New vibe for old hotel as JDH Capital launches Nautique at Rushcutters Bay
Fresh from purchasing the former Vibe Hotel site in Sydney’s Rushcutters Bay for $125m mid year, JDH Capital is about to launch its luxury 123-unit Nautique development.
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Apartment sales in the Sydney CBD may be struggling, but fresh from purchasing the former Vibe Hotel site in Sydney’s Rushcutters Bay for $125m mid year, JDH Capital is about to launch its luxury 123-unit Nautique development.
Fronting both the harbour, plush Darling Point and Rushcutters Bay Park, the $300m Nautique apartment development will be positioned as the gateway to Sydney’s eastern suburbs, and is the brainchild of the same developer behind the controversial redevelopment of the Sirius building in the historic The Rocks precinct closer to the CBD.
The since-closed Vibe Hotel was owned by RHS Hotel Investments, a syndicate of Greg Shand’s Barana Group and Toga, which a decade ago toyed with plans to spend about $39m turning the hotel into apartments. The syndicate picked up the former Rushcutters Harbourside Hotel for $42.75m in 2003.
Construction of the Nautique apartment block – which includes one, two, and three-bedroom apartments, plus a penthouse – is slated to start in February with the launch to take place on October 23.
CBRE selling agents Ben Stewart, Tim Rees and Justin Brown say one-bedders in the Bayswater Rd complex will start from $1.1m, two-bedders from $1.7m and three-bedders from $5m.
The three-bedroom penthouse is expected to sell for more than $10m. There is underground parking available for some apartments.
Designed by architect PTW, a development application has been approved and Richard Crookes Constructions has been appointed builder of the complex, which will include a rooftop communal pool for the apartment block’s residents.
Only moments from the shoreline, the site is near Sydney’s CBD and inner suburbs, as well as a short drive from Bondi Beach.
The area sports galleries, boutique shopping and an array of restaurants, as well as designer fashion in the up-market outlets of Double Bay.
CBRE’s Stewart reckons the apartment complex, which has “outstanding” finishes, will appeal to young professionals and downsizers for the two and three-bedroom apartments.
He says it will also appeal to people upgrading from older apartment blocks in the eastern suburbs.
“It’s a gateway position to the eastern suburbs,” Stewart says, adding that completion of the six-level complex is expected by mid-2023.
“Basically, the whole site wraps around the park and the harbour,” Stewart says.
“It is great buying value for money … where else can you buy a one-bedroom in that position in the eastern suburbs?
“It’s good for owner-occupiers and investors coming into the market, it’s 500m from the heart of Potts Point, still close to all amenity.”
Meanwhile, at the Sirius development, another apartment sold last week for $15m to a local purchaser. There are 10 apartments left starting from $1.595m for a one-bedder, $2.8m for a two-bedder and $12.95m for a three-bedder, Stewart says.
The Sirius project is a redevelopment of the former housing commission apartment block in Cumberland St.
JDH Capital purchased the apartment block, which was designed in the brutalist style, for $150m several years ago, beating out several developers in the process.
A recent Knight Frank report found people downsizing to luxury apartment living are leading the market movements in the top 5 per cent of the nation’s residential market, with the majority opting for a three-bedroom unit.
Knight Frank also found that demand for luxury apartments in high-rise projects has jumped more than 30 per cent across the major cities since mid 2015.
“However, concerningly, the pipeline of new apartments in prime regions around Australia will fall by 39 per cent over the next three years,” Knight Frank says.
“The upward pressure on prices at the top end of the market isn’t likely to slow, with forecast luxury apartment supply considerably less than the demand.”
Earlier this year, Melbourne-based developer Fridcorp teamed with Piety Group to buy the Intercontinental Hotel in Double Bay from Chinese company Shanghai United for about $178m, and it could look to remake it as Louis Vuitton-branded residential apartment project.
JDH Capital is backed by former Macquarie Group executive Jean-Dominique Huynh.
Originally published as New vibe for old hotel as JDH Capital launches Nautique at Rushcutters Bay
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