Agent closing in on record $40m apartment sale

Agent closing in on record $40m apartment sale

by 1 comments

Foreign buyers are poised to claim two properties in Australia’s most desirable apartment block – one for $40 million and the other $23 million.

CBRE director Ben Stewart is selling two properties in 'The Toaster' – officially known as the 'Bennelong Apartments' – which look towards the Harbour Bridge and nearby Sydney Opera House (pictured below).

Mr Stewart told Real Estate Business that the potential record-breaker is a 1,000 square-metre apartment that comes with four car spaces and the entire 13th floor.

“The beauty about this apartment is that it’s a shell, so you could fit that out to your own tastes and design,” he said.

“[The clients] have also bought a two-bedroom unit below so [buyers] can put a lift through it, which will give direct access to that penthouse apartment.”

Mr Stewart said he expected to sell the property for more than $40 million, setting a new record for an Australian apartment. Expressions of interest have closed, with inquiries fielded from China and other parts of South East Asia, he revealed.

Mr Stewart said he is also handling the sale of a 735 square-metre apartment that stretches over the 11th floor in the same building. Expressions of interest have also closed for that property, which boasts four to five bedrooms and six car spaces.

“We’ve got interest at a bit over $23 million at the moment from South East Asia,” he said. Interest has also been received from the UAE, Mr Stewart added.

“We’re in negotiations with two parties at the moment. We’re getting pretty close. We’d like to think it could be wrapped up before Christmas,” he said.

“The one on the 11th floor is more likely to be closed before Christmas. The other one is a bit more complicated, because it’s a shell and it’s got some commercial [zoning] attached to it.”

An apartment in Bondi claimed the title of Australia’s priciest apartment last month when it sold for $21 million.

That may be trumped by an East Melbourne apartment that agent Anton Wongtrakun is hoping to sell for at least US$20 million ($23.8 million).

Mr Stewart told Real Estate Business that he had concluded a $17.5 million sale in 2013 at another exclusive Sydney address, 'The Residence Hyde Park'.

“That was sold to a buyer from China," he revealed. "It sold for $44,000 per square metre without a Bridge view.” 

Source: CBRE

Source: CBRE

Source: CBRE


promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2016

With a combined sales volume of $13 billion in 2016, the Top 100 Agents ranking represents the very best sales agents in Australia. Find out what sets them apart and learn their secrets to success.

featured podcast

featured podcast
How this agent's commitment to clientele built him a 25k-strong client base

In this episode of Secrets of the Top 100 Agents, host Tim Nearly talks to RT Edgar’s Glen Coutinho who ranked number six in this year’...

View all podcasts

How difficult is it to maintain a good work/ life balance?

Very – if I’m having balance my competitors are working
Not – I schedule the time into my calendar in advance
A little – It’s scheduled, but something always crops up
Work/ life balance – what’s that?
Do you have an industry update?