An off-the-plan 300 sqm apartment at Manly on Sydney's northern beaches as been sold for $9.5 million at developer CostaFox's first project.
The Bower Street apartment fetched $33,800 a square metre - the highest price paid for the suburb when sold to a local buyer.
The previous Manly record was set in 2008 at $30,000 a square metre for the $12.2 million sale of an apartment at 133 North Steyne Road, Manly, according to the Australian Financial Review.
Architect Koichi Takada designed its nautical theme for the prior developers who have sold the project onto CostaFox which was founded by Michael Fox, the former chief executive of Little Projects.
His new company is a joint venture with Costa Asset Management.
Four of the six apartments at CostaFox's 1189sq m Bower Street project at 102 Bower Street have sold on launch.
Buyers include Julie Meldrum, the corporate communications operative, and her husband Murray Millsom, a former TV producer, who recently had their nearby home listed at $6 million.
Construction of the project will start next month and be completed in 2018.
The project was initially launched in early 2015 as The Bower through Lloyds Property agent Haig Connolly with prices of between $3.9 million and $8.9 million.
The 1189sq m site with two exisiting blocks and frontages to Bower St and Marine Pde was then offered for sale, and went under contract late last year.
But Tim Grosman, national director with CBRE, told The Manly Daily the sale had failed to complete, and the owners had decided to re-offer the property.
It resold in March when developer Victor Fong of MV Projects secured $13.1 million.
Earlier this year there was the $7 million plus sale of coal miner Tony Haggarty’s Manly apartment overlooking Fairy Bower.
The four bedroom, three bathroom 430 sqm, Vince Squillace designed apartment is spread over two levels with a terrace with a glass walled plunge pool.
On the North Steyne promenade there was a $5,125,000 sale.
The Manly record still stands at $12.2 million when a five bedroom sub-penthouse down the road sold to the co-founder of Greenhill Caliburn, Peter Hunt and wife Ellie.
The Hunt couple bought the apartment off the plan with lap pool in 2008 in the Susan Rothwell designed Waillea building.