Another week, another mulitmillion-dollar penthouse record sale. But the $5.6 million paid by the vendor was not for a Sydney Harbour trophy home, a Toorak mansion or a house in Peppermint Grove. Try a business park.
The penthouse at Macquarie Park in north west Sydney sold for at record price after a foreign buyer snapped up an apartment atop Romeciti's latest residential project, Natura.
The buyer, a downsizer from the semi-rural suburb of Dural, exchanged on the contract for the 173 square metre apartment this week before the project's launch on June 24, securing a land rate of about $32,000 a square metre.
In comparison, new re-sold apartments at Toga Property's Macquarie Central and Stamford Land's project on Herring Road nearby have sold for about $10,000 to $11,000 a square metre in recent weeks. Inner city older home prices tend to hover around $10,000 to $20,000 a square metre.
Business parks like Macquarie Park and Norwest have evolved from staid suburbs to lifestyle precincts following Sydney's population boom and urban renewal of many locations close to transport into residential areas.
The popularity of these areas have also pushed up prices, as seen through another recent "business park apartment", the $3.1 million penthouse at church group Hillsong and Capital Corporation's Esplanade project, 40 kilometres north-west of Sydney CBD.
Romeciti's "grand penthouse" record price is being attributed to its panoramic views and high end finishes.
The three-bedroom three-bathroom apartment will be laid over two levels and has six-metre living room ceiling heights as well as two car spaces.
It also has a media/study room and Gaggenau appliances and comes with a concierge service. The developer's concierge club, Romeclub, will provide services such as business meeting bookings, airport pick-ups and home cleaning.
This is the first penthouse sold for the developer, out of 14 at the 357-apartment complex due to be completed in 2020.