Darling Square final stage sell out in four hours
If you thought that there was a slowdown in the Sydney apartment market, then think again. The third and final stage of Lendlease’s Darling Square apartments sold out in a matter of hours on Saturday.
The third and final stage of the Darling Square development comprising 391 apartments, collected approximately $460 million. Over 400 buyers, who started arriving from 8am got their hands on a range of apartments priced from $630,000 for a studio to a whopping $3.5 million for a three-bedroom penthouse.
Compared to stage one and two which sold out in 2014 and 2015 respectively, this third stage had no foreign buyers. Most buyers were local home buyers; of which many were repeat buyers from earlier stages. However, there were many clients who still went away empty handed after not being able to buy their chosen apartment, with the third stage selling out in just four hours.
Lendlease said “Our estimate at this stage is that owner occupiers account for approximately two thirds of purchases across the first two releases. It’s too early to say what would be the case for this final release”.
According to CBRE residential director Justin Brown, “The residential market in the core CBD is still very undersupplied. At the moment, there are less than 25 apartments that can be bought off the plan.”
Managing Director of Lend Lease urban regeneration, Jonathan Emery also stated that, “People clearly recognise the value of owning and living in such a fantastic location near the CBD. They are also buying into the new Australian dream of inner city living where everything is on your doorstep”.
Darling Square has plenty of appeal due to its fantastic CBD location, next to Chinatown and its central Darling Harbour position. It is situated on the site of the former Entertainment Centre and has been designed by architect Richard Francis-Jones, from Francis-Jones Morehen Thorp, of Barangaroo Anadara frame. Darling Harbour is also currently undergoing a $3.4 billion revitalisation, of which Darling Square is a part of, with even more high rises to dot the skyline. Darling Harbour and Barangaroo is set to become a beautiful and vibrant place to live.
Altogether, the Darling Square development comprises 1,500 apartments and includes student accommodation, commercial and retail space as well as a work hub for developing ideas. The redevelopment has also been awarded a 6-star Green Star Communities rating from the Building Council of Australia.
The beauty of Darling Square, is that everything is literally right on your doorstep, including Barangaroo, with a walkability score of 100 per cent, according to Walk Score. Residents don’t have to go far to enjoy life to the full. A total of 4,200 residents are expected to live here, with completion set for 2019.
As well as the development housing a variety of apartments, commercial and retail space, 35 per cent of the site will also be dedicated to public space, including a new urban square, whilst a new plaza and laneways will ensure residents are well connected.
Almost a year ago, the second release of over 580 apartments sold out in less than five hours. There is clear demand for inner city Sydney living, with easy access to shops, restaurants, transport and jobs, as well as plenty of public open spaces to enjoy.
Published on 31st of May 2016 by Marty Stanowich