Three off the plan penthouses and sub-penthouses in the 111 Castlereagh Street development have recently sold to a range of Sydney-based buyers from the Eastern Suburbs and lower North Shore.
The largest property, a 460 sqm double storey penthouse fetched around $35m while the two smaller sub penthouses in the 101-unit project sold for around $15.5m apiece.
Closer to Sydney Harbour, at Crown’s One Barangaroo tower more apartments have changed hands with Maven Securities director, Ben Huda, forking out $13.5m for an apartment in the tower. Mr Huda could not be reached for comment but he joins several high profile executives investing in the complex including former Sydney Lord Mayor Nelson Meers who paid $17.5m and Queensland investment banker Trevor Rowe who forked out $13.5m for an apartment in the towering 82-unit complex. James Packer, who is said to be paying $60m for his Barangaroo apartment, is yet to settle according to CoreLogic.
The Sirius redevelopment fronting Cumberland St in Sydney’s The Rocks has also recently scored itself a buyer with the $35m purchase of its penthouse.
Meanwhile, Cbus said three separate buyers had purchased the penthouse and two sub penthouses at 111 Castlereagh which is under construction.
“The sale of 111 Castlereagh’s Penthouse Collection marks a resurgence in the return of Sydney city living and the ongoing appetite for high-end, primely located residential property, despite the challenges of the current COVID-19 climate,” Cbus Property’s Chief Executive Officer, Adrian Pozzo said.
Selling agent Colliers Residential managing director Peter Chittenden said the three buyers
were drawn to the building’s design and the central CBD location. “When the industry was developing these super premium residential projects for the CBD there was always a concern as to whether or not there would be enough depth in the local market to get a reasonable rate of sell through.
“The question was without the offshore market would there be an oversupply. But we have been pleasantly surprised at the level of interest and ability to purchase by local people. It’s been amazing.
“People will let go of money at that level when they get what they need and in our case at 111 Castlereagh they get what they need. “Construction is already underway with no pre-sale requirement, which gives buyers even further confidence in this iconic development,” he said.
The largest apartment the four bedroom penthouse occupies part of level 33 and the entire 34th level and includes two kitchens, living areas, a wine cellar and a butler’s pantry. It sports 360‑degree views across the city and towards the Blue Mountains, capturing Hyde Park, Sydney Harbour, and the Eastern Suburbs.
A smaller double storey sub-penthouse has four bedrooms each with a private bathroom and living spaces is connected by a sculptural staircase. There is a fully equipped butler’s pantry serving as a secondary kitchen and a wine cellar.
The third sub-penthouse is single level with four bedrooms and has a decorative gas fireplace, a wine cellar and butler’s pantry.
Cbus said there were two four-bedroom sky homes and a selection of expansive one-, two-, and three-bedroom residences, most with Sydney Harbour and Hyde Park views still available.
The project would be finished by the end of 2023.