Sydney property: downsizers are in apartment developers' sights this spring

Sydney’s inner-north is a prime location for developers wanting to tap into the demand from buyers moving closer to the CBD from larger homes further out. Buyers, that is, who want to downsize the footprint of their home, not the quality of their lifestyle.

Developer Helm appears to be on the money with its new Muse development at Neutral Bay, which ticks a number of boxes.

It’s no secret many downsizers want three-bedders and Helm is delivering these, devoting 16 of the 23 apartments at Muse to delivering an all-important extra bedroom.

Three-bedroom units are also on offer in Magnolia in Lane Cove, an SJD Property development.

At Muse, the site’s history is sure to appeal to baby boomers eager to regain a more carefree lifestyle. Many may well reminisce about the days when the corner of Rangers Road and Yeo Street in Neutral Bay housed Albert Productions, the “house of hits” that was the backbone of the Australian music industry in the mid-to-late ’70s and helped launch the careers of AC/DC, the Angels, Rose Tattoo, Billy Thorpe and the Aztecs, the Easybeats and the Ted Mulry Gang.

Helm has brought in acclaimed Queensland architect Peter Conley, who also worked with the company on Esque in Glover Street, Mosman. That development won a host of awards, including the best medium-density housing development in Australia this year. 

Helm general manager Mark Monk says the name Muse is a nod to the site’s history and his company’s own aspirations.

“Muse will be our most creative and artistic development so far,” he says. 

Muse

cnr of Rangers Road and Yeo Street, Neutral Bay
Two-beds 80-95 square metres $1.5 million+
Three-beds 110-150 square metres $2.1 million+
Penthouses 130-182 square metres. POA.
Strata levies From $1200 a quarter
Due for completion Late 2017
Agent CBRE, 1800 771 016; museneutralbay.com.au

Developer Helm is known for its outstanding buildings. It’s not surprising then that its new offering, Muse, in Neutral Bay is creating a little excitement.

Helm is promising there will be plenty of attention to detail and luxury extras, including an internal atrium that will extend up through the five levels. It will bring light and air into the centre of the building and provide two vertical gardens to become Muse’s living lungs.

Finishes will include limestone and spotted-gum timber flooring.

About the only thing missing is recognition of the music legends who graced the studios of the site’s former owner, Albert Productions. Maybe that will come through the music collections of those expected to buy in – downsizing baby boomers.

Abode

132-134 Penshurst Street, Willoughby
One-bed 51-71 square metres $725,000+
Two-beds 71-89 square metres $995,000+
Strata levies From $575 a quarter
Due for completion March 2017
Agent CPM Realty, 9247 1299; www.cpmrealty.com.au

After successfully reinventing the art deco City Ford building in Darlinghurst into The Quartet apartments, AVA Architects and developer JGCO are teaming up again in Willoughby.

This time they are delivering Abode, a boutique, four-level building that will house 15 apartments – six one-bedroom and nine two-bedroom offerings. Many of the apartments face onto Laurel Street and offer a quieter aspect, says selling agent Sam Elbanna of CPM Realty.

The exterior of the building includes timber accents that give a nod to the surrounding leafy green suburbs.

Downsizers are among those taking a look at Abode,  Elbanna says. Other potential buyers include investors and professionals aged 30-45.

Magnolia

27-43 Little Street, Lane Cove
One-bed 52-64 square metres $675,000+
Two-beds 73-86 square metres $999,000+
Three-beds 102-137 square metres $1.3 million+
Strata levies From $615 a quarter
Due for completion Mid 2017?
Agent Ray White Projects, 1300 269 750, magnolialanecove.com.au

A short walk from Lane Cove village and Lane Cove Public School, Magnolia is a five-storey, 93-apartment offering. The development, by SJD Property, has been DA-approved and construction is expected to begin soon.

Along with its location, Magnolia’s key selling points include tranquil gardens designed by Sturt Noble, and the building’s architecture by Mijollo, which has employed sandstone, brick and metalwork finishes.

Fixtures in the apartments will include stone benchtops, mirror splashbacks and floorboards. Miele appliances will also be installed.

More than half of the apartments will be two-bedroom and a dozen will have three bedrooms.