AMP Capital has announced that all three of the luxury Loftus Lane buildings, part of the Quay Quarter Sydney precinct, have sold out in just over two hours at Saturday's sales launch.
The successful sales campaign, which saw a record number of expressions of interest for just 106 apartments, started in March, with sales officially opening over the weekend.
The residential sales success continues the momentum behind the broader Quay Quarter Sydney development, which will bring about a major revitalisation of Circular Quay, elevating the area to its rightful status as the gateway to Sydney. It also includes Quay Quarter Tower, which is expected to be completed in late 2020 and will have AMP as the anchor tenant.
Artist impression of 18 Loftus Street, Loftus Lane.
Quay Quarter's penthouse was also recently sold for $17 million - nearly $67,000 a square metre, making it just shy of the record set by the nearby Opera Residences at the former Coca-Cola Amatil building, which was just over $96,000 a square metre for the $27 million penthouse last November according to the Australian Financial Review.
"AMP has called Circular Quay home for 55 years and we will continue our long legacy in this special part of Sydney for years to come," AMP Capital Global Head of Real Estate Carmel Hourigan said.
"Through our Quay Quarter development, we are revitalising Sydney’s most renowned precinct to create the city’s newest urban neighbourhood and today’s result is a significant milestone for our investors and all stakeholders."
Artist impression of 8 Loftus Street, Loftus Lane.
CBRE Chairman of Residential Projects Justin Brown said the location of the luxury Loftus Lane apartments resonated with the market. He said the success was testament to the strength in the CBD premium apartment market, which we believe to be the most undersupplied market in the country.
“The majority of Loftus Lane buyers were local and many intend to reside in the buildings with one of the drawcards being the opportunity to buy into a boutique development in such a premier location.
“Interest was also underpinned by the regeneration of Circular Quay, with in excess of $4 billion being spent on infrastructure, six star hotels, new commercial and retail development in this precinct.”
Artist impression of 15 Young Street, Loftus Lane.
The original plan was a staged-launch for the three buildings. However, high demand for the Loftus Lane apartments resulted in all three buildings being released in one go and subsequently selling out.
The sell-out of the residential component of the Quay Quarter Sydney development marks another milestone for the project, which is being developed by AMP Capital on behalf of investors in the AMP Capital Wholesale Office Fund (AWOF) and AMP Capital Diversified Property Fund (ADPF).