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Multi-million dollar sell-out for new apartments at historic Randwick precinct

The Property Addict / Distinct Dwellings

Oct 16 2017

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Long-time Randwick locals " a mix of young professionals, young families, and downsizers " are new property owners after the first official sales day at Cbus Property's masterplanned Newmarket Randwick development set on the site of the historic Inglis Stables. The project, just 12 minutes from the Sydney CBD and within five minutes of world class beaches, welcomed its first buyers from 8am and had sold out the first stage of apartments, to the value of $175M by midday on Saturday. EA02 Cutaway to Park copy The sell-out success of Stage 1 has now fast-tracked plans to release the second stage within the month. Stage 1 of the project, known as Newmarket Residences, includes 128 apartments across two eight-storey buildings. Four apartments within this release have been dedicated to Randwick City Council as key worker housing. The two apartment buildings front Barker Street and sit within the historic grounds of the former stables and sales ring. Around them will be a vibrant public plaza with cafes, shopping and restaurants, which provides direct connection from Barker Street to a new 5000 square metre public park. Prices for apartments in the Newmarket Residences release ranged from $780,000 for a one-bedroom, from $1,200,000 for a two-bedroom and from 2,200,000 for a three-bedroom apartment. The highest price paid on Saturday was $2.8M for a three-bedroom apartment on the top level, with 270 degree views district views and overlooking the grand fig tree, former sales ring and historic Newmarket House. R01 Plaza Entry Retail copy Cbus Property Chief Executive Adrian Pozzo said the enthusiasm, particularly from locals, had been overwhelming. "This is a major project for the Randwick area and has not surprisingly has attracted a lot of intense interest from the local community. "We anticipated that the response would be very positive because of the nature of what we're doing and where this is " it's a unique piece of property and we're very focused on creating a beautiful new environment while respecting the great legacy of the past," he said. Colliers International Managing Director of Residential Peter Chittenden said the strong interest in Newmarket Randwick reflected its iconic heritage and accessibility to schools and universities, shopping, dining, leisure, entertainment and key transport links. He said Cbus Property's reputation had also been a key attraction to buyers. IN06_3Bdr_Looking Park L4 copy "We couldn't be happier with the success of the early sales, which we see as a great endorsement of the overall project," he said. "The Newmarket Residences have proven to be popular with locals who've lived in Randwick previously and are wanting a more low-maintenance lifestyle but also young professionals and young families who already live in the area and are looking to either buy their first property or upgrade from their first home." "Buyers have been attracted to Newmarket Randwick because it offers sophisticated and exclusive living in a wonderfully majestic setting, while still providing residents with easy access to every imaginable amenity - parks, beaches, dining hot spots, hospitals and numerous top-tier schools and universities." Four architecture firms have been appointed to designed the master planned side " Bates Smart, Neeson Murcutt Architects, Smart Design Studio and SJB, while Arcadia Landscape Architecture is managing the expansive garden and open space design. IN03_Bed_Bathroom copy Stage 1, designed by Bates Smart, takes inspiration from the historic Newmarket House and the grand old stable buildings on the site. The overall Newmarket Randwick precinct will include 642 apartments and terraces, to be developed in three stages. Cbus Property will include terraced lawn seating, a children's play space, large open green space, a community barbecue and seating area with a series of outdoor garden rooms as part of the public park. It is also envisioned the existing Sales Ring structure will be retained and transformed into a large children's playground in another nod to the important history of the site. For more information, register your interest at www.newmarketrandwick.com.au

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