This article is from the Australian Property Journal archive
THE Stamford Residences in Sydney's historic Rocks district almost sold out and construction of the 30-level complex is six months ahead of schedule.
The property between Gloucester and Cumberland Streets is believed to be the last approved high-rise development in The Rocks Urban Conservation Area.
Construction has reached the fourth floor – six months ahead of schedule – with completion expected around Easter, 2011.
So far more than $190 million worth of apartments and boutique commercial spaces have sold, including a sub-penthouse on the 27th floor for $5.15 million.
Colliers International NSW residential director Murray Wood – the exclusive selling agent for Stamford Residences – said demand is coming from local and international buyers, which supports anecdotal evidence of a revival in Sydney’s premium property market.
“The belief that Sydney CBD residential property markets would suffer as a result of the Global Financial Crisis has been dispelled.
“Interest in the development has been strong from mainland China for some time, but recently there has been an upsurge in demand from European investors,” Wood said.
He added that only five of 122 apartments remain. Among the limited stock remaining are two four-bedroom, three-storey penthouses, which are expected to fetch between $12 million and $16 million.
Located on the north-western half of the building, the penthouse (28A) will have commanding views over the Harbour, the Bridge, the Opera House, Darling Harbour, Balmain, Lavender Bay and the CBD – all exhilaratingly showcased through panoramic three-storey windows.
The northern CBD is regarded as the ‘dress circle’ of Sydney, providing the city’s finest views. Anthony Rice, Director of Development & Construction for Stamford Property Services, believes the two penthouses are an astute investment.
Adjoining the tower is the historic Walter Reynell & Sons building, which will be redeveloped into five two-level terraces to be known as The Reynell Terraces.
Marketing for this phase of the development will begin shortly.
The Stamford Residences is the fourth high-rise apartment building developed by Stamford in the northern CBD precinct; the others are Stamford Marque, 187 Kent St and Stamford on Kent.
Australian Property Journal
