Who’s buying in James Packer’s One Barangaroo Tower, and how much are they paying?
The well-kept secret of what cashed up buyers are actually paying to snare a luxury apartment in James Packer’s $2.2bn Barangaroo tower in Sydney has finally been revealed.
The well-kept secret of what cashed up buyers are actually paying to snare a luxury apartment in James Packer’s $2.2bn Barangaroo tower in Sydney has finally been revealed.
Queensland businessman, former Rothschild & Co investment bank chairman, Trevor Rowe, paid $13.5m for a three-bedroom apartment on level 43 of the 77-level Crown Residences at One Barangaroo tower fronting Sydney Harbour, according to just-released government records.
Mr Rowe and his wife plan to relocate to One Barangaroo from the luxury Highpoint Tower in Sydney’s Millers Point, where they have lived for the past four years.
Apartment prices in the 82-unit One Barangaroo tower – which sports 50 different types of marble sourced from all over the world – start at $9.5m for a two bedroom and two bathroom unit through sales agent Knight Frank partner, Erin van Tuil.
All up, $870m worth of apartments in the One Barangaroo tower have sold according to latest Crown figures released in February, substantially up from the $650m in sales the casino operator reported a year ago.
The new sales data reveals retired bookie Bob Blann forked out $41m for his unit in the Barangaroo tower, settling the sale on March 21, and relocating from an apartment in Rose Bay in Sydney’s Eastern Suburbs.
Entrepreneur Andrew Raso paid $11.1m for an upper floor apartment settling the sale on April 1, while the Upton family forked out $12.5m on March 26.
Settlement of the apartment sales has been occurring progressively since March and will run through the balance of the calendar year, which will help to substantially de-lever Crown’s balance sheet, the casino operator said in a statement in February.
One of the larger apartment acquisitions, apart from the $60m James Packer paid for a two level apartment in the tower, was by little-known Western Sydney developer, Arnold Vitocco.
He has forked out $22m for an apartment on one of the upper floors settling the acquisition this week.
Mr Vitocco, whose wealth was estimated at $767m last year, invests in property development along with billionaire Tony Perich and together the parties own the Narellan Town Centre in Sydney’s West. A retailer in his own right, he rescued the Max Brenner chocolate franchise from its high profile receivership in 2018.
Crown declined to comment on the sales revelations on Friday.
“Crown Residences at One Barangaroo kindly declines to comment on buyers or their purchases. The privacy of buyers is and will continue to be of utmost importance,” according to a spokesman.
Apart from the residences, the Crown tower includes a six-star hotel and 14 restaurants. Past guests have included Iwan Sunito, chairman of suburban residential development company Crown, which is not related to the casino group.
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