The sky's the limit for South Yarra's Capitol apartments

A PLATINUM-coloured, ellipsoid-shaped, 38-level sky-scraper to be launched next week in South Yarra will be the tallest apartment tower outside the city centre when completed.

Architects Bates Smart designed The Capitol deluxe development, which includes a 24-hour concierge, 25-metre pool, hotel-style services and full-floor penthouses with three-metre high ceilings costing $15 million.

The $300 million project, a joint venture between APN Property Group and Sydney-based Freedom Furniture founders Julian Tertini and Peter Palan, on the corner of Chapel Street and Toorak Road is expected to be completed by 2014.

Last month, the Victorian Civil and Administrative Tribunal rejected an application to increase the height to 43 levels and 226 units, instead limiting it to 210 apartments on 38 storeys.

The developers gained VCAT approval in 2009 to demolish the Capitol Bakeries on the former Fun Factory site, but lost another tribunal battle last year to stop construction of the 25-storey Ilk project next door.

Targeted at the owner-occupier end of market, The Capitol will transform the northern end of Chapel Street, Bates Smart architect Roger Poole said.

”It’s taller than anything around it ,” Mr Poole said.

Prices for two-bedroom apartments start at $850,000 and rise to $3 million for three bedrooms.