Barangaroo

The higher demand for new super-prime apartments has prompted a 36 per cent value lift since June 2015, outperforming the established apartment market, according to recent Knight Frank research.

There had been a 31 per cent increase in established apartment values across the major cities in the same period.

However Sydney was the only city to buck the trend with its older stock up by 48 per cent compared to 30 per cent for new apartments, with limited new luxury products being launched across Sydney.

Knight Frank defines super-prime as the top 1 per cent of each market by value &ndash; a threshold of more than $10 million in Sydney and Melbourne and $7 million in Brisbane, Perth and the Gold Coast.

Sales of luxury apartments worth more than $10 million surged during the first half of 2021, compared to the decade average, the Knight Frank research shows.

The report calculated 67 super-prime luxury apartments changed hands around the nation, although the majority were at Crown Residences at One Barangaroo.

<img alt="" height="666" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/one_barangaroo_2.jpg" width="1200" /> 
Inside the One Barangaroo penthouse

&ldquo;The first half of 2021 was the first time it&rsquo;s been possible that exchanged sales in the super-prime Crown Residences at One Barangaroo have been captured within the total residential sales volume by our research team,&quot; aid Michelle Ciesielski, Knight Frank&rsquo;s head of residential research.

&ldquo;What we saw in this time was the top five super-prime apartment sales in Sydney average $39 million, and four of these five apartment sales took place at One Barangaroo - reflecting the demand of our ultra-wealthy population for super-prime luxury homes in the sky.&rdquo;

&ldquo;The widening gap between buyer demand and appropriate property supply remains concerning, and residential construction difficulties continue to delay delivery of new products,&quot; said Michelle Ciesielski.

<img alt="" height="638" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/one_barangaroo_living.jpg" width="1200" /> 
Inside the One Barangaroo penthouse

&ldquo;The shortage of suitable product, particularly at the top end of the market where rightsizes play, has been exacerbated by developers unable to easily secure sites in prime locations adding to the highly pressurised buying environment across Australian cities.&rdquo;

When it comes to prime residential, generally defined as the top 5% of each market by value across Australia, Knight Frank&#39;s latest report advised Sydney saw the greatest rise in apartment prices, some 10.6 percent, followed by 10 percent in the Gold Coast.

Knight Frank definition of prime sees a threshold of more than $3 million in Sydney and Melbourne and $2 million in Brisbane, Perth and the Gold Coast.

Prime price apartment prices increased 3.2% in 2020 to $25,500 psi, ranging from $13,000 psm to $65,000 psm.&nbsp;

Values for new apartments have jumped by 36 per cent since June 2015

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One Barangaroo leads as super-prime apartment off the plan sale prices strengthen

Developer Aqualand has commissioned UK architect, Sir David Chipperfield, to design its Barangaroo Central project.

It is the British architect&#39;s first commission in Australia for the firm, David Chipperfield Architects, which was founded in 1984.&nbsp;

It is the final project site within Barangaroo.

Designed to act as a &quot;bridge&quot; between the headland park and the more intensively developed commercial district, Central Barangaroo is the lower density final stage of the NSW government&#39;s $8.7 billion Barangaroo urban renewal project.

<a href="https://www.urban.com.au/developments/sydney-nsw?source_news_article_id=107246&amp;ref=news_body_link"><img alt="" height="800" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/template_photoshop_sydneycbd_4.png" width="1200" /></a>

&quot;We want to make an architectural project which belongs there, enjoys its site and climate, and we&#39;ll endeavour to make a building that seems to be right for the site,&quot; Chipperfield told The Australian Financial Review Magazine.&nbsp;

The buildings will include an apartment tower, offices, and retail.

The apartment tower will be capped at 19 storeys.

Barangaroo Central, perched above a new metro station, will also have entertainment and civic venues, and high-end retail stores.&nbsp;

Local architectural practices Durbach Block Jaggers, Smart Studio Design and John Wardle Architects are also involved in the project within close proximity of the historic Millers Point and Observatory Hill.&nbsp;

Rod McCoy, Aqualand&#39;s Central Barangaroo development director, said he approached Chipperfield because of his buildings&#39; &quot;timeless elegance&quot; and &quot;understated sophistication&quot;.

Chipperfield undertook the refurbishment of the Neues Museum in Berlin.&nbsp;

It has offices in London, Berlin, Milan and Shanghai.

[smartcode_project:default project_id=5770 project_image_fid=24110]

Developer Aqualand has appointed Sir David Chipperfield as the architect to design their Barangaroo Central project

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Sir David Chipperfield to design Aqualand's Barangaroo central project

The video marketing for the One Barangaroo penthouse has gone live.

