The Moreton, Bondi near sell-out for Mirvac

The Moreton, Bondi near sell-out for Mirvac
Jonathan ChancellorDecember 7, 2020

All but a handful of apartments were sold at Mirvac's latest offering, the Bondi residential development, The Moreton.

Mirvac secured Waverley Council approval earlier this year for 190 apartments and terraces on the 11,000 square metre site which it acquired in December 2013.

The Moreton, designed by Smart Design Studios, is on the Wellington Street site formerly owned by the Benevolent Society.

There will be a public footpath/bike path dissecting the development which will be locked at night.

It also comes with the 1884 heritage listed Scarba House which is for sale, with residential or potentially commercial usage, on its own 900 square metre parcel.

Mirvac will begin construction on the eight floor complex in the coming weeks with completion expected by the end of 2016. 

Prices started at $750,000.

Mirvac Group executive residential, John Carfi said there been the high number of repeat Mirvac customers with past buyers who kept coming back.

“We sold top down over the weekend with the penthouses and three bedroom apartments, some in excess of $3 million, the first to go,” John Carfi said.

Buyer Cihan Demirci was the first person to register for a buyer's appointment when the sales date was announced, responding just 20 seconds after the email notification was sent.

He and his wife Justine bought a one bedroom plus study garden apartment, making it their third Mirvac purchase in as many years. 

IT architect Richard Arsenian had lived at Mirvac’s Newington development before taking a four-year posting to the US two months ago. He entrusted his architect father Richard and girlfriend Lara Nercessian to secure a three bedroom apartment with beach views while he participated in the selection via FaceTime on the mobile from Texas.

John Carfi also noted another trend were investors who were “hybrid investors” planning to rent and move in later when circumstances allowed.

One interesting trend was the absence of Chinese buyers.

Porperty Observer was advised by a prospective buyer that early in the marketing campaign, the high-rise building had been numbered without level four, jumping from the third floor to the fifth floor, in the style often adopted in pro-Chinese developments.

But by the second week numbering was back to normal with the interested party advised there was not enough Chinese buyers interest to pander to them.

One bedroom units (47 to 107 square metres) started from $750,000.

The two bedrooms (78 to 202 square metres) range upwards from $1.15 million and three-beds (122 to 224 square metres) from $1.75 million. 

 

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

Editor's Picks