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New Residential Tower at The Rocks

Tuesday, 16th February 2010

The belief that Sydney CBD residential property markets would suffer as a result of the Global Financial Crisis has been dispelled with news that only five of the 122 apartments remain in luxurious 'Stamford Residences', which is rapidly taking shape in Sydney's historic Rocks district.

The streamlined 30-storey tower, between Gloucester and Cumberland Streets, has reached the fourth floor - six months ahead of schedule - with completion expected around Easter, 2011. More than $190-Million worth of apartments and boutique commercial spaces have exchanged in what is the last approved high-rise development in The Rocks Urban Conservation Area. Sales have included a sub-penthouse on the 27th floor for $5.15-Million. Colliers International - the exclusive selling agent for Stamford Residences - says demand is coming from local and international buyers, which supports anecdotal evidence of a revival in Sydney’s premium property market. “Interest in the development has been strong from mainland China for some time, but recently there has been an upsurge in demand from European investors,” said Colliers International’s NSW Residential Director, Murray Wood. “The underlying rationale behind overseas interest is the political and economic stability of Australia, backed up by their confidence in the Stamford reputation, which is internationally known.” Mr Wood said the demand from overseas was pressuring local buyers into action. “Locals realise that this could be the last chance to live in brand new accommodation at The Rocks.” Among the limited stock remaining are the ‘jewels’ in the 30-storey crown: two four-bedroom, three-storey penthouses, which are expected to fetch between $12-Million and $16-Million. The larger of the two has an internal space of 468 square metres – putting the price at around $30,000 per square metre – extensive terraces on levels 28 and 29, its own internal lift, a sweeping 9-metre (30 foot) high staircase linking the floors, and comes with three car parking spaces. Located on the north-western half of the building, the penthouse (28A) will have commanding views over the Harbour, the Bridge, the Opera House, Darling Harbour, Balmain, Lavender Bay and the CBD – all exhilaratingly showcased through panoramic three-storey windows. The northern CBD is regarded as the ‘dress circle’ of Sydney, providing the city’s finest views. Anthony Rice, Director of Development & Construction for Stamford Property Services, believes the two penthouses are an astute investment. “They offer an unmatched lifestyle for those who appreciate the finer things that the northern harbour foreshore has to offer. And because of this, we will allow the buyer to work with our interior designer Thomas Hamel to decorate the penthouse to reflect their own individual taste and unique style,” Mr Rice said. Stamford is one developer prepared to adopt a ‘can do’ attitude by customising apartments to meet individual requests. Mr Rice acknowledged that making changes was time-consuming and often complicated but, provided the purchaser was prepared to pay the costs, Stamford would do all in its power to oblige. “We offer purchasers the freedom to embellish their apartments during the construction phase, which is a further benefit of buying early, although we are limited by the fact that services in a high-rise building run vertically in a line, so not everything is possible,” he said. The Stamford Residences building ‘steps up’ from the south and is visually dominated by its geometric grid lines and glazed glass façade. Overlaid onto this eye-catching framework is a series of lighter elements with precise window detailing. This strong composition is set on a solid podium, drawing its visual reference and scale from the surrounding heritage structures. A feature of many apartments in the Stamford Residences will be loggias which can be opened for ventilation or sealed against the weather. They will act as wintergardens, trapping in warmth when needed and capturing a cool sea breeze when the windows and bi-fold doors are open. Other apartments will feature open air balconies, and the sub-penthouses and penthouses will also have spacious terraces. In keeping with the finest residential apartment buildings, the Stamford Residences’ will have a full-time concierge and building manager to attend to residents’ specific needs and day-to-day maintenance matters. The 18-metre heated indoor swimming pool will be surrounded by teak decks and walls to give the area a nautical look, and the gymnasium will be equipped with commercial quality fitness equipment. All residents will have access to a 360sqm communal roof terrace on level eight. The eye-catching six-metre high foyer will be clad in travertine slabs, and Stamford has commissioned original artworks for the entry, library and the residents’ lounge. Adjoining the tower is the historic Walter Reynell & Sons building, which will be redeveloped into five two-level terraces to be known as The Reynell Terraces. Marketing for this phase of the development will begin shortly. The Stamford Residences is the fourth high-rise apartment building developed by Stamford in the northern CBD precinct; the others are Stamford Marque, 187 Kent Street and Stamford on Kent. A new marketing suite has been established in Science House, on the corner of Gloucester and Esses Streets, which is open by appointment. More information is available on: www.gloucesterstreet.com.au

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