The 8101 apartment video creators advise "the residence is a milestone in Australian, and indeed global, real estate."

It's been listed by Knight Frank.

The penthouse spans two full floors with over 800 square metres space.

At 245 metres above sea level its offers multiple entertaining areas with over 6-metre high floor to ceiling windows.

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There are five bedrooms, all with ensuite bathrooms.

The master suite comes with large walk in robes, twin rain shower and steam room, separate office, private plunge pool, cinema room, gym, and over 50sqm of open air space across three protected balconies.&nbsp;

A feature staircase connects the two floors, as does a private internal lift.

The interiors – designed by New York outfit Meyer Davis – take advantage of the lofty, light-filled spaces and feature light European oak flooring throughout, accompanied by plush carpets in the bedrooms.&nbsp;

The penthouse boasts private plunge pool, the only residence in the building.

<img alt="" data-entity-type="" data-entity-uuid="" height="643" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/one_barangaroo_pool.jpg" width="1200" />

There is also access to the resident’s pool on level six, hotel pool on level five, and spa designed by Blainey North.

This exclusive sale is being managed by Knight Frank. The four minute video was produced by Golden Eye Media.

James Packer’s $60 million purchase ranks as the building's priciest deal, secured in 2017 for a two-storey apartment.

<img alt="" data-entity-type="" data-entity-uuid="" height="654" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/crown_baragaroo_3.jpg" width="1200" />

It was 2019 when there was a deal next door, worth more than $140 million for the most expensive residence in Australia, when the top three floors of Lendlease’s One Sydney Harbour at Barangaroo South were sold off the plan.

The sale includes the two-storey penthouse atop the Renzo Piano-designed building and a sub-penthouse directly below.

Completion is expected in late 2023.

The Boyd penthouse in the ANZ tower in the Sydney CBD recently sold for $60 million.

There has been no price guide given on the One Barangaroo penthouse.

But Knight Frank's latest Prime Global Forecast 2021/2022 shows that globally, luxury residential prices are forecast to rise faster than envisaged, and that Sydney is the world’s leading city for Knight Frank’s 2021 prime forecast, with luxury prices in the city expected to rise 10% over the next year. 
&nbsp; 
Lockdowns and the COVID pandemic haven’t yet had a negative impact on Sydney’s luxury property market – in fact, they are carrying it from strength to strength, with wealthy Aussies purchasing luxury properties domestically instead of overseas. 
&nbsp; 
The report shows Sydney is the leading global city for prime price forecast in 2021, with luxury prices expected to rise in Sydney by 10% over the year.

Sydney will continue its reign in the top spot in 2022, when, together with London, both cities are forecast to see prime prices accelerate 7% year-on-year.

The first quarter of 2021 saw 1,429 prime sales recorded in Sydney – the highest quarterly figure on record for the city. Despite recent lockdowns, momentum is being maintained.

Spanning two full floors and at over 800 square metres, the penthouse comes with over 6-metre high floor to ceiling windows

One Barangaroo penthouse video marketing gives inside look

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Apartment price per square metre data is one of the key criteria that valuers and economists look for when reviewing property prices and trends.
Over recent times, the actual apartment size has become a mild influencer among buyers, especially off-the-plan, who have embraced the purchasing reckoner common in other global cities.
<img class="size-full alignnone" src="https://res.akamaized.net/domain/image/upload/t_web/v1571432230/LL6718_UR_OSH_Artist_Impression_1_ozlccf.jpg" alt="LL6718_UR_OSH_Artist_Impression_1_ozlccf"> Artist’s impression of the $100m+ penthouse at the One Sydney Harbour development in Barangaroo. Photo: Lendlease
Lendlease officially announced a $140 million sale of a dual key penthouse in its One Sydney Harbour tower at Barangaroo South on the weekend.
The price reflected a record $100,000 per sqm-plus for the 1000sqm internal space within the two-floor penthouse. The lower 600sqm sub-penthouse component, plus car spaces et al, works out at about $66,000 per sqm.
The prior record was <a href="https://www.urban.com.au/news/62030-26-million-circular-quay-penthouse-sale-in-57-million-swoop" target="_blank">$95,000 in the 2016 sale of two Opera Residences penthouses</a>, currently being built on Macquarie St.
<img class="size-full alignnone" src="https://res.akamaized.net/domain/image/upload/t_web/v1571360163/LL2-2_pe4ace.jpg" alt="Renders of Lend Lease Tower 1 and 2">
These stellar prices don’t quite match Hong Kong and Monaco sales.
Sydney’s cheapest sale at the weekend was a $470,000 Parramatta unit — which was $5300 per sqm.
Tower 1 is the tallest of three buildings in the One Sydney Harbour development, designed by Pritzker Prize-winning architect Renzo Piano.
<img class="size-full alignnone" src="https://res.akamaized.net/domain/image/upload/t_web/v1571432230/LL6718_UR_OSH_Artist_Impression_2_ztb5ds.jpg" alt="LL6718_UR_OSH_Artist_Impression_2_ztb5ds">
Lend Lease secured approval in 2017. Planning records show Tower 1 is set to be 247 metres high with 317 apartments approved over 72 levels.
This article was first published in the Sunday Telegraph.
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Lendlease's Tower One in Barangaroo breaks price per sqm record in $140 million sale

