Ever-increasing space and eye-watering price tags are hallmarks of luxury apartment living in the heart of town

The inner-city apartment market might be slowing but Cbus Property has had early success with its new Skyhome Collection of luxury units at the 111 Castlereagh St tower it is developing on the former David Jones department store site in the heart of the Sydney CBD. A family from Sydney’s Lower North Shore have just spent $13.7m buying a four-bedroom apartment in the Skyhome Collection. They purchased The Hughes Residence, which was named for the opening of the David Jones Market Street store by the former prime minister W. H. Hughes in 1938.

The family of downsizers say they were drawn to the expansive views of Hyde Park and Sydney Harbour from the living area, and also the intimate views of city buildings on the Sydney CBD skyline from the alternate aspect. ‘’With the ability to customise the features to suit their lifestyle, they have created their very own bespoke residence and are very excited to call 111 Castlereagh home,’’ says the developer.

Still available in the Skyhome Collection of four-bedroom residences are The Partridge Residence named for Bruce F. Partridge, who co-designed the David Jones Elizabeth Street store in 1928; the Austin Residence, named for an esteemed owner of the original 65 Market Street address in 1840; and The Hawkesbury Residence, named for the prestigious sandstone that forms the iconic curved façade of the heritage building.

The collection, which is being marketed by Colliers, was conceived off the back of extensive downsizer interest in large, premium residences offering expansive living spaces and bedrooms. Existing residences were amalgamated to accommodate these bespoke-designed residences, meaning 111 Castlereagh now offers 98 premium residences down from 101.

Meanwhile, at Sydney’s Circular Quay, new pricing records are being set for dress circle addresses, with fresh sales in the Opera Residences, Bennelong Point complex, showing the way. Just this month, architect Greg Crone flipped an apartment, reaping about $5.5m as a Potts Point-based buyer swooped on his two-bedroom abode. Crone had customised the luxury unit after shelling out about $4.5m and the sale shows among the highest prices for a unit below the complex’s tenth floor. The quick resale follows another that came in at $6.125m for an apartment sporting an oversized 128q m of internal space.

The luxury building is perhaps best known for its record-breaking penthouses, with businessman and philanthropist Robert Salteri and his wife Kelly setting a then national apartment high of $27m for the Opera Residences penthouse in 2016.

The sky-home on the complex’s north-east corner has been converted into the city’s most opulent two-bedroom apartment. While once considered expensive, the apartment’s value would now exceed $40m. The Cheng family were also big spenders in the complex, splashing out about $56m in total. They bought in just weeks earlier in 2016, picking up the first penthouse at $26m, and then added two apartments underneath, one apiece for their sons.

Further down the building, international fugitive Michael Gu bought into the complex when his iProsperity empire was riding high, and liquidators are now selling off his unlived-in harbourfront apartment in the Macquarie Street complex.

The property was billed as one of the best non-sub-penthouse units in the prestigious Opera Residences tower and agents are expecting a sale at about $8.5m for the untouched three-bedroom home on level 13. Few other apartments remain in the block, with resales supported by the reluctance of owners to part with their unique Sydney Harbour views.

This bodes well both for newer developments, including JDH Capital’s overhaul of the nearby Sirius Building, where one of the penthouses sold for $35m to a buyer from Point Piper last year. Looking ahead, the long-awaited launch of what is expected to be Australia’s most expensive apartment tower, One Circular Quay, is also in the wings, with the penthouse there priced at more than $100m. Designed by the late Singapore-based architect Kerry Hill for the former Gold Fields House site, the 58-level tower promises to attain new highs in the luxury market. It seems the Circular Quay party has plenty of life in it yet.