Sydney’s real estate market continues to draw the attention of developers, and the iconic Potts Point is no exception to this trend.
In an ambitious move, Terra Ferma, in partnership with Knox Group, has set its sights on transforming two existing buildings into a harbourside luxury apartment complex at the corner of Oak Lane and Wylde Street, Potts Point.
One of the standout features of this project is the acquisition of 20 studio apartments from 20 different owners, showcasing the developers’ dedication to realizing their vision. These two buildings, set in the heart of Potts Point, have untapped potential, and the development is expected to breathe new life into the area.
Terra Ferma and Knox Group have taken the first step towards making their vision a reality by submitting a development application to the City of Sydney. Collaborating with the renowned TZG Architects, they plan to convert the existing studio apartments into five spacious and opulent apartments, each spanning an entire floor. This design approach promises not only breathtaking views of the harbor and city skyline but also an unparalleled level of luxury living.
The timing of this project is noteworthy, as the Sydney apartment market has shown signs of recovery, particularly in the high-end segment. While some areas in the city have experienced stagnation, Potts Point remains a sought-after location. Despite the median apartment price plateauing at $845,000, Knox Group and Terra Ferma have ambitious expectations for their development. They anticipate that the harbourside luxe apartments will not only surpass the median but also set a new suburb record.
Hotspotting general manager Tim Graham said they noticed this trend three months ago. “This correlates with other data, which suggests that Sydney is at the forefront of a national revival in property prices after weakness in many—but not all—locations in 2022,” Graham said. “Inner-city precincts with a high content of apartments continue to attract solid demand, notably Sydney City and Inner West.”
This project aligns with the broader trend of developers recognizing the potential in prime, underutilized sites across Sydney. Potts Point, with its unique blend of history, culture, and proximity to the harbor, continues to be a hotspot for such developments. As the city evolves and grows, these luxury apartments promise to set a new standard for sophisticated urban living.
Images via The Urban Developer
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