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A $1 billion mixed-use development from Cbus Property in the heart of Sydney's CBD has received a positive response for the sale of its penthouse collection of luxury apartments, with three residences selling for a combined total of $66 million.
The 111 Castlereagh Street development, designed by award-winning architects fjmtstudio with 101 high-end residences nested atop of a classic Art Deco building looking over Hyde Park, has drawn interest from owner-occupier buyers from the local market.
The development's residences The Jones, The MacKellar and The Cambridge sold prior to their official release to the market.
"The sale of 111 Castlereagh's Penthouse Collection marks a resurgence in the return of Sydney city living and the ongoing appetite for high-end, primely located residential property, despite the challenges of the current COVID-19 climate," says Cbus Property CEO Adrian Pozzo.
"We were able to offer these buyers an elevated experience of city living that we have witnessed become increasingly high in demand."
All apartments in the development feature exclusive access to a heated open-air swimming pool, gym, residents' lounge and alfresco entertaining terraces, while most have Sydney Harbour and Hyde Park views.
Pozzo said a connection to the outdoors had become a top priority for Australians and was non-negotiable for the buyers of The Penthouse Collection.
The suites were acquired by three separate Sydney-based buyers, with each citing key reasons for purchasing to selling agent Colliers Residential.
"The Penthouse Collection has drawn interest from owner-occupiers in the Eastern Suburbs and Lower North Shore of Sydney, each choosing to relocate, revealing a distinct trend and renewed desire for top-quality city living," says Colliers Residential managing director Peter Chittenden.
"Speaking with the buyers, each had similar motives to purchase, which were very much centred around the development and construction team, with strong support for the reputation and longstanding Australian history of Cbus Property.
"They were also drawn to the iconic architectural design of the building and the central CBD location's liveability with shopping and dining. Construction is already underway with no pre-sale requirement, which gives buyers even further confidence in this iconic development."
Chittenden explained buyers were also drawn to the iconic architectural design of the building and the central CBD location's liveability with shopping and dining.
"Construction is already underway with no pre-sale requirement, which gives buyers even further confidence in this iconic development," he says.
"Large-scale luxury developments have recently become a more frequent offering for prestige buyers in Sydney, but the charm and elegance of an intimate, bespoke residence that can be tailored to each purchaser can never truly be rivalled."
Cbus Property has previously indicated that the cheapest units in the development start at about $3 million, while four-bedroom units start from $13.5 million. The group has also stated around one-third of apartments have been placed with buyers.
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