Older buyers flock to Queensgate units at former Bourbon & Beefstake hotel in Potts Point

Set in one of the hardest areas in the country to get new-build approvals for, the redevelopment of a hotel in Potts Point is proving popular with buyers.

Local and interstate buyers are already showing strong interest in the prestige apartment complex Queensgate at Potts Point.

Local and interstate buyers are already showing strong interest in a prestige apartment complex slated for the former Bourbon & Beefsteak hotel site in Sydney’s Potts Point, ahead of its official marketing launch next week.

Spread across five boutique buildings, the 48-unit apartment complex, replete with a wine bar and pub, took developer Iris Capital more than three and a half years to win planning approval, attracting strong community opposition in the process.

One-bedroom apartments will be priced from $1.8m.

Residents were primarily concerned about enduring more than four years of construction traffic and believed it would derail the village-like atmosphere in Kings Cross.

Nevertheless, plans for Queensgate were approved and marketing agent Ben Stewart, of CBRE, is already fielding interest from potential Melbourne buyers and others outside Sydney because of the building’s prime position.

Fronting 18-32 Darlinghurst Rd, Potts Point, the project will have one, two and three-bedroom apartments with high ceilings and heritage facades, as well as penthouses with private rooftop pools.

One-bedroom apartments will be priced from $1.8m, two-bedders will be from $3m and three-bedders from $5.5m.

Penthouses have been put in the $10m-plus range and include three bedrooms and a study.

Mr Stewart said the location was proving popular with older buyers.

The 48-unit apartment complex is spread across five boutique buildings.

“We find a lot of older people are attracted to the vibrancy and lifestyle Potts Point offers,” he said.

“Definitely a larger proportion of the market is older people who don’t want to feel old. There will also be expat buyers.”

Mr Stewart added that Queensgate’s three-bedroom apartments would offer private wine cellars, while the penthouses would feature private rooftop swimming pools.

“It is an area which is undersupplied for new stock, one of the hardest areas in the country to get approvals for new dwellings,” he said. “That’s why the supply is very limited with constant demand.”

Mr Stewart said the project, which was designed by TZG and Panov-Scott, had views to the CBD and Sydney Harbour Bridge and back towards Rushcutters Bay.

An onsite display suite for Queensgate will open from December 4.