Domain Prestige - July 28, 2021

28 JULY / 2021

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B y K ATE FARRE LLY

Brighton Melbourne 91 William Street $9.5 million-$10.2 million E MILY WATKINS

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For sale: By negotiation Agent: Belle Property St Kilda, Sam Inan 0433 076 999 You might have noticed the rise and rise of luxury inner-city apartment

This show-stopping residence does a good job of

blocks. In CBDs around the country, extremely high-end developments are

making staying at home more enticing than going

being built and they’re attracting local prestige buyers. In our feature story

out, with its glitzy bar and billiard room, glass-

this week, Sue Williams takes a look at just what kind of buyers these high-

walled pool and selection of living spaces. There’s

profile developments are attracting, and why they might be opting for a city

lift access through all three levels, a hotel-style

pad over the leafy suburbs. One such development is 111 Castlereagh, built

main bedroom suite and an impressive island

over the Market Street David Jones building in Sydney’s CBD, which also gets

kitchen with a butler’s pantry.

a mention in The Property Investor, where we look at the value of investing in homes above retail spaces – from prestige developments to the humble flat over a fish and chip shop. In Living In, we travel to Newport in Sydney’s Northern Beaches and Design Digest spotlights some pieces that will bring comfort to your home.

Acting editor: Emily Watkins emily.watkins@domain. com.au Editorial producer: Paige Tonna Group picture editor: Vashti Newcomb Senior designer: Colleen Chin Quan Graphic designer: Emma Staughton National managing editor: Alice Stolz Group director, Consumer: Jason Chuck Chief executive officer: Jason Pellegrino

Residential sales: Queensland Brad McLeod 0429 571 826 New South Wales Belinda Sinclair 0414 580 903 Victoria & Tasmania Ray van Veenendaal 0438 279 870 Western Australia, South Australia & Northern Territory Jeroen van de Peppel 0427 292 797

HOT PROPERTY

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DESIGN DIGEST Finding comfort

FEATURE STORY Luxury city living

Digital edition Visit domain.com.au/ digitaledition

O U R COVE R 26 Hobbs Avenue, Dalkeith

VAIDA SAVICKAITE

LIVING IN Newport

Listed by Ray White Cottesloe Mosman Park PAG E 3

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THE PROPERTY INVESTOR Apartments above retail

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Dalkeith Perth 26 Hobbs Avenue $8.45 million

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For sale Agent: Ray White Cottesloe Mosman Park, Jody Fewster 0414 688 988 This award-winning home is lavishly appointed with highlights including extensive Venetian plasterwork, porcelain and oak floors, a gracefully curved stairwell and a luxurious home theatre.

Noosa

Melbourne CBD

Sunshine Coast 22 Seahorse Place

Melbourne 10/51 Spring Street

$5 million-$5.5 million

$7.5 million-$7.9 million

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For sale: By negotiation

Expressions of interest: Close August 9

Agent: Century 21 Conolly Hay Group, David Conolly 0438 259 956

Agent: Marshall White Stonnington,

With 20 metres of water frontage, a private pontoon and canal access to

Marcus Chiminello 0411 411 271

the Noosa River, this contemporary, two-storey home with a 15-metre lap

Set within a Nonda Katsalidis-designed building

pool is well-equipped for lovers of waterside leisure activities. It also offers

in the “Paris” end of town, this whole-floor

solar power, a smart-home system and ducted airconditioning.

residence captures magnificent views.

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DESIGN DIGEST

The art of comfort With organic shapes, earthy palettes and lush textures, these designs inspire comfort. C o m p i l e d b y PAU LIN E M O RRIS SE Y WARM EMBRACE Evoking a sense of warmth and welcome by its very presence, the Flo Armchair by Anaca Studio is made with a simple, yet sophisticated, solid timber frame with a fully integrated back and foam seat cushion, upholstered in a range of textiles and leathers. spacefurniture.com.au

SOFT AND SMOOTH Designed by Gordon Guillaumier, the Soap Side Table is an expression of refined elegance and soft forms. A polished marble top is made more luxurious by a frame finished in matt champagne gold. stylecraftnow.com.au

RUGGED UP

NATURAL LIGHT Designed in the midst of isolation during lockdown, the DAYlight lamp by

Inspired by the

Melbourne-based design studio Dean Norton is a sculptural, frosted-glass therapy lamp with a

hard-edged beauty of

floating, full-spectrum bulb that mimics natural sunlight to bring the outside in. deannorton.com.au

brutalist forms and the modernist designs of Carlo Scarpa, Tigmi Trading has launched its first in-house rug collection, RILIEVO. Made from New Zealand wool and natural linen, it features five designs in a range of earthy colours. tigmitrading.com

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FEATURE STORY

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mansion in Mosman? A spread in South Yarra? A stately home in Hamilton?

