Both of Aqualand's Blue at Lavender Bay penthouses now sold

Blue at Lavender Bay, Aqualand Australia’s pinnacle project, has seen another penthouse sale.

The last remaining penthouse at Blue in Milsons Point has been sold $10.5 million.

Last month, Aqualand sold its another penthouse in its flagship Blue at Lavender Bay development for $9 million to a Northbridge couple, which was the highest price paid for an apartment in the locale.

Alex Adams, Aqualand’s head of sales and marketing, said Aqualand was extremely pleased to have secured buyers for both penthouses "illustrating the resilience of the north shore prime property market".

The three-bedroom, three-bathroom penthouse totals 170 square metres of internal space and boasts panoramic views across Sydney Harbour, the Eastern suburbs and the North Sydney skyline from its grand wrap around balcony. The sale was brokered by CBRE reportedly to orthopaedic surgeon and human rights activist Munjed Al Muderis.

Construction of the development of 129 luxury residential apartments and four retail lots has recently commenced with its scheduled completion in mid 2020.

Sub-penthouses with three-bedrooms and three bathrooms are still available for sale and priced from $4.1 million. 

It was marketed as the last residential conversion development in the Milsons Point area with views to the city and Harbour Bridge.

Of the 72 apartments sold on initial marketing in September 2017, the highest sale result was the $8 million sub-penthouse, which equated to a bullish $55,000 per square metre.

Located at 61 Lavender Street, Milsons Point, it was once an 18-level commercial office building.

The architectural firm PTW included premium Gaggenau appliances, natural stone kitchens, stone floors, extensive joinery, larger open-plan living areas and generous sized bedrooms and ensuites.

Aqualand bought the Samsung office building in 2016 for $140 million.

It initially contemplated offering a 550 square metre penthouse which was expected to carry a $20 million asking price.

Aqualand is a subsidiary of the Shanghai-based property developer Shenglong, billed as one of China’s top 50 property developers.

Ir recently appointed a head of construction, Tom Catalovski, who was previously the construction director of Probuild Constructions.

Aqualand Property, and the boutique tier-one construction firm, Roberts Pizzarotti recently "mutually agreed" not to proceed with a joint venture partnership for building Blue.

Under the direction of new CEO, John Carfi, Aqualand has instead chosen to develop the intended JV project with its in-house building team, Aqualand Constructions.

A key objective of the Aqualand Roberts Pizzarotti construction joint venture (“ARP”) was to provide construction capabilities as an interim.

The injection of John Carfi into the helm of the Aqualand business boosted the company’s strategic trajectory and allowed Aqualand to bring forward the timing for their first self-delivered major project.