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A retired couple, anxious to downsize but remain in the neighbourhood, have paid $24.95 million for a 311sq m penthouse, smashing the record for an apartment purchase in Sydney’s blue-ribbon Double Bay.
The unnamed couple have bought one of the three penthouses straight from plans for the $200-million development, known as Ode, Double Bay. The apartments came to market less than a fortnight ago.
The apartment includes a 148sq m private roof terrace with spa pool and cabana.
The previous record absolute sales price was $16.092 million for a penthouse in William Street, Double Bay, although the interior floor space was just 149 square metres, meaning the buyers paid a whopping $108,0000 per square metre, eclipsing the $100,000 per square metre mark for the first time for an apartment in Sydney’s eastern suburbs.
The latest sale—the biggest of the three penthouses—works out to about $80,000 per square metre.
The deal was brokered by 1st City Real Estate Group. Managing director Brad Caldwell-Eyles said he expected the interest in the development to continue.
“Given the level of pre-launch interest, we expect the trajectory of sales to continue strongly, setting Ode apart from the prevailing overall market sentiment,” he said.
“As is globally the case across asset sectors, when uncertainty enters a market there tends to be a concerted flight to quality.
“Ode Double Bay, and in particular its penthouses, represents a unique property commodity that is already proving to defy the otherwise softening property trends.”
Hong Kong developer Top Spring was always confident the project would be a big seller.
Top Spring Australia managing director Sydney Ma told The Urban Developer late last month they were “expecting to hit some record prices given the scale, quality, location and outlook of this project”.
First City’s founding partner, Julian Hasemer, said they were confident the penthouses would sell first.
“We have just commenced the formal sales campaign and buyers have been aware of the project’s approach and have reached out to secure preliminary details,” Hasemer said. “Ode was always destined to significantly re-set the sales record benchmark for Double Bay.”
The five-storey Double Bay project, designed by Luigi Rosselli Architects, will eventually include 15 three and four-bedroom apartments. The three-bedroom apartments, of which there are eight, are expected to start at $9.695 million.
Top Spring paid $94 million for the 1334sq m corner site in Cross Street, Double Bay, in September last year. The property—held by long-time owners Stephen and Stella Rose—included a development application, already approved by the Woollahra Municipal Council.
It’s that design Top Spring hopes to begin building in the first quarter of next year. Completion would be about two years later. Top Spring expects to name a builder within three months.
A Section 4.55 modification is before Woollahra council waiting approval.
“That modification is mainly seeking to add private rooftops to each of the penthouses,” Ma said last month. “We expect approval in a couple of weeks.”
The ground floor will include about 600sq m of retail space, which Ma says will be given over to high-end boutiques, food and beverage outlets.
The site is now occupied by Double Bay Plaza—a set of nine, low-rise shops and three commercial spaces.
Top Spring was founded in Hong Kong in 1993 with a focus on residential and commercial development, asset management, fund management and education. Top Spring Australia is a division of Top Spring International, which listed on the Hong Kong Stock Exchange in March 2011.
Melbourne’s most expensive apartment is a sub-penthouse in Australia’s tallest building project under development at Southbank overlooking the Melbourne CBD, sold for a record $35 million in April this year.
That penthouse is part of the $2.7-billion twin tower project known as STH BNK, by Melbourne developer Beulah International.
