A stunning two-storey penthouse in Sydney’s CBD has been sold for $6,600,000, setting a new record for the Stamford on Kent building.
The elegant Millers Point property took buyers to dizzying new heights of luxury, with stunning views, high-end finishes and spacious living areas all now to be enjoyed by the local buyer who secured the three-bedroom apartment.
Vanguarde’s Travis Reeve helped negotiate the record sale and told OzHomeNews all about the property and the impact that the nearby Barangaroo development was having on the Millers Point market.
“The owner had spent a considerable amount of money renovating the property and it is the biggest apartment in the building at 337sqm,” he said.
The home was sold in an off-market deal after drawing significant local interest, with three solid offers placed within a two-week period.
“Everyone is gravitating towards the larger apartments,” Mr Reeve said.
If you go into an off the plan offering at 337sqm in one of the four nearby buildings under construction, you’ll be looking at a minimum of $10 million if not more.
The property, at 183 Kent Street, is primed to take advantage of the new transport, retail and dining services that Millers Point has been lacking.
“The location of this property is capitalising on what is happening behind in Barangaroo,” explained Mr Reeve.
“We have been waiting for so long, 20 years in fact, and it is finally reflecting on the values of the existing buildings like Stamford on Kent.”
And with housing values in the area on the rise, a variety of buyers are looking to secure properties, especially in the five-star high-rise complexes.
“The property was purchased by a Sydney city-dweller who had been living in the city for the last 15 years and who was trading up to something a bit bigger whilst the vendors are looking to reinvest into something smaller in Millers Point.”
About 90% of our buyers that we deal with are local buyers and our market is pretty resilient, but its not a walk in the park.
“People are still seeing the Millers Point area as a safe haven and investors are coming back into the market.
2703/183 Kent Street, Sydney, NSW 2000
Travis Reeve – 0414 347 713
Tim Breckell – 0411 731 133