Luxury development The Residence sets record for most expensive single apartment

AMP Capital through its Select Property Portfolio No.3, and the Galileo Group today announced the Sulman Penthouse, in the exclusive The Residence Hyde Park, had sold for $17 million to a private buyer. This sets the new record as the highest price paid for a single apartment in Australia.

AMP Capital Select Property Portfolio Fund Manager Warwick Petschack said the unique nature of the development had resulted in the record breaking sale.

“The Residence Hyde Park is an award-winning residential development that has set new standards for luxury living.

“We are very pleased with the sale of the Sulman Penthouse, which is the eleventh high end apartment sold within the development this year alone,” Mr Petschack said.

The Sulman Penthouse is the pinnacle of luxury, with the main living, three bedrooms plus study and enormous wrap around terraces sprawling across one whole level. Above the living area is the private roof garden, separate kitchen, pool and spa, all providing panoramic views across Hyde Park, the Opera House and Sydney Harbour. The sale was brokered by Nigel Napoli, Divisional Director Savills Residential Projects.

Galileo Group’s Managing Director Neil Werrett said the sale was the result of intense interest in the apartment over the last month.

“This is arguably Australia’s most outstanding apartment and the buyer has secured a truly unique opportunity within the Sydney prestige real estate market,” Mr Werrett said.

Located at 18 College Street, next to Sydney Grammar School, The Residence features a concierge service and a range of facilities including a gym, 20 metre lap pool and temperature controlled wine room.

The Residence was completed in late 2012 and is one of Sydney’s most prestigious and sought after residential addresses. There are only two apartments still available, including the Archibald Penthouse which enjoys similar amenity to the Sulman Penthouse with three bedrooms, luxurious indoor/outdoor living areas and a private rooftop terrace featuring separate kitchen, pool and spa areas. The Archibald Penthouse is available for sale through co-ordinating agent CBRE’s Ben Stewart at a price of $16 million.

 

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