10 Wylde Street, Potts Point penthouse space sold by Investec
Investec Bank has sold the top floor penthouse space in its Potts Point development, but divided into two apartments rather than as one residence.
Its a 430 square metre Wylde Street space that came with a combined $13 million asking price. It has 115 square metres of car spaces and storage. They each sold for around $6 million.
The offering sits atop a seven story complex which will replace the former Oakford Apartments motel on its scheduled 2015 completion.
The development, high above industrial Garden Island, is set to contain 21 apartments and 30 car parking spaces.
Designed by Adam Haddow of SJB, there will be a mixture of six one-bedroom apartments, three two-bedroom apartments and 11 three-bedroom apartments and the single floor penthouse space for which the sale price/s have not been revealed.
Deposits were taken for 16 of the 21 apartments in the new development at its March VIP launch for prices ranging between $795,000 and $5.2 million. Property Observer gathers the developers were minded to split the penthouse floor into two over recent weeks to match the subdued demand for penthouses.
A project at 10 Wylde Street will be the first apartment building of a major size constructed in the inner eastern suburb for more than five years.
"10 Wylde Street has the only true north-facing penthouse to be built in Potts Point in 20 years," said the sales marketing material of Andrew Hoggett and Jason Boon of Richardson & Wrench Elizabeth Bay. It was listed inconjunction with Caroline Fagerlund of CBRE Residential.
Developed by Investec and designed by SJB Architects, this is the second development proposed for the site after the earlier, larger, $70 million project was abandoned after the first developer, Ashington collapsed in 2010.
Investec, which had lent to the Ashington to fund the project, took control in 2011.
Investec submitted $17 million plans with less ambitious design and price expectations scrapping its prestige, but expensively tricky, curved glass building corner.
It was in 2008 when Potts Point briefly ruled triumphantly holding the Australian record apartment mantle following the $20 million off-the-plan penthouse sale in the then Ashington development at 10 Wylde Street.
With views across Woolloomooloo Bay towards the harbour, city and Opera House, the proposed two-level penthouse was set to have 530 square metres of internal space and 115 square metres of balcony.
The nine-apartment project had been designed by Tzannes Associates, with interiors fashioned by the designer Alex Perry.
The sale, which was in train for more than a year, was negotiated by Richardson & Wrench Elizabeth Bay-Potts Point agents Geoff Cox and Jason Boon to the elusive property developer Duncan Hardie.
The sale didn't proceed after Ashington's implosion and abandonment of the project.
