Buyers look for size on Sydney's Lower North Shore as large apartments snapped up at Willoughby Grounds
Sydney's affluent Lower North Shore is generally a region which is starved of apartment stock for the majority of the population.
Given the area's status as one of the priciest spots in Sydney, the majority of the apartments are half or full-floor, they sit close to the harbour, and they command prices often starting at around the $5 million mark.
It was this knowledge, pared with market feedback during the early stages of marketing of the new architecturally striking Willoughby development Willoughby Grounds, that developer First Quadrant Properties, who is working alongside funding partner Qualitas, went back to the Willoughby Council to create more four bedroom apartments.
While already offering a handful, they sought to convert 20 apartments into 10, creating more large-scale, four-bedroom apartments that would give prospective buyers an opportunity to buy something that Willoughby hasn't seen before.
LINK Project Marketing Director Ben Hamblett made the recommendation to create larger apartments having fielded significant enquiry from those looking to buy two two-bedroom units.
Hamblett, who has sold a number of the four-bedroom apartments already, said they're a perfect market fit.
"Four-bedroom apartments don't exist in Willoughby, even in some of the other new developments. However there is a strong underlying demand for them," Hamblett says, adding that the only opportunity to buy four bedrooms is in the housing market, and that can cost upwards of $4 million.
"Even at that price, there are likely renovations and maintenance works that need to be considered, which some people can't afford. This four-bedroom product bridges that gap between getting something smaller and having to reach toward a house."
Hamblett says there's a large cohort of buyers who aren't willing to downgrade either in terms of the size of the home or the location.
"With current interest rates and renovation costs, it is nearly impossible for many buyers to upgrade or purchase a quality family house in Willoughby. This recalibration of expectations is perfectly filled by the luxury house-sized apartments found at Willoughby Grounds. This is the way for the family buyers in Willoughby."
Indeed since the launch of the project, which will be delivered in five stages, reflective of the number of buildings there are in the mini-masterplan, over 20 per cent of the enquiry on Urban have been on the four-bedroom configurations, with a further 20 per cent on the large, 200 sqm three-bed apartments on offer.
There will be around 160 apartments spread across the five buildings in Willoughby Grounds, with around 30 to 35 units in each building.
Mo Chehelnabi from Architecture Urbaneia has designed each building to pay homage to the unique industries that used to exist in the Willoughby area; tanneries, pottery, blacksmiths, logging and brickworks.
The design brief was to allow the multi-layered architecture and flourishing natural landscape to work in unison to create a sense of serenity and connection to place.
