Oceania Property has broken with tradition by launching smaller, more affordable apartments in the heart of Double Bayvillage aimed specifically at buyers on tighter budgets than normal for this affluent area.
The Bay Residences has 15 one-bedroom units in its total of 21 apartments. prices start at $825,000, with low strata levies being a further bonus.
“There will undoubtedly be great demand for these apartments because it is the right style of product for this prestigious location,” said CBRE’s Residential Project Marketing Director, Ben Stewart.
“There hasn’t been any new offerings of one and two-bedroom apartments inDoubleBayfor several years. Traditionally, apartments here have been large three-bedders aimed at Baby Boomers. To be able to buy anything under $3-Million is a rarity, and what’s even more remarkable about these apartments is that they are inBay Street- the cherished heart of the village.”
Designed by the internationally-renown architectural group Kann Finch, The Bay Residences is surrounded by retail, dining and entertainment options. Because it doesn’t need any expensive recreational amenities or high maintenance facilities, Body Corporate levies are low.
“We plan to start work on site in May,” said Nico Wijarto Tjen, a director of Oceania Property, which is known for Bell Aire at Bellevue Hill, Arc at Waterloo, Alura at Cremorne, Huntley Park at Hunters Hill and several prestige individual homes.
Sydney’s rate of residential construction has been declining in recent years due primarily to the shortage of well-priced sites and the difficulty for developers to obtain financing.
“There is a growing imbalance in demand and supply, which is particularly evident in a suburb such asDoubleBay, so the arrival of affordable new stock is eagerly anticipated,” said Mr Stewart.
“Currently inSydneythe majority of buyers are young singles and couples fed up with paying rent. They still want to live in a convenient, vibrant location, but have limited budgets. That’s why one-bedroom apartments always sell first inSydneydevelopments these days.”
The majority of apartments in The Bay Residences have been designed specifically for this demographic, and some of the one-bedroom units even have their own private entrances offBrooklyn Lane.
After being in the doldrums for a decade,DoubleBayhas sprung to life. New retailers are attracting a younger crowd, aided by Council’s extensive street beautification program, which includes public art, funky furniture and fresh livery.
The Double Bay Farmers Markets is attracting greater visitor numbers each Thursday, and anecdotal evidence shows people are staying longer, browsing the shops, and eating at the cafes. The Cosmopolitan Centre has been rebuilt, and the famous Cosmo Cafe is again hostingSydney’s influential, talented and famous.
The Bay Residences’ display suite at 18 Bay Street, Double Bay is open on Saturday from 10am to 12-noon. Appointments can be made with Ben Stewart of CBRE on 0412 753 740 or through the website: www.thebayresidences.com.au