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Frasers' $2b Central Park development welcomes first residents

One-Central-Park-5

The $2 billion Central Park mixed-use urban village being developed in Chippendale, an inner-city suburb of Sydney, will this month welcome its first residents.

By the end of the year this number will swell to approximately 1,000 people as construction on the first residential towers reach completion.

The 5.8 hectare Central Park development is being delivered by joint venture partners Frasers Property Australia and Sekisui House Australia on the former Carlton United Brewery site.

Designed by Ateliers Jean Nouvel with PTW Architects and constructed by Watpac, One Central Park is one of ten buildings that will make up the Central Park development.

One Central Park’s West tower is the first building to be completed and open to residents and is now 90% sold out, with only five penthouses in the West tower, ranging from $1.355 million to $2.2295 million, left for sale.

To date, the developers have secured close to $800 million in sales from the residential releases of One Central Park, Park Lane and The Mark.

Guy Pahor, CEO of Frasers Property Australia, has congratulated the first group of buyers and says that  ‘getting in early’ has paid off with the first re-sales now well above initial purchase prices.

“Frasers and Sekisui House congratulate this very first group of purchasers and residents. We want to thank these visionary ‘early adopters’ for seeing value in Central Park from the very beginning,” Mr Pahor said.

Frasers purchased the old CUB site from Fosters in June 2007, achieved modified concept plan approval in February 2009 and launch the first residential offering, One Central Park, in August 2010. Construction of One Central Park, by Watpac, began in December 2010.

Construction of One Central Park’s East Tower and 1, 3 & 5 Park Lane will be completed in September this year, the Central retail hub will open in Spring, 8 Park Lane will be completed in November and The Mark will be finished mid-2014.

Lisa McCutchion, Frasers’ Group Marketing Manager said, “For many of these buyers, this is the first time they have purchased real estate and that is one of the major milestones in life that you never forget. For others, making their second, third or fourth property investment, it’s a very valuable addition to their property portfolio.”

400 of the 1,400 purchasers have already visited One Central Park West’s penthouse apartment, styled by Smart Design Studio, to view the ‘high speed luxury’ designs and surrounding views.

“We’ve seen a lot of very happy clients standing on the corner terrace of the penthouse, delighted by the panoramic aspect from this location - looking down over Chippendale Green, West to the green grass and sandstone of Sydney University, South to Botany Bay or across to Anzac Bridge and the inner harbour,” said Ms McCutchion.

One Central Park has also received a 5 Star Green Star rating for design and building.

This has been achieved by using on-site tri-generation for power and thermal heat, on-site water recycling and blackwater treatment plant and solar energy to ensure it maintains high standards of environmental sustainability.

The Central Park Display Pavilion is open daily from 10am to 6pm, at 80 Broadway, Chippendale. For more information visit

www.centralparksydney.com.

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Article originally posted at: https://https://theurbandeveloper.com/articles/sydneys-2-billion-central-park-development-welcomes-its-first-residents