House-sized apartments the newest property trend driving high demand
They’re calling it “lateral living” – the trend towards oversized, single-floor apartments that have all the space and advantages of a traditional family house, but none of the downsides.
“They don’t have the maintenance of a free-standing house, and there’s also privacy, security, the best locations and often wonderful views,” says CBRE national managing director David Milton.
“A lot of the people choosing these apartments don’t want to trade down in comfort, but they’re looking for luxury homes that they can leave when they travel or go to their second home on the coast or in the country.
“They’re usually huge apartments in small, boutique buildings, which offer the best of both worlds.”
Developers are now increasingly producing these grand apartments in the face of fierce demand – mostly from downsizers and, often, corporate couples and families.
Crafted by well-known architects and interior designers, they have the best-quality finishes with no expense spared, and have spacious balconies, gardens or courtyards, multiple living zones, and often pools and lush landscaping.
One development that’s just come up in Sydney is Kew Hillcrest, the luxe reinvention of a historic, 19th-century three-storey villa in Rose Bay as six large garden pavilion apartments, with stunning views of the harbour.
Designed by architects Woods Bagot for developer Positive Investment Enterprise, two three-bedroom and two four-bedroom apartments remain for sale at 780 New South Head Road, ranging in size from 267 to 400 square metres, for between $19 million and $32 million.
/http%3A%2F%2Fprod.static9.net.au%2Ffs%2F4bf31101-e561-4dd9-9dca-14bf15d75bb5)
“These projects are super-luxury and we’ve been working with the topography of Sydney to create these homes with space, access to light, gardens and views,” says Woods Bagot global design leader Domenic Alvaro.
“They’re in huge demand from downsizers who often want to stay in their areas.”
The company’s regional interior design leader, Tracey Wiles, says she’s convinced this style of living will become more popular.
“This is lateral living on a grand scale,” she says. “We aspired to create some of the most beautiful residences in Australia and a great feature of these apartments is that they each have a unique character and identity … they’re nothing like the standard racked-and-packed apartments.”
Melbourne also has its fair share of high-end lateral living opportunities. One is a new three-bedroom, 293-square-metre penthouse on two levels atop the 31-storey, 456-apartment R.Iconic building at 3001/259 Normanby Road, South Melbourne.
Developed by R.Corporation and designed by Plus Architecture, with interiors by acclaimed interior designer David Hicks, it has a price guide of $6.3 million.
“We’re currently receiving 40-50 inquiries a week for the penthouse and the sub penthouses,” says R.Corporation sales and marketing director Steve Williams.
“They have amazing views across the bay, the Yarra and Albert Park, and a key feature is the facade of the building, with a steel structure in place that gives it a slightly industrial feel.”
Communal amenities include an outdoor pool, gym, yoga studio, running track, virtual golf range, outdoor dining pods, a cinema, wine vault and whisky lounge.
Hicks says when he plans large penthouses, it often “takes the same direction as planning a house – we have the bedrooms with en suites, study and retreat areas, living and dining spaces, and large kitchens with butler’s pantries”.
“We just don’t have the garden; we have spectacular views instead,” he adds.
“We have many clients who are ‘rightsizing’ from large family homes, as well as younger families, who are looking for space in the sky without the upkeep and maintenance that comes with a house.
“We’re now catching up with other international cities that have already embraced it.”
Brisbane is by no way missing out on this trend either. New on the market in Newstead is a 329-square-metre penthouse atop the 18-storey, two-tower, 300-apartment Chester & Ella.
It has private lift access, a massive wraparound balcony and fabulous views of the city and Fortitude Valley skyline. Its price guide is over $3.8 million.
“We’ve had a really strong market reaction,” says Ethel & Florence agent Charlie Sandstrom of the 1803/7 Chester Street penthouse developed by Kokoda Property and designed by architects Hayball with interiors by Ministry of Design.
“People are now really looking for oversized apartments. They’ve become used to the dimensions of the big family house they’ve lived in for 30 years and don’t want to lose space, but want a certain level of luxury with it. There just aren’t enough around.”
Craig Donohue, principal and director of prestige apartments specialists Ayre Real Estate, couldn’t agree more. He says so many empty-nesters, as well as families, are looking to upgrade from houses to top-notch apartments, rather than downsize.
“They’re looking for house-like apartments, of 200 square metres-plus, with views and amenity,” says Donohue, who’s just offered a 330-square-metre sub-penthouse at Sydney’s Tower Apartments – at 68 Market Street – for sale at $8.25 million.
“I just wish there were a lot more of them. It’s become a huge market but once people find them, they rarely move on, so they trade infrequently. A lot of buyers wait years to find something.”
That’s something CBRE head of research Sameer Chopra knows only too well.
He’s charted the rise in demand for bigger and bigger luxury apartments by the top end of town over the past five years.
“This is a trend that’s only growing stronger,” he says. “People want safety and security, and they want amenity and lifestyle.
“They like to have a lifestyle concierge who can fetch them their choice of cars when they need them, a gourmet kitchen in the building where a chef can prepare meals and bring them in, places they can have dinner parties for 40 guests, and flexible working areas outside their apartments.
“In many ways, it’s the ultimate lifestyle.”
We recommend
States
Capital Cities
Capital Cities - Rentals
Popular Areas
Allhomes
More
