Macquarie Residences Sydney apartments still linger for sale five years after completion

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A four-bedroom, seventh-floor apartment in Macquarie Residences opposite Sydney’s Parliament House has been listed for sale with hopes of more $2.75 million.

The 175-square-metre two-level Macquarie Street apartment has three bathrooms and a study and has views over the harbour and Opera House from both levels.

The apartment is one of only two four-bedroom apartments in the tower completed in late 2006 by developer Terry Agnew’s Tower Holdings.

CBRE agent Caroline Fagerlund says there are 14 unsold apartments in the 14-level residential tower at 185 Macquarie Street, the leftovers from an off-the-plan marketing campaign that began in 2003. The company hasn’t marketed any apartments in the block for several years. Most of the unsold apartments are tenanted.

“As [the tenants] vacate we’ll keep selling them,” says Fagerlund.

The tower was designed by architect Bob Nation, of Crone Nation, and Eugene Marchese, of Marchese and Partners.

Fagerlund has the latest listing, as well as another two-level apartment on the fifth floor that is listed at $1.6 million plus. It’s a two-bedroom, 140-square-metre apartment.

On completion it was reported some 27 of the 44 apartments had been sold with prices for three-bedroom-plus-study apartments at $2.9 million to $3.6 million, with popularity among lawyers given the proximity to the legal precinct. Tower Holdings engaged four interior designers – Garth Barnett, Ruth Levine, Orson and Blake, Hare + Klein – to decorate the pricier apartments on completion.

The sub-penthouses had a price tag of $5.75 million and the penthouses $10 million in 2006.