- Suburb's population growing by almost 3% annually
- 50% of population are renters
- Colliers has made $28M sales so far on The Landmark luxury devlopment
St Leonards, a suburb on Sydney’s North Shore about 5 kilometres north of the CBD, has grown by 320 new residents per annum – equating to 2.9% over the past decade. Current projections show the local area growing by an additional 5,600 before 2036.
The new Sydney North-West metro line has trains arriving every four minutes during peak hour and there are plans to improve accessibility to Parramatta CBD and Barangaroo – both home to two of the largest office precincts in Sydney.
The area is home to the new $112 million North Shore Health and near several employment precincts such as Royal North Shore Health, North Sydney CBD, Macquarie Park and Chatswood. Projections are due in large part to the growing health and technology sectors. The area will deliver up to 7,310 new jobs over the next two decades.
The Landmark in St Leonards, which is set to be completed in October, has already had a $14 million penthouse sold before the development was officially released.
This a record for similar properties in the suburb and the price puts the sale on par with similar harbourfront properties.
50% of the St Leonards population are renters with the median weekly rental premium 6%, 18%, and 75% higher than Greater Sydney for 1, 2 and 3-bedroom apartments.
The Landmark is set to top out this week and with completion scheduled for later this year (October).
There are seven penthouses in total with five remaining for The Landmark. Colliers has made a total of $28M in sales over the past month, which Nicholas Durkin, Project Marketing Executive, said is a reflection of the demand for such properties in the area.
“Colliers is experiencing strong and consistent demand for premium off the plan residential apartments in the Lower North Shore. In particular, we are seeing increasing interest from local buyers as well as expatriate professionals returning to Australia from offshore.”
Nicholas Durkin, Project Marketing Executive, Colliers
The seven two-storey penthouses range in size from 288sqm to 473sqm with views of the CBD and Sydney Harbour and the Blue Mountains. The five remaining penthouses will be launched at an exclusive VIP by the end of this month.