The off-the-plan development, at 20-26 Cross Street, is being marketed with the Chinese development company giving it a rather bizarre name, 1788.

SJD recently secured the development site from veteran property developer Bill Roche for $54.6 million, reflecting around $1,750,000 per apartment based solely on its residential component.

The bespoke residences are being marketed as an elegant sculptural architectural building drawing on the cultured European ambience of Double Bay with gentle concave and convex curves.

There will be 31 luxury residences.

Last month SJD snapped up the neighbouring commercial property paying a reputed $45 million.

The property, Bay Village at 28-32 Cross Street has a site area of around 1,030 sqm through father son team, Craig Pontey of Ray White Double Bay and Matt Pontey of Colliers International.

Double Bay, having been crippled by the opening of the Westfield Shopping Centre in Bondi Junction, is regaining its momentum after newly built prestige residential complexes, the reopening of the major hotel, a new library and the Kiora shopping space.

CBRE’s Ben Stewart, who is marketing the 1788 development, was having an each way bet on the direction Double Bay’s demographic direction.

He noted he’d seen a change in the type of people living in and visiting Double Bay.

“Traditionally it was an older market – and it still is a downsizer market – but there is also a younger demographic coming in,” he says.

“However, empty nesters are a big part of the area as they like the village lifestyle.”

With architecture and interiors by Bates Smart, Stewart says 1788 was designed to attract the older demographic with the best finishes he’d ever seen, he said.

“The majority of units are facing north so the aspect is really good, and it’s a low-maintenance development so it’s low cost to maintain.”

Source: propertyobserver.com.au

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Not only were the three-bedroom penthouse sale of $10.5 million and an amalgamated three-bedroom apartment sale of $9.6 million the highest ever; so too was the $3.8 million paid for a two-bedroom apartment.

“All the sales were empty-nester downsizers from the area,” said CBRE agent Ben Stewart.

“We had $55 million worth of unit sales, which is a really positive sign.”

Of the 31 apartments available, 11 had sold by lunchtime on Saturday.

Designed by Bates Smart, marble features prominently in the apartments — even in the entry vestibules and around the fireplaces.

There will be herringbone parquetry floors and high-end Wolf kitchens with integrated wine fridges.

The director of award-winning architects Bates Smart, Brenton Smith, said: “Understated luxury is often about things you don’t see — it’s about the detail.”

The developers, SJD Property, are most famous for Rich Gate — one of the most expensive compounds in Shanghai. 1788 will be complete in late 2019.

Meanwhile, NewLife Bondi Junction, by developers TWT Property Group, sold 70 per cent of apartments at its recent launch day.

Colliers International’s David Chittenden said they received a high level of interest from both upgraders and downsizers, attracted to the central Bondi Junction location and the good design, finishes and Gaggenau appliances.

“The efficient floorplans meant that they would enjoy the same level of comfort and space as a full sized family home,” he said.

Source: realestate.com.au

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