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Canadian development giant Oxford Properties is set to sell its development stake in Sydney's Barangaroo Central project to Aqualand.
According to the Australian Financial Review, Aqualand has closed a "provisional agreement" with Oxford Properties for an undisclosed sum.
Aqualand are also set to take over construction on the 5.2 hectare site.
Oxford had <a href="https://www.urban.com.au/news/85557-canada-s-oxford-properties-secures-grocon-s-barangaroo-central-project-equity" target="_blank">joined the consortium last year</a>, securing the right to Grocon's office development rights in the $2 billion project.
Oxford, led by US-based Hines Real Estate, paid around $100 million to secure the office development rights over which Grocon had control.
It was last November when Grocon was <a href="https://www.urban.com.au/news/79605-grocon-aqualand-and-scentre-group-awarded-central-barangaroo-precinct" target="_blank">awarded the conjunctional development rights</a> to the $2 billion Barangaroo Central development.
<div class="cq-article-content-media section">Grocon, led by property scion Daniel Grollo, joined with Scentre, who are overseeing the development of the shopping centre, and Aqualand, in the winning consortium.</div>
<div class="cq-article-content-media section"> </div>
<div class="cq-article-content-media section">Financial pressures continued to press on Grocon who earlier this year sold their final development rights to Aqualand.</div>
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Oxford Properties sells Barangaroo Central to Aqualand

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In Lendlease's end of financial year report they disclosed that their engineering division was the leading cause of the 41% dip in after tax profit in FY19.
The firm said earnings before interest, tax, depreciation and amortisation dropped 30 per cent to $1.25 billion last year.
Alongside that dip, after tax earnings fell from $793 million to just $467 million.
EBITDA earnings in its construction and investment arms declined by roughly one-third for the year to June.
“It was a difficult year for the Group with the provision taken in the first half for underperforming engineering projects impacting the overall result," Lendlease chief executive Steve McCann said.
He pointed the finger at the ongoing separation process. Lendlease is trying to sell the engineering and services business.
Lendlease declared a final dividend of 30¢, down from 35¢ a year earlier.
Despite these seemingly troubled waters, Lendlease shares spiked 8.35% to $14.67 just a few hours after the ASX announcement.
According to the report EBITDA earnings on their Development arm of the business rose 18% to $793.
They cited strong apartment settlements at its Darling Square project in Sydney and the office precinct at Paya Lebar Quarter project in Singapore. They also praised their strong pipeline .
"Three major urbanisation projects were added to the pipeline during the year in Sydney, Chicago and Milan. Post balance date we secured an urbanisation project in the San Francisco Bay Area. These four projects have a combined development end value of approximately $27 billion," LendLease said.
In a spot of good news for Lendlease the Berejiklian government has ceded to Crown Resorts and Lendlease settling a long-running legal battle with them over views from their high-rise developments at Barangaroo.
Crown and Lendlease took the case to the NSW Supreme Court to retain "sight lines" from their developments at Barangaroo South to the Sydney Opera House and Harbour Bridge.
In December the court found the government had not negotiated in good faith with the two companies about its plans to develop Central Barangaroo.
Crown Resorts said in a statement that the parties had reached an confidential out-of-court settlement and an appeal would not go ahead, meaning the case is officially settled in Lendlease's favour. 
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Lendlease profit down 41% but wins Barangaroo views  case

