Belvedere tops out North Sydney with three bedders the remaining offerings

 Construction of a $140 million apartment development in North Sydney has reached its highest point marking the occasion recently with a construction industry tradition.

Belevedere at 138 Walker Street (pictured below), North Sydney had its ‘topping out’ ceremony where a tree was placed at the top of the 22 storey building to show it had reached its 84 metre peak. 

The tradition harks back to when all buildings were made of timber and a tree atop the new structure was a symbol of growth and prosperity.

A number of other residential developments will soon join Belvedere in North Sydney, said Garry Rothwell, founder of Belvedere’s construction company Winten. 

“Belvedere really paved the way for North Sydney’s residential revitalisation. Its approval was followed by half a dozen other high-rise residential projects". 

Other new developments in the suburb include the 48 apartment Atria on Berry Street, The London on Pacific Highway with 46 apartments and Mulberry on Miller Street with 94 apartments. 

“Seeing Belvedere come out of the ground really cements the exciting change that the area is currently experiencing,” he said. 

The 232 apartment development Skye by Crown Group also in North Sydney will begin late this year. 

“The area already offers so much thanks to its great location and good infrastructure, and now there’s also a wide range of apartment options, something that has been lacking in previous years,” said Rothwell. 

Belvedere has one- two- and three-bedroom apartments as well as a lap pool and gym on the rooftop. 

A mix of owner occupiers and investors have been interested in Belvedere including first home buyers and those wanting to upgrade, or downsize from a larger home and have access to beaches, shopping, dining and entertainment on both sides of the harbour. 

There are eight harbour-view three-bedroom apartments yet to sell among the development’s 195 apartments. 

Prices start at $1.71 million for A1602/138 Walker Street North Sydney (pictured below) for a two bedroom apartment with study on 112 square metres. 

The most expensive apartment yet to sell is a three bedroom apartment on the top floor priced at $3.01 million.

The median sale price of a North Sydney apartment is $1.06 million, according to RP Data.

The median asking rent for a unit is $888 with an indicative gross rental yield of 4.3%. Belvedere’s new residents are expected to move in by Christmas. 

Sales of apartments elsewhere have included a three bedroom apartment at 9/171 Walker Street North Sydney (pictured below) sold for $1.06 million in March this year. 

A two bedroom unit at 102/59 Miller Street North Sydney (pictured below) sold for $850,000 last month after previously selling for $795,000 in April 2010.