- The home was sold for almost $5.7M
- A Newcastle development has seen $50M in sales
- Crystalbrook Albion comes to market
In the latest wrap of Sydney sales, a waterfront home has broken a local record for sales price, $50 million in sales recorded for a Newcastle development, and a bespoke, boutique hotel on the fringe of Sydney’s CBD has hit the market.
Oyster Bay home goes for $5.7M
This waterfront home located a little over 30 kilometres from Sydney’s CBD has sold for $5.69 million. 41 Juvenis Avenue in Oyster Bay has broken the local record for sale price, with the previous record more than a million dollars behind at $4.65 million, achieved in October 2022.
Demand was high, with the property seeing 190 buyer enquiries, 72 buyer inspections, and 18 repeat buyer inspections, according to Highland. During the sales campaign, 17 contracts were requested and 16 offers were made before it eventually sold prior to auction.
The idyllic, architecturally designed, three-storey home sits on 1,100 square metres of land. It boasts 180-degree water views over the Georges River and Coronation Bay, home to six bedrooms, three bathrooms, and a suite of other features.
The home also includes a resort-inspired salt-water infinity pool, spa, and outdoor shower, which are bordered by sprawling landscaped gardens with an automated irrigation system and deep waterfront facilities with jetty, pontoon, and boatshed.
Highland agent, Sarah Street, says the record-breaking sale price demonstrates the strength of the Sydney property market and the desirability of waterfront living in the Oyster Bay area.
“The record-breaking sale of 41 Juvenis Avenue is a direct testament to the strength of the Sydney property market,” said Street.
“Despite challenges imposed by interest rate rises, demand for high-quality properties in sought-after locations has remained robust throughout Sydney, with many buyers willing to pay a premium for their dream home.”
Crystalbrook Albion hits the market
A unique Surry Hills hotel has come to market as Crystalbrook Collection recycles capital to focus on its continued growth and expansion pipeline. The group will maintain management rights post-sale.
The Crystalbrook Albion, a stone’s throw from Sydney’s Central Station, is located at 21 Little Albion Street. The property opened in 2018 and is situated on a 538 square metre freehold parcel of land in a former school convent.
The boutique hotel comprises 35 rooms including one suite, a self-service bar and a rooftop garden offering panoramic views across Surry Hills and the city of Sydney.
Geoff York, Crystalbrook Chief Executive Officer, said, “Following our recent acquisition of Rydges Sydney Harbour, which will be rebranded post substantial renovations as part of the Crystalbrook Collection, the sale of Crystalbrook Albion will allow us to recycle capital, using this to further apply our ‘Responsible Luxury’ ethos to new builds and acquisitions.”
The hotel is being offered with a Hotel Management Agreement to Crystalbrook Collection.
CBRE Hotels’ Wayne Bunz and Michael Simpson have been exclusively appointed to steer the sale via an Expressions of Interest campaign, which closes on Thursday 25 May 2023.
Iris Capital to fast-track East End Village development
The final stages of the company’s $1 billion Newcastle development is set to be fast-tracked following $50 million in sales just a month into the launch.
Construction for stages three and four are expected to commence by the end of this year, following the encouraging sales.
Iris Capital’s vision for East End Village spans twelve new buildings over 4 blocks in the Newcastle CBD, including the sold-out first stage comprising the historic Fabric House, Washington House, and Perkins & King buildings which have been transformed into a retail and multi-residential precinct that is centred on the open space of Lyrique Lane.
The final two stages are a collaboration between three architectural firms, SJB, DBJ and Curious Practice, all of which won a design competition for the best achieved design excellence amongst their peers.
One-bedroom residences in the final stages of East End Village are priced from $750,000, while two-bedroom offerings are priced from $1.15 million and three-bedrooms from $2.75 million.
“The market response to our final release of apartments has been exceptional and we will begin construction as soon as final approvals have been granted,” said Iris Capital’s Sam Arnaout.
