28 Aug 2013

CBD pad goes for $17m record

SYDNEY’s luxury apartment market continues to attract cashed up buyers with an Asian investor setting a new record for CBD residential prices after paying $17 million for an opulent penthouse atop The Residence apartment complex in the heart of the financial district.

The 800 sqm apartment, known as the Sulman Penthouse, features three bedrooms replete with marble bathrooms and a signature pool terrace with 270 degree views of Sydney Harbour overlooking Hyde Park.

The price struck with the little-known Asian investor eclipses the previous record for a Sydney apartment by about $250,000. That record was set in 2008 when the 12th floor penthouse in The Toaster at Sydney’s Bennelong changed hands. 

More recently in Bondi, the $21m sale of two adjoining off-the-plan penthouses in the Pacific Bondi Beach development to a fund manager smashed previous suburban apartment records.

All up, 84 of the 87 apartments in The Residence apartment complex in Sydney’s College Street have sold since the tower’s completion late last year.

The developer is Black Caviar owner Neil Werrett founder of the Galileo Group, along with Cbus Property and AMP.

But market rumours confirm a sale in the order of $17m has occurred.

“This is further testament to the strength of the premium apartment market,” said one agent speaking on condition of anonymity. “This should auger well for Lend Lease’s launch of Barangaroo this weekend.”

Barangaroo apartment prices start at $1m with larger harbour front units expected to fetch more than $10m.

The Sulman penthouse marketing agent CBRE declined to comment on the sale last night.

Savills advised the buyer.

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