Ritz Cremorne Point penthouse to get renovation after sale to retirees
The penthouse on top of the Ritz at Cremorne Point has been sold.
Its price has not been disclosed, but a $7 million offer was recently rejected, with those buyers instead securing a $5.5 million house nearby.
It sold through LJ Hooker Mosman agents Geoff Smith and Richard Harding.
The Milson Road penthouse, with four bedrooms and six bathrooms, spreads over 400 square metres.
It includes a rooftop terrace and garden with space to entertain 300 guests.
The property was purchased by a local retired couple who will undertake internal renovations and redecorating before taking up residence.
The penthouse has been two apartments joined together, while retaining two kitchens.
The new owners intend to reconfigure the space so it becomes one purpose-built penthouse reflecting their own taste and style.
The building’s recreation area is resort like with limestone walls and extensive facilities, including pools, gyms, squash court, sauna, spa and steam room.
The entire building has just completed a major restoration to the tune of $1.5 million.
“The incoming purchasers saw the current world economic turmoil and the fact that the property was in the hands of Taylor Woodings as receivers and managers, as providing an extraordinary opportunity to secure a unique and dramatic penthouse of enormous proportions at a very attractive price,” Smith says.
“When finished the new owners will have arguably created the biggest and best penthouse in Sydney in a prestigious and completely restored building,” Harding adds.
It was listed through the receivers after the developer, Simon Symond, who was weighed down by a stalled shopping centre project at Toongabbie, lost control of it during the global financial crisis.
The penthouse, which took Symond a decade to develop, was completed in 1996.
Symond bought The Ritz site for $3 million in 1986 when it was a rundown boarding house accommodating 90 tenants paying about $50 a week.
It sold through LJ Hooker Mosman, who had its listing in conjunction with Colliers International Hong Kong agent James Hall in case there was any offshore interest.
It’s understood the sale fell short of $9 million, which was the aim its 2010 marketing campaign, and a north shore apartment record.