Not so much these days. Today, the big money is being spent much closer to city CBDs to acquire luxury apartments in prestige buildings with the very latest in security systems and top-range fixtures, finishes and amenities.

So, in Sydney, that means some of the most upmarket new developments, like 111 Castlereagh, One Sydney Harbour and The Crown Residences at Barangaroo. In Melbourne, it’s Melbourne Square on Southbank, The Address in East Melbourne and Aspire Melbourne in the CBD’s heart, while Brisbane’s New Farm is nabbing much of the cash that would have once flowed directly to old favourites Hamilton and Ascot.

And with Australia’s ultra-wealthy population – those people worth $US30 million or more – growing by an unprecedented almost 11 per cent last year alone – compared to a 2.4 per cent global increase – that means there’s an awful lot of money around to pay some staggering prices.

“The stock market has performed rather well, and prices have been rising for the properties the ultra-wealthy have been living in, as well as their second and third homes,” says Knight Frank director of research Michelle Ciesielski.

“People have had more time on their hands during the pandemic, and their collectables, like classic cars, art and yachts, have also appreciated significantly.

“In addition, Australia was seen to have been handling the pandemic quite well, so some of our wealthy expats came back here before we closed our international borders, and the commercial exchange rate was favourable for people coming here on US dollars and Euros.

Now, no one can leave, so there’s a lot of wealth trapped in the country.”

As a result, most of the new projects are being marketed almost exclusively to the domestic population, whereas once they would have been routinely touted to buyers in Asia, Europe and the United States as well.

At 111 Castlereagh, for instance, already 20 per cent of the 101-apartment development being built on the site of the old Market Street David Jones store, has been sold, including one subpenthouse for around $18 million, with a second to be confirmed.

“Our buyers have come from the eastern suburbs of Sydney and regional NSW,” says Peter Chittenden, Colliers managing director residential. “They tend to be well-to-do, understated people looking for privacy, quality and low-maintenance homes in a prime location

by Hyde Park. Many are coming to look at the display suite for a premium two-bedroom at $7 million or $8 million, and then choosing to upsize to a three.”

With no one going on overseas holidays, says Cbus Property CEO Adrian Pozzo, locals seem to be choosing to invest more in their homes or city apartments as well as beach or country houses. “People have the opportunity now to think about the next stage of their lives,” he says.

“They’re looking at the amenities around the city, the views from this building, the park, the shops, and knowing they won’t have to commute to the city. And they’re finding the price points attractive. We’re appealing to the home market, and that’s tracking very well.”

Similarly, over at Lendlease’s Renzo Pianodesigned Tower 1 at One Sydney Harbour, it’s locals who are buying big, including the $140 million penthouse, Australia’s most expensive property sale.

“Ninety per cent of our customers are locals,” says Leanne Boyle, executive development director at developer Lendlease. “We’ve had very few foreign investor sales.”

It seems the appeal of living in the city has never been stronger. Semi-retired chartered accountant Rob Ward, 67, bought a subpenthouse in Macquarie Apartments between the CBD and the Opera House. He and his wife Louise, 66, who runs a tour business to Argentina, had earlier lived in an apartment in

City slickers While the leafy ’burbs still have their appeal, these days the seriously big money is flowing into our inner cities.

B y SU E WILLIAMS

New York for seven years, so they knew what city apartment-living was all about.

“For us, this is perfect,” says Ward, who’s also bought an apartment in the centre of the Southern Highlands’ Bowral in the new complex Maynard Gardens. “As I stand here, I’m looking out over the Botanic Gardens and the harbour, and it’s just very beautiful. Our apartment is pretty big, so we have plenty of space, and we can walk down to the Opera House, the Capitol Theatre, everywhere.

111 Castlereagh, above and top right; One Sydney Harbour, Barangaroo, middle right and right.

“During lockdown, it’s quiet, but it will come back, no doubt about it. You can run a business forever working from home. The CBD has changed a lot, and it’s usually so lively and is constantly changing.”

In Melbourne, the demand for city luxe is similarly strong. The Real Estate Buyers Agents Association of Australia’s Melbourne-based president Cate Bakos says there’s now a huge number of high-net-worth individuals around, many of whom have significant inheritances, have sold their businesses for large sums or have made their fortunes in tech industries.

“Now they’re looking for very exxy top-of-themarket apartments with fantastic security, great outlooks, good locations and with beautiful swimming pools, courtyards and gardens, that all come for a price,” she says. “I think it always comes as a surprise to know how many of these high-net-worth people are around.”

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E XC LU S I V E L I V I N G I N T H E H E A R T O F S Y D N E Y H ER I TAG E 111 Castlereagh is the visionary development reshaping Sydney’s skyline.

