This article is from the Australian Property Journal archive
CBUS Property has sold the trio of penthouses at its David Jones menswear site redevelopment in the Sydney CBD for $66 million.
Three separate Sydney-based buyers bought the penthouse and two sub-penthouses before official release to the market.
They are among 101 bespoke residences within Cbus Property and Scentre Group’s $300 million overhaul at 111 and 121 Castlereagh Street. 111 Castlereagh St will include the 22-storey residential tower, designed by fjmt.
A commercial complex connected to luxury retail will be developed at 121 Castlereagh Street. Cbus Property will deliver six levels, from floors seven to 12, of premium grade serviced office space of about 11,500 sqm which will be visibly connected to the extension of Scentre’s Westfield Sydney below.
Cbus and Scentre Group acquired the site from David Jones’ parent company Woolworths Holdings in 2016 for $360 million.
All residences feature exclusive access to two levels of rooftop gardens replete with a heated open-air swimming pool, gym, residents’ lounge and entertaining terraces.
Amongst those still available are two four-bedroom sky homes and a selection of one-, two-, and three-bedroom residences, most with Sydney Harbour and Hyde Park views.
“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.
Pozzo said each of the penthouse residences offered a direct connection to the outdoors, adding this has now become a top priority for Australians and a “non-negotiable” for the buyers at the project.
Colliers Residential’s managing director, Peter Chittenden, said the penthouse collection has drawn interest from owner occupiers in the eastern suburbs and Lower North Shore, each choosing to relocate, “revealing a distinct trend and renewed desire for top-quality city living”.
He said the buyers were drawn to the development and construction team, architectural design of the building and the central CBD location’s liveability with shopping and dining.
Construction is already underway with no pre-sale requirement.
“Large-scale luxury developments have recently become a more frequent offering for prestige buyers in Sydney, but the charm and elegance of an intimate, bespoke residence that can be tailored to each purchaser can never truly be rivalled.”
The 111 Castlereagh penthouse collection consists of The Jones, The MacKellar and The Cambridge residences. The Jones Residence is named after Sir Charles Lloyd Jones who led the success of the David Jones expansion on which the property sits, and encompasses levels 33 and 34, atop the development.
The MacKellar Residence spans levels 32 and 33 and is named for Crawford Hutchinson MacKellar, the consulting architect who designed the former David Jones department store, while the single-level Cambridge Residence pays tribute to the early days of The Cambridge Hotel.
The penthouse collection sales follow Cbus Property selling two whole-floor residences at its new residential project on the former Mercure Hotel site, opposite Melbourne’s Treasury Gardens, off the plan within a fortnight for a combined $25 million.
They are within the $300 million 17 Spring Street project, designed by architects Bates Smart, that will comprise 73 two- and three-bedroom, and half- and whole-floor residences, each with views overlooking the Treasury and Fitzroy Gardens.
The latest whole-floor sales bring the project to 98.6% sold, with only one whole-floor residence remaining. Cbus Property acquired the Mercure Melbourne Treasury Gardens Hotel site for more than $70 million from the Abu Dhabi Investment Authority’s subsidiary Pearl Hotels in 2017, after selling out its nearby $350 million residential building at 35 Spring Street.
