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.
Koichi Takada Architects have designed the six apartments with sandstone wall cladding, timber screens and frameless glass balustrades. Photography by Dianna Snape
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.”
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. 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.
The information on this website is given for general information purposes only. It should not be relied upon as a substitute for legal, financial, real estate or other expert advice and must not be relied upon as a basis for any decision concerning any featured property. Users must make their own enquiries to verify the information before acting on it, including material on property particulars. Some of the images contained on this website are indicative only. Users must not rely upon these images for any reason. The information on this website is subject to change at any time without notice and to the extent permitted by law, is provided “as is” without representation or warranty of any kind as to the accuracy, completeness or suitability for a particular purpose.
Users of this site acknowledge and agree that any personal information provided may be used by a third party for marketing purposes. We do not collect personally identifiable information about you, except when you provide it to us. The information you provide may be used by us to create and deliver to you our newsletters or surveys, or other communications. If you provide us with your email or IM address or mobile phone number we may provide you with these communications electronically. We may sell or transfer such personal information to our affiliates, licensees and partners. We will use the information you provide to us only in accordance with Privacy Laws and we shall retain the information you provide to us until it is no longer relevant to our business or you request that we delete the information. We may share your personally identifiable information with our “Affiliates” that distribute and market CostaFox properties. An “Affiliate” is a person or entity that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, our company. An affiliate may operate outside Australia.