Brought to you by Cbus Property, one of Australia’s most trusted developers, these exquisite residences are masterfully designed by the award-winning architects fjmtstudio to showcase views of Hyde Park and Sydney Harbour.

Intimately anchored to the city’s most prestigious cultural, dining and retail experiences, there are only 101 residences on offer at 111 Castlereagh. Make one of them yours.

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S E C U R E YO U R A P P O I N T M E N T 111C A S T L E R E A G H . C O M . A U 18 0 0 4 81 117

10084624-10

33.65412° S, 151.31981° E

NEWPORT

An influx of families has reinvigorated this Northern Beaches suburb, putting it at the top of many lists. B y K ATE FARRE LLY When Matt Woodman shared a house in Bungan

Prince Alfred Yacht Club and the Royal Motor

Beach with a mate 20 years ago, the local surf

Yacht Club – heaven for boaties.

club was the domain of out-of-area private

Newport is reaping the benefits of Sydney’s

long-term residents who’d called Newport home

renewed love affair with Pittwater.

Today, Woodman lives at Bungan Beach with his

$7 million

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Newport is leading to lots of strong sales,” he says. “What I’ve really noticed is that Newport is

whole family are active members of the

now absolutely at the top of people’s list and the

reinvigorated surf club. They’re also regulars at

competitive tension around listed properties is

the Newport Community Centre and the bowls

really noticeable.”

“There’s a wave of families coming through,

Sydney 120 Prince Alfred Parade

“The depth of buyers now interested in

wife Rebecca and two young daughters, and the

club, which plays host to a cafe and movie nights.

Newport

Belle Property Avalon agent Greg Griffin says

school kids, and there were lots of retirees and for more than 50 years.

YOU MAY LIKE ...

Lifestyle amenity

which has helped us reactivate the local clubs –

Griffin says he’s recently seen more activity in

which is excellent,” Woodman says. “From an

Newport’s prestige market – both on and off-

amenity perspective, shops and bars and

market – than he has for a long time, with local

restaurants have really evolved over the past five

upgraders competing with out-of-area buyers for

years or so. As more families have moved into the

limited stock. Buyers looking for weekenders still

Expressions of interest: Close August 4

area, more services are being introduced ... it

make up a portion of the market, but Griffin

Agent: Belle Property Avalon,

gives us even less reason to move!”

estimates full-time residents now account for

Greg Griffin 0421 874 751

around 80 per cent of purchases.

Adjoining Florence Park and set across multiple

Waterside wonderland

A makeover of Newport’s favourite watering

waterfront blocks, light-filled Firenze has

Of course, it’s the particular waterside joy of

hole in 2016, now known as The Newport, has

generous, open-plan living spaces, a boat shed

living in an area bounded by Pittwater and

been warmly embraced. Griffin says the in-house

and ramp, and a separate self-contained flat.

the Pacific Ocean that remains the suburb’s

restaurant Bert’s Bar and Brasserie is indicative

key drawcard.

of the quality of venues in Newport. He adds the 4 Pines microbrewery and the steak and seafood

The prestige end of the

border, with Newport Beach stretching to the

restaurant Lovat to his list of favourites, while

Newport market is more

Hover your camera over the

north-east corner. Pittwater forms the entire

Woodman likes Lucky & Pep’s for family pizza

active than ever, says

code to see Domain listings

western border, and it’s here you’ll find the Royal

night and Rusti Fig for a caffeine hit.

agent Greg Griffin.

in Newport

Bungan Beach forms the suburb’s south-east

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Uncompromised Living. Cotton Tree’s New Icon.

Contact Daniel Mulder 0437 171 007 Sheldon Busch 0418 743 848 | Richie Leech 0403 142 969 49 The Esplanade Cotton Tree Developed by

THE PROPERTY INVESTOR

VAIDA SAVICKAITE

Apartments and shops a perfect mix Developers have cottoned on to the attraction of high-end apartments above quality retail and hospitality. B y SU E WILLIAMS

O

The classic residence above a shop has been re-imagined into luxury mixed-use apartment towers for buyers willing to pay top dollar … in the right location.

nce, it was a humble flat over a fish ’n’ chippie. Today, it’s more likely to be a lofty, multimillion-dollar tower of luxury apartments sitting on top of a major shopping centre.

Does investing in homes over retail spaces make good investment sense?

That depends, say the experts, on the quality of those stores, the demand for their goods and services, and their location.

The centre of Sydney, for example, is about to be transformed by a $1 billion development on the site of the Market Street David Jones store, with a 22-storey tower of 101 apartments, priced from $1.9 million to $30 million, above six levels of retail and offices.

