A new luxurious Sydney apartment has broken a sale price record and, according to the project’s interior designer, signals a change in the valuing of architectural detail in multi-residential projects.
The 281sqm three-bedroom apartment at Bower Street, Manly was designed by Koichi Takada with interiors by Mim Design and sold for $9.5 million, the highest price paid for the suburb.
At $33,807 per sqm, the apartment joins a growing stock of luxurious, high-end apartments breaking sale price records across Sydney. And according to Miriam Fanning, director of Mim Design, the trend is likely to continue.
“We’re seeing a change driven by owners of penthouse apartments and developers of multi-residential projects wanting the highest possible level of detail and the same attention you would give an individual house,” she tells The Australian.
“It comes down to planning, looking at the footprint and realigning the spaces to ensure size, aspect and views are befitting of such a space. It’s about creating an apartment that captures that feeling of serenity so that when the owner walks in it makes them feel great but they’re not able to put their finger on just one thing.”
High-end detailing and finishes akin to detached living are becoming more prevelant in apartment design. Image: AFR
Koichi Takada Architects have designed the six apartments with sandstone wall cladding, timber screens and frameless glass balustrades. Photography by Dianna Snape
Previously, the Manly record was set at $30,000 a square metre for a $12.2 million apartment in 2008.
Since launching in March, four of the six apartments at Bower Street project have sold to the value of $27 million. Buyers have included former Australian diplomat Julie Meldrum and Murray Millsom of CNBC and CNN.
Koichi Takada Architects have designed the six apartments with sandstone wall cladding, timber screens and frameless glass balustrades.
Each apartment will feature integrated audio systems, full home automation of lighting, AV, built-in washer and dryers and underfloor heating for stone floors and wet areas. Homeowners will also have access to a communal surfboard and kayak storage area.
Homeowners will have access to a communal surfboard and kayak storage area, and of course access to Manly and Shelly Beaches. Image: AFR
Michael Fox, the director of Costa Fox (the developer of the Manly project) says in The Australian that “with prices reaching $30,000 a square metre… a high-end customised finish is the new norm.”
“[These buyers] want something stylish and customised with authentic finishes, top-quality stone, appliances, great location and a minimum of two car spaces. You see so many cookie-cutter apartments no one is really focused on the high end.”
Construction of the project will begin next month and finish in 2018.
OTHER RECORDS OUTSIDE SYDNEY CBD
Omnia development, Potts Point designed by Durbach Block Jaggers. Image: Indesignlive
Other records outside the Sydney CBD include a Potts Point penthouse (part of the Omnia development) designed by Durbach Block Jaggers that sold for $34,000 per sqm last year, and The Revy in Darling Island designed by PTW Architects that will set buyers back $47,000 per sqm.
Another penthouse at Bates Smart Architect’s One30 Hyde Park on Elizabeth Street received $43,200 per sqm.