A palatial penthouse with a $30 million price tag

A palatial pad in Sydney's iconic "Toaster" on Macquarie St could demolish Australia's apartment price record.

INSIDE the penthouse at 1 Macquarie St, Sydney. Picture: Supplied.

A vast harbour front penthouse, that is set to become Australia's most expensive apartment, has just hit the market with price hopes of more than $30 million.

The palatial pad spreads an entire floor of Sydney's Bennelong Apartments complex, also known as the "Toaster" - a nick name it received during construction in the late 1990s due to its toaster-like appearance.

A landmark building, which sits between Circular Quay and the Botanic Gardens, Bennelong Apartments is at 1 Macquarie St, Sydney.

Bought off the plan in 1999 for almost $14 million, the sky-high penthouse was originally four floorplans that owners Cyril and Margaret Maloney amalgamated to form one mega unit.

INSIDE the penthouse at 1 Macquarie St, Sydney.

Mr Maloney, a multi-millionaire hotelier who spent several years on the BRW Rich List, passed away late last year at 93. His widow has placed the property on the market for the second time in five years. It previously failed to sell in 2010 with its $30 million price tag.

A strata bill of reportedly just over $100,000 a year may have put off buyers.

If the mega unit fetches its asking price this time, or close to it, the Australian apartment price record of $21 million will be smashed.

The 700sq m apartment has its own lift lobby, wine cellar, billiards room and a grand main bedroom suite, dressing rooms and a multimillion-dollar view of the Harbour Bridge and Opera House concourse.

There are also five car spaces on title.

THE view from the penthouse at 1 Macquarie St, Sydney.

Selling agents, Bill Malouf of LJ Hooker Double Bay and Michael Pallier of Sotheby's International have both tipped that the unique listing will go to an international buyer.

Overlooking the Harbour and Opera House, the $600 million 12-storey development polarised Sydneysiders in the 1990s, angering many who complained it would block the view from Sydney Cove to the Royal Botanic Gardens.