Crown's $40 million Barangaroo serviced apartment - atop James Packer's "Hoover vacuum cleaner-shaped" highrise casino
The top of Crown's winning design for its proposed 60-storey Barangaroo South casino development comes with 75 luxury apartments.
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They have been billed as serviced apartments, but property players have suggested, when sold the top one could come with $40 million plus price hopes. The utimate penthouse would sit atop in the winning design by the British-based firm Wilkinson Eyre Architects which one Property Observer reader has suggested has a design reminiscent of a old-fashion vacuum cleaner, ie the Hoover dial-a-matic.
Wilkinson Eyre’s director Paul Baker has indicated the design emanates from "three petal forms, which twist and rise together."
The CBRE chairman Justin Brown has told Fairfax Media he anticipated any super penthouse to fetch "above $40 million."
Crown's executive vice-president for strategy and development, Todd Nisbet, said the apartments were "vital" to defray the $1.2 billion plus development cost.
Previously it was envisaged the project was marketed as Sydney’s first six star hotel with 350 hotel rooms and what was described as "75 serviced apartments."
There will also be meeting/ballroom facilities; high-quality restaurants; spa, pool and amenity deck; and VIP gaming facilities with a required capital expenditure by Crown Limited of approximately $1 billion.
Todd Nisbet has previously worked as executive vice president – project director for Wynn Design and Development, a development subsidiary of Wynn Resorts Limited.
Research undertaken for the Tourism Ministers’ Investment and Regulatory Reform Working Group (IRRWG) has found that the cost of building a 350 room five star hotel in Sydney was 40% higher than the cost of building a comparable size residential apartment complex. It was found that the rate of return for a hotel is less than one fifth (18%) of that from the similar sized residential apartment complex.
Crown has secured a two year exclusive dealing arrangement with Lend Lease in relation to a waterfront site at Barangaroo South, and awaits gaming licence and State Government development authorisations before it can proceed with its proposal.
British-based firm Wilkinson Eyre Architects beaten two American challengers in the competition to build the “postcard” building which would rise to the 235 metres –?somewhat higher than the current 170 metre approval limit?so needing approval from the NSW state planning department.
Crown intends exploring the option of having other parties co-invest in the project.
Mr Packer, speaking at this week's The Australian Financial Review Bespoke luxury conference held in the Sydney Opera House, suggests his “icon” could join the Opera House as a postcard destination.
“As much as we love to advertise the Kimberley or Kakadu, people don’t actually go there in large numbers. In terms of tourism, people want man-made attractions,” Mr Packer said.
