Crown pockets $1bn in apartment sales but James Packer is yet to settle

Crown pockets more than $1bn of sales from its Crown Residences but James Packer is yet to settle on his $60m pad.

Crown has pocketed more than $1bn worth of apartment sales in its $2.2bn Crown Residences, but media mogul James Packer is yet to settle on his $60m apartment purchase.

Gaming giant Crown has trousered more than $1bn worth of apartment sales in its $2.2bn Crown Residences, but one of its most high-profile apartment purchasers, multi billionaire James Packer, is yet to settle the acquisition of his $60m apartment.

Crown declined to comment on when Mr Packer would settle his two-level apartment but according to its financial documents released on Monday it has sold around 80 per cent of the apartments in the 82 unit tower with settlements commencing from back in April.

According to CoreLogic data some 55 of the 82 available apartments in its Barangaroo tower in Sydney have so far settled, with the latest purchaser Australian and New Zealand based investor Ian Campbell, the owner of a clearing house for superannuation, SuperChoice forking out $13.4m for a three bedroom and four bathroom apartment.

Mr Campbell and his partner Marylyn Woods acquired the property as joint tenants.

Ms Woods is CEO of integrated professional services firm, Ash St.

“We bought the apartment because of its amenities, quality and views. The views are stunning,” said Ms Woods, who moved into the unit the week before last.

The couple have relocated from an apartment in nearby Kent St, Sydney and started talking to Crown’s agents about purchasing in September 2019.

Meanwhile, Crown said that following the commencement of apartment sales in April it had received around $750m in proceeds which had allowed it to reduce debt and fully repay the $450m in its project financing facility prior to year end.

Releasing its financial results for the 2021 year, Crown expects to receive a further $500m in apartment sale proceeds in the 12 months to June 30, 2022 in its Crown Residences. The sales relate to contracted apartment sales yet to settle, pre-sale commitments and unsold apartments.

However, the gaming operator said this was subject to the levels of disruption caused by the ongoing Covid-19 pandemic.

Many of the well-heeled apartment buyers in the Barangaroo tower have been offshore based and sought loans for their luxury apartments from Asian banks.

However, there have been a few local buyers such as investment banker Trevor Rowe who paid $13m.5m for his Barangaroo apartment, former Sydney Lord Mayor and publican Nelson Meers who forked out $17.5m, as well as bookie Bob Blann who stumped up $41m for his apartment in the eye-catching tower.

Crown reignited its marketing campaign to sell the two-level, $100m-plus penthouse atop its Barangaroo Sydney tower in July. With more than 800sq m of space, The Penthouse has 360-degree views of Sydney Harbour, the Blue Mountains and Pacific Ocean and is the most expensive apartment in the tower. It has several entertaining areas with 6m floor-to-ceiling windows, five bedrooms, all with ensuite bathrooms, a master suite with large walk-in robes, twin rain shower and steam room, separate office, private plunge pool, cinema room, gym and more than 50sq m of open air space across three protected balconies. A staircase connects the two floors, as does a private internal lift. Apart from Mr Packer’s $60m apartment the sale of Barangaroo’s penthouse is yet to be negotiated.

Buyers said they enjoy having the nearby services of a luxury hotel in the same tower.

Since opening the hotel, gaming and apartment complex earlier this year Crown Towers have hosted more than 40,000 guests and served around 385,000 covers at its various fine dining and waterside restaurants.