The ‘tragic’ past of Australia’s most expensive unit, nestled within three ultra-luxurious development
It doesn’t have a bedroom, but this studio apartment carries a price tag of over $1.5m. That’s a bargain in this bougie development with a “tragic” past.
It has the dubious honour of being the most expensive studio apartment on the market in Australia right now, with the compact residence carrying a $1.5 million-plus price tag.
But whoever forks out a small fortune to make the bedroom-less unit their new home will have to come to terms with playing a role in a “tragic” chapter of Sydney’s history.
Until seven years ago, the striking and divisive Sirius building in The Rocks on the city’s historic fringe was home to 79 social housing dwellings.
A major redevelopment will soon see new residents take possession of 76 high-end designer apartments with spectacular 360-degree views of the skyline, the Opera House and the Sydney Harbour Bridge.
The sprawling and luxurious penthouse fetched a staggering $35 million.
“Travelling over the bridge or wandering around The Rocks, the new development is a towering reminder of a tragic period, where the government evicted poor and vulnerable people from their long-term homes,” Sydney’s Lord Mayor Clover Moore told news.com.au.
“At a time when Sydney is facing a severe housing affordability crisis, I can’t help but feel sad and angry.”
Designed in the 1970s and built in the 80s, Sirius was considered a landmark example of the brutalist architecture era but did not hold heritage status.
Those who resided in Sirius, some of whom had been there since it first swung open its doors to the needy, were booted out after the New South Wales Government sold the site to private developers for more than $150 million.
“The announcement was shocking and the way it was delivered was cruel,” Ms Moore recalled. “Just two days earlier, [then-Minister for Family and Community Services Pru Goward] assured people that no decision had been made and that they would be consulted.”
Myra Demetriou was the final tenant to depart in early 2017.
The 93-year-old, who had mobility issues, was blind in one eye and had extremely limited vision in the other, found herself desperately looking for a rental elsewhere.
“They’re trying to offer me something in Alexandria, but it’s only a three-year lease,” she told The Guardian at the time. “They’re hoping I’ll drop dead by then.”
Sirius was one of 293 social and public housing sites in The Rocks and neighbouring Millers Point to be liquidated in a State Government fire sale.
More than 400 people were uprooted, with the then-Liberal administration saying $900 million had been generated. It promised to invest in new stock elsewhere as well as repairs of existing homes.
This week, Housing Minister Rose Jackson revealed the actual amount received was about $130 million less, with an incalculable additional social cost on top of that.
“The Liberals and Nationals sold someone’s home to pay for the repairs of someone else’s,” Ms Jackson told news.com.au. “It was a broken model that directly contributed to the housing crisis.”
As the finishing touches are put on the redeveloped Sirius, developer JDH Capital is in the process of selling the few remaining apartments at exorbitant prices.
Prospective buyers were this week offered an opportunity to secure a small studio unit for the eye-watering cost of at least $1.5 million.
Although, that’s considerably less than the $3.2 million starting price of two-bedroom apartments. They don’t come with car parks unless buyers are willing to stump up an extra $1.5 million.
A remaining three-bedroom apartment being marketed to families is on offer with a guide price of $15 million.
Despite the hefty cost and potential stigma of displacing vulnerable people, interest was strong from the get-go. JDH Capital raked in a whopping $435 million on the very first weekend of a sales campaign.
A new type of local
When the sale of Sirius was initially announced in 2014, the clear intention was to demolish the iconic building to make way for a modern replacement.
But a furious public backlash saw the site saved – albeit with extensive remodelling and new features.
Acclaimed architecture BVN was enlisted to usher in “a new chapter” that aligns “old and new” by retaining the original concrete facade but adding “new copper pods”.
“The original concrete speaks to the building’s history, and the new copper responds with the design language of today,” BVN’s promotional material reads.
“BVN and UK interior designer Kelly Hoppen are designing the interiors, with BVN developing the design for the majority of the apartments, residential lobbies and roof terraces.
“Our approach to the interior design takes cues from the strength of the building’s original design. Materials chosen for longevity complement the concrete and copper. These play on the contrast between raw and polished, and create very tactile spaces.”
New floor-to-ceiling windows bring the “spectacular Sydney Harbour right inside” of each apartment.
Among the headline-grabbing sales so far have been a $35 million luxury penthouse with panoramic views of the Sydney skyline, harbour, bridge and Opera House.
In advertising materials, realtor CBRE said Sirius comprised a mix of one-, two-, three- and four-bedroom residences that “are a celebration of the building’s bold spirit”.
“Exclusive living and entertaining spaces frame spectacular views of Sydney Harbour. East to Sydney Opera House. West beyond the Sydney Harbour Bridge.
“Sirius sits up close and personal to the city’s most spectacular panorama.”
Some of the apartments include private rooftop infinity pools. Those without have access to shared spa-like facilities, including an indoor pool and gym.
Ms Jackson described the former government’s sale as “a public policy disaster” that should never have happened.
“It was clear our state got a dud deal – we got less money than was originally touted and hundreds of people had to be forcibly relocated from communities they had lived in for decades,” Ms Jackson told news.com.au.
Public housing should be everywhere, Ms Jackson said, including in Sydney’s desirable inner-city.
The sale of vitally needed stock to make way for new luxury residential development marked a dark chapter in the state’s history, she said.
The government’s new budget, handed down yesterday, “draws a clear line in the sand” when it comes to investment in housing for those who need it the most, she said.
“No more mass privatisation and no more of what happened to Sirius and Millers Point.”