Australian Open

Sydney’s first fully-integrated hotel branded residences has successfully launched in the iconic city.

Buyers have spent over $650m (£332m) on apartments at Crown Residences at One Barangaroo, with a record 12 units fetching over £10m each.

Developed by James Packer’s Crown Resorts Sydney, the WilkinsonEyre-designed skyscraper is due to complete in 2021, delivering a luxury hotel, casino and 82 high-end apartments overlooking the city’s famous harbour.

Sales officially launched in 2017 Q4, promising residents an “unmatched level of serviced living”, with luxury services and amenities provided by the five-star hotel beneath.

Australian nationals have bought 80% of the units sold to date, and only a handful remain – including the duplex penthouse.

Packer, son of media mogul Kerry, secured a slice of the 71-storey project for himself at an early stage, paying over $60m for a two-storey home.

After over two years of vertical construction, the lift core now sits at level 70 and the floors have been poured up to level 61. The finished article will be the city’s tallest residential tower at 275 metres.

Knight Frank predicts Sydney’s prime market will see price growth of nearly 4% in 2020, and calculates the city to have the highest premium in the world for waterfront property, at 89.3%.

Todd Nisbet, Crown Resorts states: “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.”

Erin van Tuil, Partner, Crown Residences at One Barangaroo, who is leading the sales programme, added: “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.

“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.”