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Sirius penthouse sold for $35 million to Point Piper buyer

CBRE News

21 June 2021

Just three years after the last of the housing commission residents moved out of the landmark Sirius building at The Rocks, one of the penthouses has sold for $35 million to a buyer from Point Piper.

The sale on Wednesday coincided with the $19 million sale of another of the brutalist building’s penthouses to a buyer from Coogee, setting a high for Sydney’s luxury apartment market of more than $118,012 a square metre.

The sale of the larger $35 million penthouse equates to $112,540 a square metre, and is set in a new “pod” of 311 square metres built on top of the original building.

It comes just two years after the state government sold the site for $150 million, having refused to heritage list the building despite a unanimous recommendation by the Heritage Council of NSW.

The building’s brutalist form was ultimately saved from the wrecking ball by the developer JDH Capital, the investment firm of former Macquarie banker Jean-Dominique Huynh, who commissioned acclaimed Australian firm BVN to retain, restore and modernise the block into what is set to be 76 luxury apartments.

London-based interior designer Kelly Hoppen has been engaged to design the public areas and the penthouses, including a gym and pool deck, and 360 Degrees Landscape Architects will restore external gardens.

Ben Stewart, who sold the penthouse with CBRE chairman Justin Brown, said the new design resonated with buyers because it is not high rise, but instead a unique and boutique development with a front-row position overlooking the harbour and Opera House.

The remaining seven penthouses and 67 apartments in the building are set to hit the market on Saturday at CBRE’s VIP launch, a year ahead of when the project is scheduled to be complete.

The building was originally designed in the late 1970s by architect Tao Gofers for the NSW Housing Commission, but was earmarked for sale by the state government as part of a wider sell-off of public housing in The Rocks and Millers Point area that started in 2015.

Dawes Point conservationist and long-term Sirius supporter Mary Sutton said the good news in all this was that the building still stands.

“What the developer has actually managed to do is say, this building is unique, valuable, and recognised internationally as important architecturally,” Ms Sutton said. “But because the developer took the risk, therefore they get the reward, and have effectively monetised an extraordinary asset of Sydney.”

It was a sentiment shared by architect and Save Our Sirius spokesman Ben Peake.

“To think, just 40 years ago this is where we placed our most vulnerable and our low-income workers, and in just 40 years our attitude to housing has changed so much that people have been forced out of their homes; a community destroyed so that private interests could make a quick buck out of Sydney’s hotly inflated real estate market.”

Author: Luccy Macken
Source: All Homes


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