Four off-the-plan apartments in Manly's most anticipated beachfront block have quietly exchanged this week with a $16m unit notching up the highest price ever paid per square metre in the beach suburb.
Director Peter Kelaher, of PK Property Buyers, and his team have bought four apartments in the Royal Far West 'Aurora' development on South Steyne – three for clients and one for himself.
The veteran agent secured the top-floor northeast apartment for $16m for a client, plus a $14m unit immediately below it and a one-bedder for $1.65m. The fourth sale is confidential.
With 212sq m on title for the $16m unit, the sale represents $75,000 per square metre – a record for Manly.
There are 16 three-bedders with prices starting at $11m in the development, which is due to be officially launched in a few weeks, although people interested in acquiring an apartment have been able to register their interest online for some time.
Kelaher said the oceanfront development was one of the most iconic sites in Manly and the double-brick buildings were being designed by two famous architects, Pritzker Prize laureate Glenn Murcutt and two-time Sulman Medal recipient Angelo Candalepas.
“I just got emotionally involved and had to have one,” he said.
The Royal Far West is developing its site on the corner of Wentworth St and South Steyne in a $107m project to continue its charity work supporting the health and wellbeing of children from country areas.
The project has been planned for 10 years and many locals have been watching and waiting for the chance to acquire a new designer apartment in the heart of Manly village with ocean views.
It is believed locals are showing the strongest interest in the units.
The development includes 58 apartments being built on South Steyne in two buildings, one five storeys high and the other eight storeys.
Belle Property Manly and Colliers International are the marketing agents for the apartments, shops and offices being built across the site – the most significant development in Manly for decades.
The residential units are one-, two- and three-bedders and there will be retail and commercial outlets created plus mixed-use space and public domain for the community.
The existing Drummond House, which caters for clients and children, will be revamped to serve as guesthouse accommodation.
The Royal Far West Neighbourhood development was approved late last year and seeks to revitalise the long-established children's charity by building residential and commercial units at the oceanfront side of the block.
The units will be sold on a 99-year lease title rather than freehold.
Building is expected to begin later this year and take two years to complete.
**Source: realestate.com.au - Kathryn Welling