“I think that project is all about where it is, on the David Jones site that’s known to so many and on the edge of Hyde Park,” says Peter Chittenden, managing director residential of Colliers, which is selling the homes. “That’s what makes it so desirable for both owner-occupiers and investors.

“The hotspots for buyers have been the eastern suburbs and regional high-net-worth

individuals because everyone knows David Jones and the enjoyment of the story-telling around that has been very high.”

Another $1 billion redevelopment is that of The Grand Residences at Eastlakes in the south: three towers with 490 apartments over 80 restaurants, cafes, shops and supermarkets.

“The shops are a big plus for the apartments, for every target market.”

Prisca Edwards, director of sales at the developer, Crown Group, says their previous 2014 project of apartments over retail, Top Ryde, is still proving an excellent investment.

“Everyone is very, very happy with that as there’s so much demand from everyone who loves the convenience and the security of living

above a good shopping centre,” she says. “I think investors like those developments too, as the shops are a big plus for the apartments, for every target market, and that’s already been tried and tested in so many Asian countries.”

Smaller projects can also work well. Sofia Kariotis of the Nelson Alexander agency is currently selling an apartment in a five-level block above ground-floor retail on Hope Street in Melbourne’s Brunswick. A big plus is the popular The Edible Cafe.

“With so many people now working from home, they really like being able to nip downstairs for coffee or lunch,” she says. “That’s a big selling point for residents and investors.

The best retail to live above, I think, would be a cafe, small supermarket, dry-cleaners and a fish ’n’ chip shop.”

In Brisbane, Mark Courtney, the general manager Queensland of property advisers macroplan, also believes investors can come up trumps with apartments above retail, as long as the right demand drivers are there.

“It’s about the catchment in which the investment opportunity sits,” he says. “There has to be demand for those shops, that they support the demographic of the area, and also, on the supply side, there’s plenty of footfall.

“Sometimes, if the retail is unsuccessful, it’s a recipe for something to go wrong as no one wants to live above permanent For Lease signs.

But at a time when so many are working from home, it can work very well.”

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Love Lennox.

Love Life.

Elevated coastal living Just 20 minutes from Byron Bay Welcome to Lennox Rise, a rare opportunity to create your own piece of paradise in a sublime coastal town close to everything.

Nestled amongst rolling hills and elevated greenspace, this secluded enclave of large, premium homesites provides a front-row seat to the very best Lennox Head has to offer. From the beach to the hinterland, immerse yourself in a mesmerising natural landscape with panoramic views everywhere you turn. One of very few places that capture the true spirit of seaside living, life at Lennox Rise is simply unmatched.

New land release now selling from $650,000

Call Braden Walters 0411 637 373 63 - 65 Ballina St Lennox Head NSW

E32770

lennoxrise.com.au

MILTON ’Milton Meadows’ 267 Princes Highway & Windward Way A landmark opportunity to develop an exciting Local Government DA approved Seniors Living master planned community in the heart of the NSW South Coast. As one of only two DA approved ready-to-build sites of this magnitude on the whole of the Eastern Seaboard of Australia, this architect designed project is nestled on a prime 14.88ha site just moments from the beautiful streetscapes of historic Milton. The project can be developed at once or over three stages, whatever suits your requirements. It will deliver an 89 bed Aged Care Facility and 260 Independent Living Units, comprising both 133 low-rise apartments set over seven buildings, plus 127 duplex/triplex dwellings in a range of contemporary, easy build configurations. This unprecedented project will include a Clubhouse, Medical Centre, Coffee Shop, Restaurant, Recreational Facility for indoor activities, plus a Gym and Swimming Pool all overlooking an on-site man-made lake. Designed to reflect the relaxed coastal ambience and gorgeous local heritage of the area, ’Milton Meadows’ will be surrounded by native gardens, woodlands, and beautiful sea views.

For Sale View

Expressions of Interest Closing Tuesday, 17th August 2021 Contact Agent David Medina 0419 772 233 Francis Egan 0411 874 625

All information contained herein is gathered from sources we deem to be reliable. However we cannot guarantee its accuracy and interested parties should rely on their own enquiries.

Disclaimer: The artist impression is for illustrative purposes only.

Indulge in Noosa Waters Perfection

Imagine sunset dreaming from the best seat in the house, or the envy-inducing NE-facing jetty with wide water views This is as good as it gets in Noosa Waters. Be transfixed by the clerestory ceiling and glass-panelled curvaceous wall; the seamless transition between inside and out on two sides; and the bountiful natural light which saturates the heart of this classy residence.

Auction Sunday 15 August 10am 4

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S E E M O R E AT O F F E R M A N N . C O M . A U 59 Shorehaven Drive, Noosa Waters.

Agent: Luke Chen 0417 600 840 NOOSA’S HOME OF PRESTIGE PROPERTY