A DA Approved site will test the appetite of developers in Australia and abroad eager to capitalise on Sydney’s luxury coastal market, which shows no signs of slowing down.
The 657sqm block at 5 Pacific Avenue overlooking Tamarama beach already boasts six apartments and comes with approval for five new, iconic residences designed by award-winning architect Mark Shapiro, which will blend harmoniously with the coastal environment.
The site is located in an area the locals affectionately call ‘Glamarama’, a nod to the area’s stunning natural beauty and glamorous lifestyle.
Miron Solomons, National Director of Colliers asserts that it is unlikely there exists a more tightly held coastal enclave in all of Australia.
“Developers are well aware that the Eastern Suburbs coastline is a sought-after location for residents in search of breathtaking views. As such, it comes as no surprise that these apartments are expected to be highly desirable. Covering over 1,300sqm of GFA, this development is a remarkable addition to the coastline. On top of the exceptional views, the apartments will also boast spacious interiors, making them even more appealing to prospective buyers,” Mr Solomons said.
“There is also every chance we will see interest from individuals seeking to build their dream home in this location” added Colliers Director Matt Pontey. “There have certainly been some impressive transactions along this coastline in recent years.”
Colliers National Director Henry Burke acknowledged that “prestige development opportunities with apartments specifically designed for downsizers or rightsizers are still in high demand, as this purchaser group continues to buck market downturns by repeatedly setting new buying records for large sized prestige apartments.”
One recent development to be built in Tamarama is Kalypso, which features 11 residences including a penthouse and two sub-penthouses. The penthouse recently sold for $17 million and showcases the incredible demand for high-quality beachside properties.
Other notable transactions to recently occur in the suburb include the $11 million sale of a semi to Caledonia’s co-chief investment officer Will Vicars, while television veteran Larry Emdur recently sold a Tamarama investment.
The Colliers team of Miron Solomons, Henry Burke and Matt Pontey have the exclusive listing with an International Expressions of Interest to close on the 5th of April, 2023.
Related Articles
