Sydney by Crown on Clarence Street secures sellout in four hours

Sydney by Crown on Clarence Street secures sellout in four hours
Jonathan ChancellorDecember 7, 2020

The property developer Crown Group secured a sellout when the initial offering at its Sydney by Crown project were put to the market on the weekend. 

The new $250 million tower will be built at 161 Clarence Street in the Sydney CBD. Prices started at $826,000.

Crown Group sold 95 per cent of its first and final release of apartments as more than 500 eager property buyers flocked to the official launch with a total of $173.1 million in apartments sold.

Construction of Sydney by Crown will begin in early 2015 and is scheduled for completion in late 2017.
 
A selection of less than half a dozen apartments remain available for sale, with prices undisclosed.

It was a residential site long abandoned by Multiplex which had proposed in 2004 a Tonkin Zulaikha Greer-designed building called Atria.

There were same-day launch events in Sydney, Jakarta and Singapore for apartments in the 220-apartment tower, overseen by Crown Group director of sales and marketing Adam Sparkes.

Designed by Koichi Takada Architects, the 25-storey building will feature heritage-inspired lower levels transitioning to a modern glass-and-steel tower, capped with dozens of steel arches.

These are a reference to the iconic Sydney Harbour Bridge and Sydney Opera House, forming a striking addition to Sydney’s skyline, Crown Group CEO Iwan Sunito told Property Observer.

Sydney by Crown will also be home to a collection of Crown Suites serviced apartments.

The apartment sizes (approx) are:

  • Studio 44-55 square metres from $826,000
  • One bedroom Plus study 50-59 square metres 
  • Two bedroom 64-76 square metres 
  • Two bedroom, plus study 82-89 square metres 
  • Three bedroom 94-104 square metres 
  • Penthouse 142 square metres

The penthouse, 142 square metre on the top floor of the building, will be marketed as likely to sell at just below $50,000 per square metre.

Back into 2004 the abandoned Multiplex proposal came with pricing that failed to excite buyers after the investor frenzy of 2003.

The 106 apartments on offer at Atria came with Multiplex's 2004 pricing:

Studios $358,550 to $433,450

One bedroom (some with studies) $474,700 to $712,050

Two bedroom $691,850 to $798,100

Two bedroom plus study $711,950 to $855,700

Three bedroom plus study $1.75m

 

 

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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