Property developer Elias Jreissati sells $16 million Port Melbourne penthouse apartment

Property developer Elias Jreissati has offloaded his Port Melbourne penthouse for $16 million after first listing it for sale more than four years ago.

The sale of the stunning five-bedroom sky home with knockout views over the bay leaves the chairman of Bensons Property Group with two full floors in Eureka Tower and a Yarra Valley estate still in his property portfolio.

Although the residence had been listed with $18 million hopes, its vendor says the price agreed is fair.

“These are trophy assets that are almost impossible to put a price on,” Mr Jreissati told Domain.

“It’s a fair price, and it’s commensurate of the uniqueness of the property. If we weren’t happy, we wouldn’t have sold it.”

Public records show Colleen Jreissati, his wife, sold the property in the HMAS building at 85 Rouse Street to Runlong Fang.

The buyer is a Melbourne resident who has obtained Foreign Investment Review Board approval for the purchase, Mr Jreissati said, adding the FIRB application fee was close to $170,000.

A foreign purchaser buying a family home at that price would be charged $2 million in stamp duty, according to the State Revenue Office’s calculator.

Selling agent on the deal was RT Edgar Albert Park director Gerald Betts, who declined to comment on any aspect of the deal when contacted by Domain.

In a Fender Katsalidis-designed, Grollo-built block, the five-bedroom apartment covers two levels plus a rooftop retreat that can host more than 100 guests for parties or charity functions.

It offers a combined 1040 square metres of living space inside and out.

Mr Jreissati made headlines in late 2014 by listing two penthouses to let the market decide which one he would sell after his three adult children left home.

He and his wife live on level 82 of the Eureka Tower skyscraper in Southbank, allowing him to walk to work at his Collins Street office.

Southbank is also convenient to the helipad outside Crown Casino, for commuting to their Yarra Valley estate.

They own another holding in Eureka Tower on level 85, a completely undeveloped floor that could become their final home.

“It’s the last blank shell in the building, and my wife and I eventually would like to fit out level 85,” Mr Jreissati said.

“We haven’t got any immediate thoughts or plans about selling level 82. But in time I would say, if you’re asking me what our private plans are, it would be to sell level 82.

“We’re lucky enough to have a few options.”

He is clear that he is not looking to buy more homes.

“We really are blessed with the homes that we have, both in Victoria and other states,” he said.

“Those trophy properties, you’re fortunate enough or blessed enough or lucky enough in life to come across and accumulate them.

“Colleen and I only need one.”

Even so, he is not sad to say goodbye to what had been a family home for more than 10 years.

“I’m not sad; I’m not happy. I think the transaction is at the right time to the right people at the right price,” he said, adding that he is happy to see a family occupy the home.

More broadly, Melbourne’s housing market has had a “challenging” year and a half but had weathered the storm better than Sydney, he said, adding the market’s worst days are behind it.

“The trophy segment of the property market in Melbourne never wavered, and the reason for that is there are very few buyers, but there are also very few assets,” he said.

It follows the recent sale of another penthouse in the Melbourne CBD for about $15 million, with former Skilled Group boss Greg Hargrave selling to the former owner of Inflation night club Fab Ippoliti.