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New apartment price record set in Manly at $33,807 a square metre

FINANCIAL REVIEW
July 20 2016

Sydney real estate price records have tumbled again after a brand new apartment in Manly in Sydney’s northern beaches sold for $9.5 million.

The 281sq m three-bedroom apartment with sweeping Pacific Ocean views at developer CostaFox’s first project at Bower Street fetched a record $33,807 a square metre – the highest price paid for the suburb.
It was acquired by a private local buyer.
The previous Manly record was set in 2008 at $30,000 a square metre for the $12.2 million sale of an apartment at 133 North Steyne Road, Manly.

Although higher per square metre records have been set in Sydney, they were all in the CBD.

A penthouse at Chinese developer Greenland’s Omnia development in Potts Point sold for $34,000 a square metre last year. Aqualand’s luxury project, The REVY in Darling Island, will set buyers back $47,000 a square metre. They come with top views of the CBD and the Sydney Harbour Bridge.
Another penthouse at Aoyuan and Ecove’s ONE30 Hyde Park on Elizabeth Street topped the charts at $43,200 a square metre.

CostaFox was founded by Michael Fox, the former chief executive of Little Projects and former business partner of Melbourne developer, Paul Little. His new company is a joint venture with Costa Asset Management. Four of the only six apartments at CostaFox’s 1189sq m Bower Street project at 102 Bower Street and 12-13 Marine Parade in Manly have sold, to the value of $27 million.
CostaFox bought the site in March and started discussions with potential buyers in June.
Buyers at the exclusive project now included former Australian diplomat Julie Meldrum and Murray Millsom of CNBC and CNN.
Mr Fox said: “I wanted to do a high end project in a stunning location and I think we have pulled that off spectacularly.

“It’s incredibly rare to find a 300 square metre apartment in this kind of location and the record pricing and early interest are testament that there is continued demand for this type of luxury product.”

Koichi Takada Architects will design the apartments with sandstone wall cladding, timber screens and frameless glass balustrades.
Each apartment will feature integrated audio systems, full home automation of lighting, AV, built-in washer and dryers and underfloor heating for stone floors and wet areas.
Homeowners will also have access to a communal kayak and surfboard storage area.

Mr Takada said: “The nautical design becomes one with the location so that you can fully appreciate the view and make the most of a lifestyle living on the water.”

Construction of the project will start next month and complete in 2018.

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