted,” says Krongold, who travelled overseas with book-style brochures and a film of The Botanic Collection.

The Buzz

Given the length of the sales period for The Botanic Collection, the ‘buzz’ was more akin to a slower more rhythmic ‘hum’, with considerable interest received as soon as the advertising boards came up. And while those from interstate and overseas showed interest, a number of the purchasers were coming from nearby, a number living in large houses in South Yarra within a radius of a couple of kilometres. “There were also a number of expats who were returning from places such as the Middle East,” says Krongold. However, the even sales rhythm was disrupted by a number of Melbourne’s lockdowns, when it wasn’t possible to meet with potential clients. “Some sales took 9 to 12 weeks and, in one case, the deal came together in 6 months. In this instance, the client wanted to see the quality of the build rather than glossy images on a page,” he adds.

Each home celebrates a sincere understanding of how to live well that is, surrounded by nature, connected to community and immersed in impeccable design.

Visit 30 Anderson, South Yarra

Idyllically set in South Yarra's Botanic Gardens precinct, this architecturally distinguished and refined garden apartment brings a new level of luxury living to this most sought-after location.

Visit Kurneh Place, South Yarra

The Purchasers

Now 75 per cent sold, the purchasers for The Botanic Collection are predominantly high net worth people, some of whom are downsizing from their family homes nearby, whether from South Yarra or Toorak. “At the start of the campaign, you see the inspirational buyers, but it doesn’t take long before the more serious buyers called to make a time to meet,” says Krongold, who saw this development as appealing to those looking for a ‘journey’, who understand that it takes time and a little patience to create that high-end quality housing product. “Generally, this market is across everything. They’re keen to ask questions and their questions lead to further questions and answers,” says Krongold, who believes that it’s important to establish trust and also transparency when working in this market.

The Vendor 

Developer Butch Sadikay, Managing Director of Sadikay Group, put his trust in Krongold for The Botanic Collection. “Kay & Burton has made its mark in the South Yarra, Toorak and Armadale markets, and when it comes to high-end apartments in these areas, Damon was the right person,” says Sadikay, who also admires Krongold’s approach with clients in this specialised market. “He’s certainly not overly pushy as many agents can be and he has all the information at his fingertips. He certainly does the research, whether it’s the larger questions or the finer details,” says Sadikay, who found the experience of working with Krongold pleasurable, in spite of the hurdles COVID put in his way. “Damon is also genuine and, importantly, fully understands a savvy and sophisticated buyer,” he adds.

Top 3 Things

  1. Damon is genuine and honest and he fully connects to this end of the market.
  2. He places extensive time and effort in understanding all the details, whether it’s explaining plans or materials to people. It certainly helps when you have an extensive knowledge of a product when you are selling,” says Sadikay, who comes from a retail background and understands how important this product knowledge is.
  3. Damon simplifies the purchasing process, including looking at contracts, for example. I would certainly say that he’s ‘top shelf’.
Market Insights

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