_$650 million milestone for Crown Residences at One Barangaroo
Crown Residences at One Barangaroo, 82 luxury residences, comprise the upper levels of Crown Resorts’ ambitious Crown Sydney development located at One Barangaroo Avenue. Upon completion in early 2021 residents will be welcomed to an unmatched level of serviced living in Sydney’s tallest residential tower, with luxury services and amenities from the hotel below.
Todd Nisbet, Crown Resorts, commented: “We are truly honoured that our first hospitality branded residences One Barangaroo at Crown Sydney has received such a strong reception from the market. To have reached $650 million in sales over a year prior to the development’s completion with a record 12 transactions over $20m is testament to the quality of the project and yet another milestone for this prestigious development.”
Image: Crown Residences at One Barangaroo, Sydney
Leading the sales of the Residences, Erin van Tuil, Partner, Crown Residences at One Barangaroo, commented: “With Crown Residences at One Barangaroo due for completion in early 2021, there is still an opportunity to become one of the final few to call the Residences home. With a select number of Residences and the Duplex Penthouse on the market, time is of the essence. If you are looking to secure a place at Australia’s most prestigious residential address the time is now.”
Last year, Crown Residences at One Barangaroo announced a record-breaking milestone in Australia – four transactions over $40 million – placing Sydney firmly on the global stage for ultra-prime property. To date, 80 percent of those who have purchased at Crown Residences at One Barangaroo are Australian residents.
Nisbet commented: “When we commenced this project, we believed there was demand for a level of luxury and service offering not yet available in Australia. These results demonstrate the strength of this appetite and reinforce Sydney’s emerging position as a global destination for the luxury set.”
"The response has been phenomenal from local Sydney-siders, as well as those from overseas who appreciate all that Sydney has to offer. Ultra-wealthy individuals continue to flock to Sydney and the prime market continues to register positive growth. The sales we have recorded at Crown Residences at One Barangaroo and interest from buyers is testament to this"
Knight Frank’s Prime Residential Insight Report, Rightsizing, recently revealed a strong demand for ‘rightsizing’ in Australia, the downsizing lifestyle trend of moving away from houses in favour of luxury apartment living.
“From my experience leading the sales on Crown Residences at One Barangaroo, the demand for rightsizing is more prevalent today than ever. Buyers are looking to move away from large houses and gardens, but downsizing their living areas is not part of this movement. Their new home is to be the right size for them with features to match. ‘Rightsizers' are seeking a high quality standard of spacious and serviced living with great amenity, while downsizing the maintenance headaches and costs associated with a freestanding home,” commented van Tuil.
According to Knight Frank research, Sydney’s prime market is expected to see growth approaching 4 percent in 2020. Prime property in Sydney fetches some of the highest premiums globally. In Knight Frank’s Global Waterfront Monitor 2019, Sydney fetched the highest premium in the world for waterfront property, at 89.3 percent. Branded residences expect to fetch an additional premium of at last 35 percent in Australia.
Image: Crown Residences at One Barangaroo, Sydney
“Crown Residences at One Barangaroo could not be better placed to gain premiums against other property, not only in Australia, but around the world. Its unique harbourside address is a once in a lifetime opportunity which will continue to become more valuable over time,” adds van Tuil.
As the country’s first fully-integrated hotel branded residences, homeowners will have access to all of the amenities and services from the hotel, from having their bed linen changed to ordering a private chef to their Residence, as well as access to a Concierge to fulfill the most coveted of asks. All Residences are unique in their layout and come complete with dual or triple aspect views of the harbour due to the building’s unique sculptural form; a petal like formation that twists as it rises.
The Crown Sydney development is reaching into Sydney’s skyline at pace after 25 months of vertical construction. The lift core now sits at level 70 and the floors have been poured up to level 61. Once complete, Crown Sydney will be the city’s tallest residential building at 275m.
“A home in Crown Residences at One Barangaroo truly is a unique investment, the combination of scale, amenity, building design, and location is something that will not be replicated again in Sydney,” concludes Nisbet.