$1.4 million Milieu-built Napier Street, Fitzroy apartment tops Melbourne weekend auction offerings

The newly completed two bedroom, two bathroom apartment at 231 Napier Street, Fitzroy topped the weekend auction listings of apartments and townhouses.

It had been snapped up pre-auction for $1.4 million, having been listed with a $1.28 million to $1.38 million price guide. 

It was marketed as a "thoughtfully experimental approach" to design a building that married contemporary ideals with the history of the site and its surrounds.

Architectural practice Edition Office collaborated with Milieu on the project.

The design of the dual level streetside apartment includes lofty 6.7m concrete ceilings over the living and dining area.

Located within Fitzroy's Golden Triangle, it sold through Nelson Alexander.

On its late 2018 launch the pricing through marketing director Patrick Cooney were one-bedrooms $515,000; two-bedrooms from $725,000; three-bedroom, one car from $1.4 million; three-bedroom, two car from $2.175 million; three-bedroom penthouses from $3.2 million.

In 2017 Milieu were awarded the “Top Property Developer in the inaugural Monocle Design Awards following completion of its project at Breese Street Brunswick, a collaboration with DKO Architecture and Breathe Architecture.

231 is the third project completed by Milieu Property on Napier Street, with prior projects including 223 Napier Street which was recognised in the 2020 Melbourne Design Awards following its collaboration with Freadman White.

Its first project on the strip was Whitlam Place, a boutique development of 11 apartments launched in 2014 at 219 Napier Street.

CoreLogic calculated there was a 63 percent success rate from 625 apartment and townhouse scheduled weekend auction offerings.

The success rate from the 2066 houses was 76 percent.

Sydney apartment vendors saw a 70 percent success rate compared to Melbourne's 56 percent.

There were 312 offerings across Sydney compared to 268 across Melbourne.