Mirvac has commenced construction works at its St Leonards Square project in Sydney following the weekend release of the second tower at the lower north shore development.
The Saturday release of the second stage to Mirvac customers who missed out on the first stage and Mirvac VIPs took total sales in the 526-apartment development to approximately 70 per cent, underlining the continued strong demand for quality real estate in a location primed for future growth and infrastructure investment.
Mirvac Development Director Adrian Checchin said the result highlighted the importance of location, amenity and brand reputation.
“Our buyer profile on Saturday was very similar to the first stage where we had close to 40 per cent repeat Mirvac customers,” said Mr Checchin.
“Customers bought at St Leonards Square confident in the location, quality, design and future amenity of Mirvac apartments and with the knowledge of the proposed new Crows Nest Metro Station to be located close by.
“We are extremely pleased with the outstanding result in this market.”
Earlier this year the NSW Government announced the new Sydney Metro would include a stop at Crows Nest, about 150 metres from St Leonards Square. The fast and frequent service adds to existing heavy rail at St Leonards and a proposed bus interchange nearby.
Mr Checchin said the weekend result also underlined the strength of the local market among owner-occupiers and investors.
Kitty Tam and her brother Wilson each bought a two bedroom apartment to live in at the first VIP launch in late February and another in the second stage as a family business investment with their parents.
“Our most important criteria was that it is a Mirvac development,” said Kitty, a city-based accountant. “The location and being so close to transport were factors as well and the fact that we like living on the north shore.”
Brother and sister Jane and Jack Longstaff made their first property purchase on Saturday, each buying a one bedroom apartment, planning to live in before renting out.
“This was about getting a seat at the table,” said Jane, who currently rents in Paddington. “In general the Sydney property market is over-priced but the prices keep on going up. With this purchase you put the deposit down now and then have a few years to arrange for settlement.
“I think location was the main reason for buying. It’s a good hub for business people entering in and out of the city and that’s important when you’re looking at leasing.”
Local solicitor Clive Mills also purchased on Saturday snapping up an exclusive premium level 33 one bedroom plus study apartment which will be his super luxury home from late 2019.
“I think it is going to be a fabulous development and the top floors are going to have some of the best views in Sydney,” said Mr Mills. “There will be very few views like that because of the height and I will have this almost perfect view of Sydney from Manly all the way around to the harbour bridge. It is the view that really sold me.”
The NSW Department of Planning is currently working with Lane Cove, North Sydney and Willoughby Councils to ensure planning around the new Sydney Metro delivers community benefits such as better public facilities and open space.
Mirvac has worked closely with Lane Cove Council to ensure St Leonards Square helps to fulfil its vision for the transformation of St Leonards from a largely commercial area into an exciting mixed use destination with an array of retail and dining offerings.
St Leonards Square, which is now ready to commence construction, will be in a position to start demolition when the existing buildings are vacated by the current tenants at the end of September this year. The project has been designed by Sissons Architects in collaboration with Mirvac Design, and consists of two dramatic triangular towers of 27 and 35 storeys. Ground level retail is proposed to include a supermarket, specialty stores and cafes and restaurants, with four levels of commercial space.
The development signals Mirvac’s return to the lower north shore after completing Pacific Place in Chatswood including its extremely successful Era development.
Prices at St Leonards Square ranged from $640,000 for a 48sqm studio to $2.85 million for a three bedroom apartment. Penthouses will be released separately.