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The Tartak millionaire waste collection family is tipping some of their Bingo Industries fortune into One Barangaroo, the apartment project by James Packer’s Crown Resorts Sydney.
They are among the few, unconfirmed, well-heeled buyers who’ve been undertaking whisper-quiet negotiations to buy within the $2.1 billion project, which will have just 82 luxury apartments.
No details have emerged relating to the apartment size and price but its 2021 settlement could even show they have bought adjoining apartments, possibly even a floor.
The waste collection company — which operates 12 processing facilities across NSW — is headed by Daniel Tartak, the 33-year-old son of the Strathfield-based family patriarch Tony, who in 2005 purchased a small skip bin company.
The Tartak family paid a record $7.25 million for the Strathfield home of the late bookie Harry Barrett last year.
It’s now the sixth property held by the family in the inner west suburb.
The Harbourside apartment acquisition is likely to be a city weekender for all the family members.
This week the international spotlight was on the casino project after the Las Vegas-based Wynn were revealed as pursuing a takeover of the Crown empire.
But Wynn Resorts then advised its $10 billion offer for Crown had been terminated due to the discussions being disclosed prematurely.
James Packer headlines the known buyers in the project, outlaying $60 million for his two-floor apartment purchase.
The retired bookmaker Bob Blann has also been revealed as a whole floor buyer.
The residences have a $9.5 million starting price, with the penthouse speculated to be more than $90 million.
The development will span 71 storeys and will include a 350-room hotel.
This article was first published in the Saturday Telegraph.
 
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Millionaire waste collection Tartak family rumoured One Barangaroo buyers

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The so-called bird nest building - one of the most striking buildings in Sydney's newest CBD precinct Barangaroo - has hit the market with a price guide of $35 million.
CBRE director James Parry said the three storey circular was a trophy asset likely to be bought by high net worth individuals, both locally and internationally.
“Located in the buzzing Barangaroo South precinct, facing the harbour and enjoying uninterrupted views from every floor, 35 Barangaroo Avenue represents an opportunity to invest in a well-positioned iconic asset,” Parry said.
It has been listed by Lendlease, who have developed the precinct of Barangaroo which will be home to more than 23,000 workers and residents.
In 2014, chef Matt Moran announced he would open a three-storey restaurant in the harbour-front Barangaroo precinct, known as Barangaroo House.
The restaurant sits in a striking building designed by architects Collins and Turner. 
The charcoal building will resemble several stacked shallow bowls, one of about 50 food and beverage outlets at Barangaroo South.
The restaurant will have a casual lower floor, a more premium restaurant on the middle floor along with a rooftop garden bar.
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Barangaroo's bird nest building listed at $35 million

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FDM Group, a global Recruit, Train and Deploy (RTD) company, has begun its tenancy at the International Towers, Tower Three at Barangaroo. 
FDM joins tenants the likes of the Green Building Council of Australia (GBCA), Indigenous performing arts company Bangarra Dance Theatre, and global fintechs CMC Markets and OnMarket. 
Among others including, KPMG, law firm Gilbert + Tobin, global reinsurer Swiss Re Lendlease, which developed International Towers Sydney, Westpac Group and Visa.
FDM’s Chief Executive Officer, Mr Rod Flavell, said "Sydney is a really important area for us to invest in and APAC has proved to be a fantastic region for the business to grow in.
International Towers General Manager, Mr Tony Byrne said FDM Group was an impressive addition to the high-growth, tenant partner roster being established within the two towers. 
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Global RTD company FDM begins tenancy at International Towers, Barangaroo

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The property fund manager Charter Hall has bought two office buildings in Sydney's Barangaroo/King Street Wharf precinct in a $804 million deal. 
The transaction, which was signed off just before Christmas, was among the biggest deals of 2018.
Charter Hall Prime Office Fund (CPOF), Charter Hall Direct Office Fund (DOF) and Charter Hall Direct PFA Fund (PFA) will hold stakes in the 10 and 12 Shelley Street buildings (pictured above) in the Barangaroo/King Street Wharf precinct.
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CPOF will own a half stake in each of the two buildings.
DOF holds 50% of 10 Shelley Street while PFA co-owns 12 Shelley Street with CPOF.
Collectively, the two buildings offer some 42,000sqm of net lettable area.
There are long leases to Suncorp and American Express.
In 2016, Charter Hall and Morgan Stanley Real Estate Investing’s (MSREI) core Asia fund, <a href="https://realassets.ipe.com/news/investors/morgan-stanley-acquires-sydney-office-tower-from-brookfield/10013440.article" target="_blank">jointly acquired</a> the nearby 1 Shelley Street from Brookfield for $525 million.
Adrian Taylor, Charter Hall’s Office CEO, said opportunities existed to unlock synergies between the sites by including interlinking buildings above ground to facilitate campus style accommodation for big space occupiers.
With the latest acquisitions, Charter Hall’s total office assets under management rose to $12.9bn.
Charter Hall also recently spent $98 million sale of the ground beneath Sydney’s landmark Chifley Tower.
The acquisition was of the freehold site beneath the Kohn Pedersen Fox landmark.
The Australian's Bridget Carter has suggested the acquisition of the land was to better position Charter Hall to secure the leasehold should GIC ever be a seller.
The Charter Hall Prime Office Fund also owns the leasehold of the Australian Club.
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