While construction has been underway since early 2011, some 80% of the apartments have sold totalling around $100 million.
Dominion – developed by Cbus Property - will consist of 108 apartments split across three buildings, each seven levels high.
The triangular 4,537-square-metre Darlinghurst site was previously home to the Caritas health care facility for 140 years.
It is surrounded by Forbes, Burton and Bourke Streets and sits opposite the Darlinghurst Goal, now home to the National Arts School.
The heritage elements of the former site have been restored and reused, including an internal courtyard.
Designed by Group GSA architects, the development will boast sandstone walls, grand gates and palisade iron fencing.
“Dominion is in a culturally significant heritage precinct so we are using traditional, precious materials – but in a progressive way,” says Mark Percy, executive manager of Cbus Property.
Work started on the development in early 2011 and is scheduled for a May 2013 completion date.
Colliers International says the location has been a major selling feature.
“We’re not surprised by the breadth of enquiry for Dominion,” says David Chittenden, director of residential projects at NSW Colliers International.
“Darlinghurst is a popular and cosmopolitan suburb attracting residents through its exciting and convenient lifestyle, cutting-edge fashion boutiques, restaurants, concept stores and sporting and recreational facilities.”
Some 25 apartments out of the 108 are still available and range from two-bedroom to three-bedroom.
The two-bedroom apartments start from $1.2 million and range from 85 square metres to 135 square metres and contain an eight-square-metre balcony.
The three-bedroom apartments start from $1.79 million and range in size from 120 squares metres to 203 square metres and offer balconies from 20 square metres to 60 squares metres.
Colliers International says many of the purchasers have come from the eastern suburbs and the north shore and around 15% of buyers have been from overseas, including several expats.
The $150 million 4,500-square-metre mixed-use development was being developed jointly by St Hilliers and Cbus Property.
When St Hilliers was under financial pressure in mid-2012 it sold out its 50% interests in the Dominion project to its joint venture partner Cbus Property. Cbus Property is now the sole developer/financier/owner.