This article is from the Australian Property Journal archive
INVESTMENT bank Investec has breathed new life into one of Sydney’s most controversial property projects, with a completely new apartment development.
Investec will next month unveil the development at 10 Wylde St Potts Point, which it acquired from failed development company, Ashington.
SJB Architects said the development will pay homage to the golden era of Potts Point, and put a modern ‘spin’ on art deco architecture and traditional materials. It is also the first ‘true north-facing’ development to be offered since Mirvac sold Rockwall Apartments in 1996.
Andrew Hoggett and Jason Boon of Richardson & Wrench Elizabeth Bay together with Caroline Fagerlund of CBRE have been appointed to handle the off-the-plan marketing.
The site, said to be the finest in Potts Point, has been mired in intrigue for more than five years. Ashington launched a $70 million apartment building in 2007, and Richardson & Wrench pre-sold the penthouse for $20 million.
When Ashington collapsed following the global financial crisis, Investec acquired the site.
The existing seven-storey property will be completely demolished and will make way for a new building will contain 21 apartments, including a penthouse tipped to fetch more than $13 million.
Property Review
