Sub-penthouse in The Adelaidean sold for record $3 million

Sub-penthouse in The Adelaidean sold for record $3 million
Sub-penthouse in The Adelaidean sold for record $3 million

A sub-penthouse apartment on Adelaide's Frome street residential development the Adelaidean has sold off the plan for more than $3 million.

The apartment, designed by architects Brown Falconer  is the amalgamation of two apartments on sub-penthouse level 34, and measures more than 300sqm.

Colliers International’s Nick Pelvay and James Polacek sold the apartment, with Pelvay saying it was a sign of buyers increasingly looking to the CBD to live and invest.

the Adelaidean was only released to the market in May and we’ve received overwhelming feedback from buyers so far, with many apartments already under negotiation,” he said.

“This is an excellent example of a development that is able to meet buyers’ changing needs and lifestyle interests.”

Mr Polacek said Adelaide’s apartment market was maturing quickly, with downsizing owner-occupiers driving demand.

“There has been significant interest from buyers looking for three or more bedrooms, with an increasing number of purchases of more than $1million,” he said.

Owner occupiers who buy off the plan apartments over the next two years get a five-year hiatus from paying rates in addition to the current stamp duty exemptions for off the plan apartments.

For more information on the Adelaidean, click here.

Tags: 
Adelaide Residential Development

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