Olympic Park Australia Towers launches stage two after stage one sells fast out of the starting blocks
Following the successful launch of stage one of its Australia Towers development in Sydney’s Olympic Park, Ecove is set to launch the second stage, ATII.
Stage one of the development, which is now complete, has sold 209 of the 216 apartments, and the 267 apartments in stage two will launch on April 21. Stage one launched in early 2010, and construction finished a few weeks ago. Almost 80% of stage one sold within the first few weeks of the launch.
The 25-metre sinuous tower is being developed by Ecove and SOPA (Sydney Olympic Park Authority) and is the second of three planned stages.
Olympic Park is a new 640-hectare Sydney suburb about 15 kilometres west of Sydney CBD and became an official suburb in 2009. The locality was part of the suburb of Homebush Bay and was redeveloped for the 2000 Sydney Olympics. More than 5,000 events are held at Blaxland Riverside Park in the suburb every year, and about 500 permanent residents now live there. There are more than 130 businesses in the suburb.
“Sydney Olympic Park is one of Sydney’s few master-planned suburbs, so everything is the best of the best,” says David Chittenden, general manager of residential for Colliers International.
“Residents at ATII will enjoy all the privileges of being in the sporting and entertainment heart of Sydney, with world-class facilities and cultural events at their fingertips, and views that will never be built out.”
Architectural firm Bates Smart has taken a cue from the nearby stadium precinct for the design of ATII.
“We’ve given the building ‘gills’ so that it can breathe,” says Bates Smart director Philip Vivian. “Vertical slots on the northern and southern sides of the facade encourage natural airflow through the apartments and the communal spaces.
“The design maximises light into each apartment, and horizontal sun-shading bands circling the building in varying depths provide added protection to the north.”
The ATII building will have 95 one-bedroom apartments ranging from $450,000 to $595,000 and from 54 to 71 square metres internally, 132 two-bedroom apartments with between 77 square metres and 122 square metres of internal space and priced between $585,000 and $1,085,000, 26 three-bedroom apartments of between 103 and 159 square metres each ranging from $900,000 and $1,565,000 and 14 four-bedroom units, which will range from between $995,000 and $1.76 million and between 141 and 181 square metres internally. Every apartment will have at least one car space.
“Very few apartment developments offer such practical spaces and high levels of quality,” Chittenden says. “There are four different colour schemes, so buyers have a wide choice.”
ATII will also have four retail spaces, and the three towers between them are set to have 16 shops.
Chittenden says the first stage of the development (pictured above) appealed to a wide variety of buyers, and he expects similar interest for stage two.
“There was a broad mix of investors, owner-occupiers, workers from the many local businesses, first-home buyers and even some empty-nesters,” he says. “Most buyers came from the inner west, the Hills district, and the Shire.”
Colliers estimates that one-bedroom units will rent for between $500 and $575 per week and that two-bedroom units will command rents of between $600 and $800 per week. For the pricier, larger apartments, Colliers estimates that the three-bedroom units will rent for between $700 and $1,000 per week, and that tenants will pay between $1,000 and $1,500 per week for the four-bedroom units.
Construction is expected to start on ATII in mid-2012 and finish in early 2014.