Panorama to fly high in Crows Nest
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Marketing is set to begin on a new residential tower in Sydney’s Crows Nest. Panorama, with 209 apartments within three buildings on the Pacific Highway on the lower north shore, is tipped to interest medical staff from the nearby Mater Hospital, Royal North Shore Hospital, and the Northside Medical Centre.
“Crows Nest is one of the few suburbs in Sydney where the fundamentals for successful property investment remain strong,” says Tim Rees of CB Richard Ellis residential projects.
“It has a high rental base of 42% compared to the Sydney-wide average of 30%.”
Rees expects by the time Panorama is completed in late 2013, the indicative weekly rents will be $525 to $695 for the one-bedroom units and $875 to $1,200 for the two-bedrooms apartments.
The Panorama display centre at 200-220 Pacific Highway, Crows Nest, will open from mid-July.
The bulk of the apartments will be in a 17-level tower, and apartments in the upper 12 floors have multi-directional views.
Prices at Panorama start from $425,000 for a one-bedroom apartment, and from $825,000 for a two-bedroom apartment.
Willoughby Road is Sydney’s answer to Melbourne’s Lygon Street, says Rees.
Rees says the views won’t be built out because Panorama retains the height of the existing structure, the 1974 Spectrum buildings, which were a mix of retail and commercial space and hotel accommodation.
“The existing buildings will be largely demolished,” said Greg Shand, managing director of Barana Group, which is developing the JPRA-designed Panorama.
“In some cases the concrete frame will be retained, but overall this will be a new development and finished to a very high standard that is appropriate for Panorama’s unique location.”
Work is scheduled to start in September and be completed within two years.
Its interiors, by SJB, have been described as “pared-down luxury”, with timbers, natural stone and textural terrazzo.
