Darling Point waterfront site with approved plans for four new luxury apartments has $50m guide
An artist’s impression for the new luxury apartments, with its harbourfront pool and deck chairs, approved for 77-81 Yarranabbe Rd, Darling Point.
The dream for Sydney’s high-end empty-nesters leaving their big homes is to find a low-maintenance north-facing residence on the waterfront.
That’s what makes developer Michael Teplitsky’s vision for 77-81 Yarranabbe Rd, Darling Point so attractive.
“It comes with DA-approved plans by Koichi Takada architects for whole-floor, some double-floor, apartments, right on the waterfront with north-facing iconic views — where else in the east can you get that?” asks Ist City Double Bay’s Julian Hasemer, who shares the listing with colleague Brad Caldwell-Eyles and Colliers agents Matthew Meynell and Matt Pontey.
There are expectations of $50m and it’s already attracting interest from developers and high-net worth individuals.
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Teplitsky spent two years buying up the apartments in the old block.
The north-facing iconic view from one of the terraces in the existing apartments on the site.
The artist’s impressions show the new building will look impressive from the water.
Teplitsky bought up each of the units between 2017 and 2019 for a total of $36.5m.
The size of the apartments approved range from 215sqm to 329sqm.
Hasemer expects the 229sqm unit may fetch $25m while the 329sqm penthouse could attract $38m.
“The completed building based on the approved apartments would yield circa $120m, in my opinion,” he said.
Meynell from Colliers said that opportunities of this size and scale right on Sydney Harbour rarely come to market.
The harbourfront pool is one of the attractions.
Interiors of one of the existing apartments on the site.
“Combine this with DA approval for four high-end apartments and you have one of the most attractive listings to hit the market so far this year,” he said.
Demand is strong for apartments of this calibre. High-end developments such as ODE by Top Spring in Double Bay are being sold for close to $100,000 per square metre.
And last March, a trophy home in Darling Point’s Lindsay Ave owned by the Allen family sold for $60m.
You have until May 10 to lodge your interest in the Yarranabbe site.
