Duo, Central Park finds strong dual-key buyer demand

Buyers of DUO in Central Park have shown a strong appetite for internationally designed apartments close to the Sydney CBD, with Frasers Property Australia and Sekisui House Australia achieving over $229 million in sales at the recent launch.

Frasers marketing director Paul Lowe said they experienced strong sales and interest for the three-bedroom dual-key apartments in DUO which were offered for the first time ever at Central Park. 

"Dual-key apartments are a unique product type in the market and have proven to be ideal for investors wanting to stay in one apartment and lease the other one out, as well as growing families who desire space and flexibility in apartment living," he said.

The remaining three bedroom dual-key apartments apartments are available from $1.93 million in the next apartment block in Central Park.

They started at $1.78 million at pre-sale in the building which was designed by internationally acclaimed architects Foster + Partners.

A dual-key property is just one property, with a single front entrance, living room, bathroom, kitchen and one or two bedrooms.

The difference then comes in. A dual key property has an additional dwelling inside, usually an extra bedroom with its own lock door at the front door lobby.

Behind the lock door is a studio apartment with its own small kitchen and additional bathroom.

Dual-key properties allow one space to be shared by two separate tenants or members of an extended family.

They are a fairly recent emergence in Sydney; however they have existed for decades in places such as Sweden, Japan and the United States.

Meriton’s 2002 Trafalgar in Sydney included 12 dual-key apartments, all of which contain a two-bedroom apartment and a studio accessed by a common door, but separated once inside.

According to investment advisers dual-key apartments offer investors higher rental yield by splitting the apartment for separate occupants.