Apartment in Barangaroo becomes Australia’s most expensive residential sale

The most expensive residence sold in Australia is now an apartment at the top of Lendlease’s One Sydney Harbour development.

The property, which is yet to be built, sold for $140 million and will include a two-level penthouse and the sub-penthouse that will be used as a separate residence.

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Rising 247 metres above Barangaroo, the apartment is at the top of Tower One, the tallest of three towers designed by Pritzker Prize winning architect Renzo Piano.

With work already commenced on the tower, it is set to be completed in late 2023 and house 317 apartments approved over 72 levels.

The purchaser of the penthouse is an Australian resident who will live there with his family, Lendlease told the Australian Financial Review.

One Sydney Harbour has given a boost to Sydney’s trophy home market and has already achieved more than $1 billion in sales and commitments, many from Australian residents.

Several luxury whole-floor apartments have already sold at the development, which will include 834 apartments in total.

“The sale of the penthouse at One Sydney Harbour is a paradigm shift for the Australian property market with an apartment claiming the title of Australia’s most valuable residential property for the first time, a title historically reserved for significant houses,” said Kylie Rampa, Lendlease’s chief executive for property.

“The record-breaking penthouse sale is confirmation that the Barangaroo South precinct is a world-leading location where people aspire to live, work and visit.

“Demand for residences throughout the tower has been extremely high, attracting strong local and global interest.

“A key differentiator for the One Sydney Harbour towers is that we’ve curated the entire precinct surrounding it, which ensures everything works together, complements each other and is considered holistically,” she said.

The penthouse took the highest-sale title from tech billionaire Mike Cannon-Brookes and his wife’s $100 million purchase of the historic Fairwater estate at Point Piper in 2018.

It also smashes the previous apartment record, set by James Packer’s $60 million purchase of a two-storey apartment in 2017 in Crown Resorts’ One Barangaroo, just next door.

In total the property will have nine bedrooms including the master bedroom Lendlease says will be “bigger than most homes”.

It also boasts eight-metre-high ceilings, a dramatic entry foyer, a private pool, spa, and gymnasium on the roof.

Artists’ impressions show that the design will include floor to ceiling windows with unmatched views of Sydney Harbour and utilises a marble and stone colour palette.

The 1600-square-metre mega-penthouse sale broke another record, as the first residence to surpass the $100,000 per square metre high-mark.

The previous record of $96,400 was set by the 280-square-metre penthouse in the Opera Residences development at Circular Quay which sold off-the-plan in 2017.

The One Sydney Harbour towers will sit on a three-storey podium including high-end retail space that faces a public park along the renovated waterfront.

The third and final tower has just been given approval by the NSW Independent Planning Commission after initial plans were knocked back by the City of Sydney.

Images courtesy of Lendlease (artist’s impression)

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