Hospitality boss Fab Ippoliti snaps up $15m Melbourne CBD apartment from Greg Hargrave

Hospitality boss Fab Ippoliti has snapped up an oversized luxury apartment in the Melbourne CBD for about $15 million.

The vendor, businessman and former Skilled Group boss Greg Hargrave, has almost doubled his money on the whole-floor residence.

Mr Ippoliti, who is married to IVF specialist Dr Lynn Burmeister, slapped a caveat on the home in the prestige tower at 35 Spring Street.

He is a former owner of Inflation night club on King Street, which was bought by Rialto Tower co-owner Lorenz Grollo last year. He now runs a hotel in Jamaica and recently undertook a renovation project of a mixed-use building in New York.

His new tower has views over the Treasury Gardens and features top-shelf amenities such as a private dining room and wine cellar with a lap pool.

The pad was originally bought off the plan as five apartments and combined into one, at a cost of $7,949,728, public records show.

It had been listed with hopes of $16.5 million to $18 million, then later offered for rent at $8490 a week.

Agents linked to the property were Marshall White’s Richard Mackinnon and Colliers International’s Sam Nathan.

Mr Mackinnon would not confirm the exact price but said it was in the vicinity of $15 million.

He said the high-end property market had picked up following the federal election.

“Since the election, there’s a lot more confidence in the market. If buyers see something they like, they take advantage of it,” he said. “If you sit on your hands, you miss out on opportunities in the market.

“This apartment isn’t one you can replace easily. You can’t go and buy another one.”

Mr Mackinnon said the whole-floor unit was unique in the city for its size and its 360-degree views.

“I don’t think there are very many penthouses of this size. And they’re out of the city looking at it,” he said. “It’s one of the most significant sales this year.”

Mr Nathan declined to comment on any aspect of the transaction but said there were generally not enough top-end properties available for potential buyers seeking them.

“When you have great spaces that become available, the market is always there,” Mr Nathan said.

“The number of transactions might be low, but the number of parties seeking transactions is higher.”