)
Sydney-based boutique developer Made Property has laid plans for a new apartment project along Sydney Harbour amid sustained demand for luxury waterfront properties.
The Corsa Mortlake development, positioned on Majors Bay in the harbour-city’s inner west, will deliver 20 three-bedroom apartments offering house-sized living spaces and ready access to a 23-berth marina accommodating yachts up to 20 metres.
Made Property proposes to extend the boardwalk that fronts the project as part of the Canada Bay Council Foreshore Access Strategy, improving access to the Canada Bay foreshore.
Apartment buyers will have first access to the marina berths with the developer also allocating space for a small kiosk for takeaway coffee and food.
With development approval secured for the project, the company is moving quickly to construction following demolition of the existing building planned later this year.
Made Property, which has been developing luxury residential projects in Sydney for the past 12 years, remains confident in the market for luxury apartments, a view supported by Clayton Ross, the senior director of marketing agency CBRE Residential Projects.
Ross says local buyers continue to support the luxury end of the market in Sydney where supply remains constrained.
“This demand has been driven primarily by the downsizer market looking for high-quality, well-located residences built by developers and builders with a proven track record,” Ross says.
“The Sydney market continues to see luxury homes selling and there is still a genuine lack of high-quality boutique apartment options for these sellers to buy into.
“With challenges for developers and landowners in juggling the continued increase cost to build along with long timeframes in obtaining development approvals, the supply of high quality developments is still very limited.”
Ross says the steep increase in interest rates over the past year also hasn’t hurt the luxury end of the market.
“The majority of these owners are debt free and generally have cash reserves after selling their home,” he says.
“Corsa Mortlake has had very strong early enquiry from the local market within 3-4km as this rare north-east-facing absolute waterfront development will be one of the last in the area.”
Corsa Mortlake is being developed on the last significant parcel of land at the end of Tennyson Road on the tip of Mortlake Point and promises to offer uninterrupted views of Majors Bay and Sydney Harbour.
All apartments will feature three bedrooms and private open space, with some offering a three-car garage.
“This is a project that feels as though it has grown from the ground up,” says Adam Haddow, director of SJB, the architectural firm engaged to design Corsa Mortlake.
“It was paramount to ensure that each space had a stunning outlook, so much so that each apartment has a unique layout to maximise views and space.”
Made Property is planning to launch Corsa Mortlake to the market in September and expects construction to be completed in late 2025.
)
)
)
)
)
