Sydney project hits $1bn in apartment sales

Sydney urban renewal project 'One Central Park' reaches $1bn in apartment sales

Sydney continues to see record high property investment activity, as urban project 'One Central Park' announced it has reached $1 billion in apartment sales in three years.

The Sydney urban renewal project reached the milestone after exchanging contracts on more than 1300 apartments at an average price of $770,000.

The $2 billion mixed-use redevelopment of the old Carlton United Brewery on Broadway is a joint venture between two global companies, Frasers Property Australia and Sekisui House Australia.

These sales were part of the first three residential stages at the 5.8 hectare precinct, also made up of the Johnson Pilton Walker-designed ‘Park Lane’ and ‘The Mark’.

The site was purchased by Frasers in 2007, with residential sales commencing in August 2010, remaining strong with between 250 and 350 properties sold each year since. A total of 685 apartments have completed and settled as at 1 February 2014, and Central Park is now home to around 1000 people, with less than 100 apartments still for sale. The average sale price has risen steadily, with solid capital gains demonstrated in the re-sale market.

Frasers Property Australia CEO Guy Pahor said this was “a tremendous achievement” and “a testament to…the vision of Central Park, which has been so strongly embraced by the market”.

“We have seen Central Park go from strength to strength, enjoying consistently strong market demand and outstanding execution,” added Toru Abe, CEO of Sekisui House Australia. “Central Park exemplifies Sekisui House’s…commitment to creating communities which continue to add value to their environment and social fabrics.”

Interest in the precinct has included curious locals, first home buyers, downsizing empty nesters and astute global property investors, with parents of university-age children representing a key market.

Specifically, residential sales topped $1 billion on February 1, with $1,006,894,000 received for the sales of 1309 properties. Apartments have sold for prices ranging from $460,000 to $2.89 million.