DA Approval Pumps New Life Into Darling Harbour Project

Following recent DA approval of its $300 million New Life, Darling Harbour mixed-use development at 495 Harris Street, local property developer TWT has brought forward the release of the final 50 residences.

Situated within Sydney’s world-class Darling Harbour precinct, which is also currently undergoing a $1 billion upgrade, the 50 remaining properties have been put on the market by selling agents, CBRE.

CBRE Sales Director Ben Stewart, who is heading up the sales campaign for the development, said the final New Life Darling Harbour offering reflects current market demand.

“We have been seeing a trend for larger apartments that’s gathered momentum in recent years due to a growing population in our city and fringe suburbs as well as the acceleration of urban regeneration, which is seeing the upgrade and redevelopment of older buildings and accommodation in these areas,” Mr Stewart said.

“With changes from July 1 that will allow home owners to sell existing homes and bank $300,000 without this affecting their pension, we are also expecting downsizers to form a number of purchasers at New Life Darling Harbour, as well as surrounding locals requiring a little more space and a more modern, impeccably designed home in walking distance to the CBD.”

Mr Stewart added that Darling Harbour units were experiencing growth of almost 13 per cent in the last 12 months, trumping nearby Pyrmont sitting on almost 7.5 per cent. With yields for rental properties recording a healthy 3.7 per cent, the suburb is reportedly poised for even further uplift on the back of the $1 billion upgrade and enhanced amenities that the area will receive in coming years.

TWT Director Gavin Zhang said strata costs were kept low due to the project's location.

“Situated directly across from the Ian Thorpe Aquatic Centre, world class swimming facilities are at the fingertips of New Life Darling Harbour residents.

"This is one example of how TWT has been able to keep strata costs to a minimum, further attracting residents who do not wish to pay for facilities they simply do not need on-site,” Mr Zhang said.

Architectural firm Architectus were selected to design New Life, Darling Harbour following a design competition. The project comprises 200 apartments within a nine-storey building.

The development will feature a large open-air courtyard area at its heart, ground floor cafe, restaurant and gallery or retail space, a rooftop communal vegetable garden as well as a purpose-build pedestrian laneway beautified with artworks which will connect Harris Street to Bulwara Road.

All apartments were designed with balconies, with some featuring panoramic views to the Sydney CBD and others offering northern district views to the Anzac Bridge.