James Packer pays record $60 million off the plan to buy Crown Barangaroo apartment

James Packer pays record $60 million off the plan to buy Crown Barangaroo apartment
James Packer pays record $60 million off the plan to buy Crown Barangaroo apartment

Casino operator Crown Resorts has announced a string of asset sales, including the disposal of two floors within its luxury Sydney development to James Packer.

James Packer will pay $60 million for two residential floors of the 70-floor Crown Sydney at Barangaroo.

The apartment space is located above the mid-levels in the luxury high rise project that will include a casino for high rollers.

Crown said the sale will be made on the same terms as those entered into with other buyers.

It was sold after approval of Crown's independent directors, the company told the stock market on Wednesday.

Crown has been looking overseas to sell apartments in the ­luxury residential tower. The Australian report, at this stage, Mr Packer's two-floor apartment - located somewhere between the 40th and 50th floor - will be the biggest in the building in terms of square metres, and will feature unprecedented features.

Fashioned by New York-based interior designers, it’s expected the apartment will have Scandinavian bleached birch wood, ripple textured bronze glass, polished blackened stainless steel, leather detailing, and white and silver-veined stone slabs from Greece.

Though the pricing is being kept under wraps, there’s speculation that the penthouse atop the Barangaroo tower, to be branded Crown Sydney, One Barangaroo, could come with a price tag as high as $100 million. 

The record apartment sale stands at $27 million in the Opera Residences development at Circular Quay which sold in November last year on the site of the old Coca Cola Amatil building.

The wealthy businessman, former chief of Tenix, Robert Salteri and his wife Kelly has since been pinpointed as the $27 million buyers.

The 104 apartments to be built in the old Coca-Cola Amatil building by China-based developers Macrolink and Landream sold out within two hours last November, totalling $500 million worth of real estate.

It was in June 2016 when Crown Resorts secured approval for the $2 billion Sydney casino at Barangaroo.

Crown had originally targeted a late 2019 completion for the casino with luxury apartments but it is now 2021 as the likely opening date

The Crown company is also selling its 50 per cent interest in the Packer family's luxury Ellerston property in the NSW Hunter Valley to James Packer and his sister Gretel for $62.5 million.

Crown will continue to have access to the golf course and other facilities at Ellerston for its VIP gamblers, in line with its commitment to the NSW government.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

Tags: 
Barangaroo Crown Casino

Comments

Be the first one to comment on this article
What would you like to say about this project?