Weekend apartment sales top $400m in JDH Capital’s Sirius Building

A $20m deal on Sunday capped an extraordinary weekend in which about $435m worth of apartments were sold in Sydney’s Sirius Building.

The stunning sales performance over the weekend is ahead of forecasts made when the NSW government sold the famous Sirius building for $150m in 2019.

A $20m deal on Sunday capped an extraordinary weekend in which about $435m worth of apartments were sold in Sydney’s Sirius Building, which is being remade from a public housing block known for its brutalist architectural style into a harbourside luxury haven.

The sales were far stronger than initially expected by developer JDH Capital, with many buyers given just a short period to transact ahead of contracts being locked in over the weekend, with the bulk conducted on Saturday and the highest being a penthouse going for $35m.

Sydneysiders made up the majority of buyers, with the rates per square metre on the best apartments – with some in excess of $100,000 per square metre – effectively resetting the entire city unit market, with the lift also expected to fan out to new developments across the city.

The stunning sales performance is also ahead of forecasts made when the NSW government sold the famous Sirius building for $150m in 2019. At the time luxury units were in the doldrums and hoteliers also bid for the property after legal challenges to the sale going ahead.

The developer brushed aside rivals with plans to keep crucial elements of the building exterior, while undertaking an internal refurbishments on what will become about 89 units. JDH Capital will keep the external structure of the 1970s building and also add some new retail spaces to the complex in The Rocks.

On Saturday just over $400m worth of Sirius units sold, amounting to 80 per cent of the properties, including six penthouses at an average price of more than $100,000 per square metre, with some going for more than $20m.

Experts believe that the success of the Sirius building sales could mark the start of an upswing in premium apartments, with strong sales also registered at James Packer’s Crown Resorts complex at Barangaroo and in two neighbouring towers by Lendlease.

CBRE executive chairman Justin Brown noted the depth of demand for the most expensive apartments.

“If I had another ten of the $20m penthouses with the pools I could have sold them,” he said.

On Saturday just over $400m worth of units sold, amounting to 80 per cent of the properties, including six penthouses at an average price of more than $100,000 per square metre, with some going for more than $20m.

Local purchasers from Point Piper, Coogee, Vaucluse Longueville, Lindfield and Mosman set the pace as agents from CBRE, including Ben Stewart and Ben Wicks, dealt with 3500 inquires.

Mr Brown said the Sirius Building was the strongest launch in nearly four years and was marked out by no purchasers requiring Foreign Investment Review Board approval.

Wealthy buyers won’t have to wait long for the next big project with JDH Capital sealing a deal to buy the The Vibe Hotel in Sydney’s waterfront suburb Rushcutters Bay for about $120m.

They are planning to bring that project to market in October, in the most significant launch in Sydney’s eastern suburbs this year.