North Sydney - Diversity & Quality
Despite its compact size, the North Sydney apartment market exhibits an entire range of appealing features. We’ve earlier taken a look at the area’s history and demographics.
We’ll now look at a range projects that each amplify why North Sydney, as demonstrated by this combination of projects and potential sites, continues to attract strong buyer and developer attention.
The locations include North Sydney, Milsons Point, Neutral Bay, Cammeray and Waverton.
The locations each exhibit why this area deserves its reputation as Sydney’s most liveable region. Even if such a title might be seen as subjective, after all most of us like our local area and community, these projects are special, and they are all anchored by some pretty impressive credentials.
The first location is 85 Kurraba Road, Neutral Bay and here we have a classic example of a property transaction that clearly defines the value and appeal of the area.
However, like two locations in Waverton and Cammeray this is not a current project, but rather the sale of an existing strata-building in one line for re-development.
The sale realised over $20m million as a luxury Neutral Bay development site on behalf of the strata owners group.
The eight owners banded together to capitalise on the scarcity of available development land on Sydney’s Lower North Shore and ‘land rich’ buildings to convert underutilised land into new projects.
The amalgamated site at 85 Kurraba Road was sold with 100%-unit entitlement in one line. The property offers approx. 1,454 sqm with an R4 High-Density Residential zoning and 12-metre height limit. Which is ideally suited to construct a luxury boutique development, and this is where the demand across the area is now evident.
Its elevated position has City and Harbour views and is only a short stroll to Kurraba Point Ferry Wharf. The sale mirrors a trend where recently we’ve seen a shift towards owner groups consolidating and selling in-one-line to residential developers to capitalise further within a growing market.
These sales are being driven by strong buyer demand for the end project as right-size buyers look to stay in the area and are happy to sell their family homes on the North Shore, in exchange for quality and larger apartments.
Just 300 metres from Kurraba Point Wharf, this premium site is perfectly positioned in one of Sydney’s most sought after residential locations.
It’s tailored for an owner occupier focused development and the Lower North Shore residential market has been in high demand from local purchasers looking to right-size into luxury apartments.
North Sydney is currently undersupplied, with very limited new residential supply coming to the market. Markets such as Sydney CBD, St Leonards and Milsons Point have experienced strong growth with across a range of projects, creating an opportunity for North Sydney to capitalise on the strong price points and lack of competition.
The Lower North Shore is a stable and strong market, with the majority of the off-the-plan purchasers being local right-sizers, opting for premium apartment living.
While 85 Kurraba Road is a potential new project, it’s not an isolated transaction with two other locations Waverton and Cammeray also now on the market.
I’ll return to these sites and the demographic changes driving demand in my next post. However, two other locations already under development clearly demonstrate the current demand for quality apartments across the Lower North Shore.
The majority of the purchasers within Aqualuna located at 30 Alfred Street, Milsons Point were also local right-size buyers, with a keen interest in the architecture by Koichi Takada.
From a marketing and development perspective and clearly for buyers, Aqualuna delivers the perfect mix of location, product quality, facilities and easy access a combination that’s literally within a few hundred metres of the project.
This was a highly successful with 90% sold prior to construction. Buyers were very design sensitive and the curved façade of the building, that will mimic the waves of the harbour caught people’s attention and will create a truly iconic building.
Purchasers really liked the fact that the architect Koichi Takada focused on the attention to detail and brought the external features into the apartments, creating a unique point of difference which owner occupiers are looking for.
Other design features include, mood lighting, curved kitchen island, stone bench tops, butler’s pantries, luxurious bathrooms, large balconies or terraces capturing amazing views.
Apart from the architectural merits of the design Aqualuna offered a few key ingredients for which Milsons Point has now cemented a solid reputation and they include; a boutique scale, views over Sydney Harbour, immediate transport links ferry, train and bus connections, local village-style shopping and facilities as diverse as Luna Park, North Sydney Pool and Lavender Bay Reserve.
All of which helped to deliver record prices and these same facilities continue to anchor the appeal and price levels for new projects.
The next project is a just north of the core North Sydney CBD, Akoya is a new project on Doohat Avenue, North Sydney. Akoya is launching to the market in September and it is also a boutique project of only 24 apartments.
While Akoya has not yet been released to market the project’s scale and design is squarely aim at very discerning buyers who characterise this sector of the local market.
Design features include; courtyard apartments, large decks with views, designer kitchens, luxury bathrooms, quality fixtures and finishes throughout. Akoya will offer a number of larger open-plan 1-bedroom suites, 1-bedroom plus study, 2 and 3-bedroom apartments.
While individual projects will always have their merits these three projects, which are all at different stages of development, do demonstrate the depth of demand and potential of the Lower North Shore market.
Demand is being sustained across a future development site, a current project about to go to market and success of another under construction. This is significant because all three projects straddle varied stages of a project cycle across several years and yet all three are success in their own right.
This combination, demonstrated by all the locations marks a highly sought-after, competitive and successful market with considerable depth and potential. I’ll explore that potential further in my next post by taking a more detailed look at the shifts in demand across North Sydney.