Sydney apartments snapped up in buying frenzy

It took just four hours for almost 400 apartments in luxurious new development, Darling Square, to be snapped up, scooping $460 million for property developers Lendlease.

The 391 apartments were released as part of the final stage, which is set to house 4,200 people in a new neighbourhood, a short walk from the CBD and the Harbour.

Selling through CBRE, more than 400 buyers turned up from 8 am to claim a stake in the groundbreaking new complex, with prices ranging from a $630,000 studio to a $3.5 million penthouse.

“We are thrilled with the response from buyers once again. People clearly recognise the value of owning and living in such a fantastic location near the CBD. They are also buying into the new Australian dream of inner city living where everything is on your doorstep,” Lendlease’s Managing Director of Urban Regeneration, Jonathan Emery says.

Located at the former Entertainment Centre site, Darling Square is part of the NSW Government’s multi-billion dollar plan to revitalise the pocket between Darling Harbour, Haymarket, Pyrmont and the city.

Including in the new neighbourhood will be 1500 apartments, student accomodation, commercial and retail space, with 35% of the site dedicated to public space, including a new urban square, plaza and laneways.

“People want the convenience of inner city living to reduce their commute to work, but they also want ease of access to their everyday basic needs. All the shops are within walking distance which promotes a healthy lifestyle and encourages people to mingle with other residents in their new neighbourhood,” Mr Emery says.

The Building Council of Australia has awarded the project a six-star Green Star Communities rating, while Darling Square has also received a 100% walkability score.

The first buyer was Kel Fitzalan who purchased a three bedroom apartment in Barker House. He also purchased apartments in the first release in 2014. 

The first wave of residents are set to move in next year, with the entire project slated for completion in 2019.