Matching the median, The Castlereagh Sydney half-sold after two weeks

CBRE has sold more than half of the apartments in new Lenland complex The Castlereagh Sydney, which hit the market two weeks ago.

Thus far some 26 of the 50 one-,  two- and three-bedroom apartments have sold.

Located on the corner of Castlereagh and Bathurst streets, the upper floors of the 15-storey Tony Owen-designed building have distinctive bronze-coloured louvres.

Some upper floors overlooks the iconic Hyde Park.

Owen has designed two other apartment buildings in the Sydney CBD: the Ceerose Hyde Park prestige dress circle development, and Eliza in Elizabeth Street, which has an expected completion date of mid-2013.

The 22 one-bedroom apartments in the Castlereagh start from $560,000, with sizes between 50 to 60 square metres.

Its 26 two-bedroom apartments have a starting price of $820,000 and range from 82 to 90 square metres.

There are only two three-bedroom apartments, which have 111 square metres of space and start from $1.25 million.

The Eliza apartment complex has 83-square-metre two-bedroom apartments costing $1.7 million.

RP Data indicates the median sale price for a unit in the Sydney CBD is $530,000. This is 0.5% lower than it was a year ago.

The median rental price is $650 a week, with an indicative gross rental yield of 6.4%.

The ground level of The Castlereagh Sydney complex will be a lively retail precinct of restaurants, cafes and designer shops.

The upper levels have bronze-coloured louvres, which were designed to control sun and privacy and create an animated urban façade.

An atrium is located in the centre of the building, acting as a ventilation shaft as it draws out hot air.

Apartments located on the third level will have winter gardens, and the higher levels will have balconies.

Each apartment will have hardwood floors, European kitchen appliances and floor to ceiling windows.

“Residents of The Castlereagh Sydney will enjoy a privileged lifestyle on the edge of Hyde Park, surrounded by world-class restaurants, fashion boutiques, shopping and facilities,” said Ben Stewart of CBRE.

“As well as owner-occupiers, the apartments will appeal to astute investors seeking to take advantage of the CBD’s lure with tenants.”

The marketing agents noted The Castlereagh Sydney will offer low strata levies as there are no costly communal facilities.

CBRE forecasts them to be $382 quarterly for one-bedroom apartments, $585 for two-bedroom apartments and $798 for a three-bedroom apartment, per quarter.

There is no car parking offered on site to apartments buyers.

“The Castlereagh Sydney is in the heart of the city so we deemed expensive in-house facilities unnecessary,” said James Chryssafis, Managing Director of Integrated Project Services, which is overseeing the project for Lenland Property Development.

The existing 1925 building, Bathurst House  was bought by Lenland for $15.45 million in 2010. It sold in 2006 at $14.25 million. Lenland's managing director Harvard Shen sais the company had previously undertaken residential development on Sydney's north shore at Killara and St Ives.

The building - close to the NSW Fire Brigade HQ -will be demolished next March with construction to start in May.

The Castlereagh Sydney - which had an estimated $16 million construction cost in its City of Sydney development application - is expected to be completed by late 2014.

Of the 26 early sales, only a few have been to investors, with others including CBD workers as well as empty nesters.

The display suite is at 209 Castlereagh Street.