Sydney's Hyde Park penthouse sells for discount due to $142,000 annual strata levy
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The Hyde penthouse overlooking Hyde Park Sydney has been snapped up for $12.5 million.
It had previously been speculated that the luxury penthouse had been sold for about $14 million.
Falling short of its desired initial $20 million expectations, its major selling impediment was not the flexible asking price, but rather its ongoing annual strata fee of $142,000.
It’s been bought by Marie Bolton, whose purchase details were registered earlier this month.
With almost 1000 square metres of space in the sky, the recently completed penthouse at The Hyde occupies the top two floors of the 35-storey Liverpool Street redevelopment.
The penthouse has 570 square metres of interior space, along with a 15-metre wet-edge lap pool with 400 square metres of rooftop decking. It comes with views across Hyde Park towards the Harbour Bridge, Opera House and the Heads.
There's a gym, steam room, bar, a caterers' scullery and a large lounge area with fireplace.
It was initially marketed off the plan with hopes of $20 million-plus but its developer, Stockland, appreciated the luxury apartment market had tightened considerably since its late 2009 listing.
The market was not helped when the sale of two record-setting off-the-plan penthouses failed to proceed during the global financial crisis.
It was sold through CBRE agent Peter Kerras, who had the listing in conjunction with Christies International.
The Hyde Park precinct now ranks among Sydney's priciest addresses. It also snared the top off-the plan apartment sale of the past year when just short of $14 million was paid for a sub-penthouse in the College Street development The Residence.
Singapore-based architects WOHA designed the exteriors of The Hyde, and the Sydney-based interior architects Archer+Wright designed the penthouse's interiors.
Sydney's priciest apartment sale stands at $16.8 million in 2008 for a 12th-floor unit in the Bennelong block overlooking Circular Quay.
