Bootylicious boon for Beyonce building

PHOTO: The Premier Tower in Melbourne, nicknamed ‘the Beyonce building’.

A Melbourne tower known as the Beyonce building has buyers crazy in love with it again after the pandemic forced large numbers of international investors to walk away from contracts.

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The Premier Tower on Spencer St attracted solid international sales in the latter part of the past decade, but many fell through as Australian border closures and global uncertainty hit their ability to settle.

The Premier Tower in Melbourne, nicknamed ‘the Beyonce building’.

It is nicknamed that because of the buildings ‘curving, sculpted facade’ much like Queen Bey. (Photo by Dimitrios Kambouris/Getty Images)

The views are incredible.

But in the past six weeks, 50 of those homes have sold amid renewed demand for the CBD off the back of a state government budget policy wiping stamp duty payments for many units in the City of Melbourne.

Colliers residential managing director Tim Storey said many were seizing on the chance to skip the tax for homes in the municipality worth less than $1m that were finished a year or more ago, but not yet been lived in.

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A 50 per cent concession left lingering for less than 12 months was also of interest, but many were electing to wait for apartments to tick over to the 100 per cent cut, he added.

The Premier Tower falls into a niche category that will allow buyers to avoid paying stamp duty.

You’ll have expansive views of the entire city from the couch.

The movie room.

Mr Storey said there was currently an “overhang” of new units in the CBD, but they could soon be snapped up without a large project launched for sale in the CBD since before the pandemic.

“And there will be very few projects launched in the CBD in the near future in the sub-$1m market,” Mr Storey said.

“So we are confident that supply will be absorbed very quickly in the next 12 months. Then we will have a real supply issue that could impact rents in the city.”

Those wanting a stamp duty concession have less time than that, with the State Revenue Office currently advising it is only in place for contracts signed before June 30.