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Would you be willing to spend $30m on an apartment?

·2-min read
Rooftop of 111 Castlereagh
The homes are set to be sold for around $40,000 oer square metre (Surce: Provided)

The old David Jones building in the Sydney CBD is set to be repurposed to house the country’s wealthiest people, as Sydney home prices continue to skyrocket.

Yahoo Finance took a sneak peak at the luxury residences which will see the apartments listed for sale at around $40,000 per square metre.

According to Numbeo the average cost for apartments in the Sydney city centre is around $10,000 to $20,000 per square metre.

 3D rendering of apartments at 111 Castelreagh
The new apartments will be built inside the old David Jones building (Source: Provided)

Designed by award-winning architects fjmtstudio, the $1 billion mixed-used development is being built by Cbus property.

Cbus Property’s CEO, Adrian Pozzo, said the project celebrated the David Jones building’s legacy but would transform the CBD lifestyle for future generations.

 3D rendering of apartments at 111 Castelreagh
The project is set to be completed at the end of 2023 (Source: Provided)

“The tower’s curvilinear architecture means the boutique apartments and penthouses appear to be bear no load, floating above the heritage building below, while offering residents a premium address with the city’s most coveted views,” Pozzo said.

“A concierge service will help residents with social bookings across the city or to reserve one of the two private event spaces, The Retreat and The Archibald Room, while a climate-controlled wine cellar will be available to some.”

 3D rendering of apartments at 111 Castelreagh
The building has a pool, gym with outdoor yoga facilities and podium gardens (Srouce: Provided)

The starting price for the one bedroom apartments are around $2 million, while the penthouse has an eye watering starting price of over $30 million.

The original Hawkesbury sandstone façade of the David Jones department store is being retained, with a luxury retail precinct across six floors and 11,500 square metres of premium serviced office space from floors seven to 12.

Exclusive to residents, the building will have a private rooftop oasis which features a private swimming pool, gym with outdoor yoga facilities, podium gardens and extensive wrap-around terraces.

Other amenities include an open-air lounge and dining room with AV capability, catering kitchen, secure climate-controlled wine cellar, automated valet and electric vehicle charging.

 3D rendering of apartments at 111 Castelreagh
The original Hawkesbury sandstone façade of the David Jones department store is being retained (Source: Provided)

Colliers has been appointed to act as the selling agent for 111 Castlereagh (residential) and leasing agent for 121 Castlereagh (commercial).

Peter Chittenden, managing director Residential, Colliers International anticipates the majority of buyers will be local owner-occupiers seeking sophisticated inner-city living.

“We’ve already seen very strong interest from buyers looking for boutique apartment living within the heart of Sydney’s CBD and with only 101 residences, this is a truly rare and exclusive opportunity,” he said.

“Everything is at your doorstep – Hyde Park, world-class shopping, cafes, restaurants and theatres.”

Construction of the project, which will create approximately 2,000 jobs throughout its duration, commenced in November 2020, with completion of the residential tower slated for late 2023.

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