RECORD SQUARE METRE PRICE AT MANLY APARTMENTS
Written on the 5 August 2016
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.
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.