Tide turns to residential on long-dormant Woolloomooloo foreshore site

A former BP station is the site of a new development by Fivex on the foreshore of Woolloomooloo.

The new building, called The Anchorage, will house 15 apartments including a three-bedroom whole-floor penthouse with views over Sydney Harbour Bridge. It has been designed by architecture firm Eeles Trelease.

The developers bought the Cowper Wharf Road site from BP for $3.53 million in a 2002 auction.

It’s currently a vacant lot but the council has approved plans for the developer to build the five-level block.

Prices start at $525,000 for a 49-square-metre studio with no parking and go up to $1.65 million for a 111 square-metre two bedroom apartment with one car park. The 370 square-metre showpiece penthouse will set you back at least $5 million.

The initial residential plans were approved in 2003.

In 2007 Fivex lodged plans for a commercial retail building.

By 2009 Fivex started marketing the office site as Wharfside, with Stephen Bowrey at Jones Lang LaSalle handling negotiations for the mixed retail and commercial complex.

The development, which didn’t proceed, comprised about 1400 square metres of office space over four levels. There were also to be two shops and basement car parking.

Despite the delays, which included Land and Environment Court proceedings, the residential development is expected to be completed before the end of 2013.

Two of the apartments have sold for $800,000 plus in the past month since marketing began.

The apartments are being sold through John-Paul Markopoulos of CBRE.

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