RECORD SQUARE METRE PRICE AT MANLY APARTMENTS

Written on the 5 August 2016

RECORD SQUARE METRE PRICE AT MANLY APARTMENTS

A $9.5 MILLION sale at CostaFox Developments' Luxury Bower project in Manly is the highest price per square metre paid for a Bower Street address.

The record selling apartment, purchased by a local buyer, features three bedrooms and three bathrooms over 281sqm, plus a 31sqm balcony.

At $33,807/sqm, the price beats the previous record of $30,000/sqm, when a North Steyne Road address sold for 12.2 million in 2008.

The $43 milllion, four-level Luxury Bower is the first project for CostaFox and comprises comprises six apartments, with 2-3 bedrooms each, priced from $4.25 million and ranging in size from 156 square metres to 322 square metres internally.

Four of the aparments sold ahead of the the 23 July launch event, for $27 million.

CostaFox Managing Director, Michael Fox, said the project had something special.

"I wanted to do a high end project in a stunning location and I think we pulled that off spectacularly," says Fox.

"We were completely captivated by the site when we saw the location and knew that our combined property industry experience meant we were the right team to deliver the project," he said.

Plans and pricing were made available to interested parties in early July with renders released on the day of the pre-launch event ahead of the public event on Saturday, 23 July.

The site was purchased for $13.1 million at liquidator's auction, following a previous sale in late 2015 for more than $16.3 million.

Construction of 102 Bower Street and 12-­13 Marine Parade, Manly Beach is scheduled to commence in August 2016, with the completion expected in early 2018.


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