Despite languishing on the market for about six months, One Barangaroo’s $100-million penthouse is receiving strong interest from the local market.
Knight Frank partner Erin van Tuil said there had been “good interest” from locally based buyers.
The two-storey, six-bedroom penthouse on Level 81 of Crown’s $2.4-billion hotel and residential tower features 360-degree views of the Sydney Harbour Bridge, the Opera House, and out to the Blue Mountains.
Van Tuil said she was confident in the high-end apartment market, with 90 per cent of the sold Crown residences occupied and more than 80 per cent of buyers from the local market.
“Buying into branded residences is a lifestyle choice,” van Tuil said.
“We’ve maintained very steady activity … we have a fantastic product and we know that there’s demand for [premium apartments].”
James Packer settled on a two-storey apartment in the One Barangaroo tower for more than $72 million last month.
There are more than 400 branded residences worldwide, most of which are hotel branded, according to Knight Frank research.
The research showed more than a third of prime international buyers were willing to pay a premium for a branded residence, according to a survey of more than 900 buyers globally.
In Australasia almost half of buyers said they would pay more for services and amenities provided as part of the branded residences experience.
High yields and building maintenance also weighed into the appeal, according to the research.
“One of the most compelling aspects of living in a branded residence is the level of service and amenity provided, and at Crown Residences at One Barangaroo residents take advantage of the 24-hour operations, personalised nature of every service and ability to leverage other amenities at Crown Sydney to entertain themselves, their friends and their families,” van Tuil said.
“Given residents’ appetite for these bespoke, luxury experiences, the team is constantly inventing new ways to create new experiences for the residents.”
Crown Residences is the only fully integrated hotel brand residence in Australia and Crown Resorts development manager Jennifer Tracy said no two residences were the same.
“There’s no repetition anywhere. From the column placement and the layout to the shape and interior design. Every decision that was made in its creation was unique to that individual floorplate,” Tracy said.
“Our roots are in hospitality so One Barangaroo has been created with that same ethos, which is to treat our guests in a customised, bespoke manner and to really get to know them to deliver the absolute best in effortless hospitality.”
