$20m apartments top Crown Barangaroo tower sales

Twelve apartments at more than $20m apiece take the total value of properties sold in Sydney’s Crown Residences to $650m.

Artist’s impression of an apartment at Crown Residences at One Barangaroo.

The value of opulent apartments sold in Sydney’s Crown Residences at One Barangaroo residential and hotel tower has now reached $650m.

Among them are an unprecedented 12 apartments sold at more than $20 million apiece.

Crown Resorts said 80 per cent of buyers at Crown Residences were Australian residents, but declined to reveal the identities of purchasers in the apartment tower, which is due for completion early next year.

CROWN RESIDENCES ONE BARANGAROO. Supplied

A handful of two to four bedroom bedroom apartments as well as the duplex penthouse remain on the market out of the 82 apartments initially marketed at an entry price level of $9.5 million for a two-bedder.

The announcement of $650 million worth of sales is well up on the $450m in sales in the complex reported by Crown last September.

One of the first buyers was James Packer, who has purchased a $60m apartment at One Barangaroo.

The 82 luxury residences comprise the upper levels of Crown Resorts’ Crown Sydney development at One Barangaroo Avenue.

How Crown Residences will look.

In a statement Crown Resorts executive Todd Nisbet said to have reached $650 million in sales more than a year prior to the development’s completion, with a record 12 transactions over $20m, was testament to the quality of the project.

“When we commenced this project, we believed there was demand for a level of luxury and service offering not yet available in Australia. These results demonstrate the strength of this appetite and reinforce Sydney’s emerging position as a global destination for the luxury set,” Mr Nisbet said.

CROWN RESIDENCES ONE BARANGAROO

Crown Residences at One Barangaroo partner Erin van Tuil, who is leading the sales, said the response has been phenomenal from Sydneysiders, as well as buyers from overseas.

“Ultrawealthy individuals continue to flock to Sydney and the prime market continues to register positive growth. The sales we have recorded at Crown Residences at One Barangaroo and interest from buyers are testament to this,” she said.

“The demand for rightsizing is more prevalent today than ever,” she added.

“Buyers are looking to move away from large houses and gardens, but downsizing their living areas is not part of this movement. Their new home is to be the right size for them with features to match. ‘Rightsizers’ are seeking a high quality standard of spacious and serviced living with great amenity, while downsizing the maintenance headaches and costs associated with a freestanding home,” she said.

Artist’s impression of a pool at Crown Residences.

Knight Frank research reveals Sydney’s prime residential market is expected to see growth approaching 4 per cent in 2020.

Prime property in Sydney fetches some of the highest premiums globally, Knight Frank said.

Knight Frank’s Global Waterfront Monitor 2019 reveals that Sydney fetched the highest premium in the world for waterfront property, at 89.3 per cent. Branded residences expect to fetch an additional premium of at last 35 per cent in Australia the report said.

Meanwhile Crown Residences at One Barangaroo apartment owners will have access to all of the amenities and services from the tower’s integrated hotel including having their bed linen changed to ordering a private chef as well as access to a concierge.

All apartments differ in their layout with either dual or triple aspect views of the harbour.

On completion Crown Sydney will be the city’s tallest residential building at 275m.