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CostaFox Achieves New Manly Per Square Metre Price Record And Bower Street Unit Price Record

The Property Addict / Distinct Dwellings

Jul 26 2016

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CostaFox has achieved $27 million in sales, selling four of six residences, at its luxury Bower project in Manly prior to the pre-launch event on 20 July 2016. This includes a $9.5 million sale at $33,807 per square metre - the highest price paid per square metre for an apartment in Manly and the highest unit price paid for a prestigious Bower Street address. CostaFox_BowerSt_EXT2_LLR The spectacular $43 million residential project located on 102 Bower Street and 12-13 Marine Parade, Manly comprises six two and three bedroom apartments across four levels, priced from $4.25 million to $9.5 million and ranging in size from 156 square metres to 322 square metres internally. Bower plans and pricing were made available to interested parties on 11 July, with renders released on the day of the pre-launch event ahead of the public launch on Saturday 23 July. CostaFox_BowerSt_EXT_LLR The apartment that achieved the Manly record per square metre price features three bedrooms with 3.5 bathrooms over 281 square metres and a 31 square metre balcony. Purchased by a local buyer, the property sale exceeds the previous Manly apartment record of $30,000 per square metre for a unit at Waillea at 133 North Steyne Road, Manly, which sold for $12.2 million in 2008. The $9.5 million sale also eclipses the previous Bower Street record unit price by $2 million, previously achieved for unit 2 at 110 Bower Street, Manly. For Michael Fox's first development under his new CostaFox business, the project had to be something special. "I wanted to do a high end project in a stunning location and I think we have pulled that off spectacularly," says Michael Fox, CostaFox's Managing Director. "We were completely captivated by this site when we saw the location and knew that our combined 30 years' property industry experience meant we were the right team to deliver the project. It's incredibly rare to find a 300 square metre apartment in this kind of location and the record pricing and early interest are testament that there is continued demand for this type of luxury product." EXT_V3_FINAL_lowres Located on Manly's Fairy Bower with views across the South Pacific, this 1,189 square metre oceanfront site gives homeowners waterfront access to Manly Beach and Shelly Beach with generous balconies ranging in size from 18 square metres to 153 square metres. Manly Beach sits 17 kilometres from Sydney's CBD and counts high profile Sydney personalities including DJ and producer Flume, actor Jack Thompson and Sydney power couple Tom Williams and Rachel Gilbert as its residents. Koichi Takada Architects, the team behind Sydney's East Village by Crown Group, and interiors firm Mim Design, have been appointed to deliver CostaFox's vision for the project by capitalising on the site's enviable location and unrivalled views. "The Bower Street site is a magical place, so much so that it was our intent to let the architecture somewhat disappear, allowing the view and connection to the water to be the defining feature," says Koichi Takada, founder and director of Sydney-based Koichi Takada Architects (KTA). CostaFox_BowerSt_Kitchen_LR KTA selected sandstone wall cladding to provide a contemporary exterior and complement surrounding buildings. A horizontal composite timber screen shaped to reference the harbour's waves has been used on the building perimeter, allowing views outward yet also providing privacy. Frameless glass balustrades offer uninterrupted ocean views and the columns have been strategically placed to avoid interference with sightlines. "The nautical design becomes one with the location so that you can fully appreciate the view and make the most of a lifestyle living on the water," Takada says about his ambitions for the Bower Street project. The project team wanted nature to be at the forefront, rather than the building. The interiors team also meticulously crafted the spaces for luxurious living and sumptuous exposure to the outdoors. "It was important for a site in this type of location to exude the luxury that buyers would expect. Mim Design was the obvious choice. We wanted to ensure that we had full faith in the design intent, functionality and prestige of the interiors and layouts of the apartments," Fox says on selecting Mim Design for the interiors. "We see each apartment as a penthouse," says Miriam Fanning, founding director of Mim Design. "They're quite expansive and each one has outstanding views," Fanning adds. "We've given much consideration to each room " they are very well detailed and specifically designed for the luxury market." The interior palette takes inspiration from colours found in nature at the site, for example stone flooring picks up on the pumice colour seen in the rocks on the beach. All apartments will be appointed with custom lighting and joinery coupled with authentic materials that lend a soft, deluxe feel to the homes. Mim Design specified Wolf kitchen appliances and Sub-Zero integrated refrigerators, freezers and wine storage. Each apartment will feature integrated audio systems, full home automation of lighting, AV, blinds and airconditioning, as well as built-in washer and dryers, ducted reverse cycle airconditioning throughout, and underfloor heating for stone floors and wet areas. Residents will have access to a communal kayak/surfboard storage area, making leisure activities easily accessible. Cabbage Tree Bay Aquatic Reserve, located within a two-minute walk from the property, is home to diverse sea life and the perfect spot for viewing fish, swimming or resting oceanside. The site was purchased for $13.1 million at a liquidator's auction, following a previous sale in late 2015 for more than $16.3 million. Construction of 102 Bower Street and 12-13 Marine Parade, Manly Beach is scheduled to commence in August 2016, with completion expected in early 2018. Potential buyers can register their interest at www.bowermanly.com.au. For more information or to request images, please contact Cassette PR: Merilla Colovic on 0405 435 248 or merilla@cassette.com.au Lara Brown on 0432 933 700 or lara@cassette.com.au

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