North Shore downsizers seek out St John's Paddington offerings through Savills
The historic St John’s church site, one of the most well-known properties on Sydney’s Oxford Street strip, is well under way in its transformation into a boutique residential and retail project.
The St John’s Paddington project comes with eight dwellings of which half have been sold by Savills.
Peter Coulton, from Savills Residential Projects NSW, says the start of 2013 had seen a "significant pick up" in market confidence, mainly from downsizers from the North Shore looking for a more centralised living lifestyle.
"St John's Residences in Paddington has received over 30% of its enquiries from downsizers who are looking to move from the North Shore," he said.
Two of the four properties now sold have been snapped up by this demographic – people from the lower and upper North Shore – including the church penthouse at $2.45 million.
"The penthouse was sold to a couple who have older children and wanted to downsize from the family home," Peter Coulton said.
"Paddington is becoming increasingly attractive to downsizers due to its central location, host of cafes and restaurants, markets, proximity to art galleries and theatres, together with an active and lively community.
“The driver for downsizers is predominantly the release of equity for their child’s first home but increasingly it is the attractiveness of an easier lifestyle within a community and the downscaling of land without compromising on internal space.”
The St John’s Paddington residences have proportions ranging from 171 square metres to 339 square metres.
Pricing for the remaining three-bedroom apartments start at $1.725 million and range up to $2.75 million.
The freestanding home within the 261-263 Oxford Street project had been listed at $3.5 million, but sold earlier this month.
The free-standing former manse was a Torrens title offering - a two-storey Federation Arts and Crafts property on Regent Street.
The project is being developed by Australasia Properties Pty Ltd and marketed through Savills residential projects divisional director, Peter Coulton.
The site was sold by Savills in 2010 year for $9 million to the developers who have since worked with designers Ancher Mortlock Woolley and architects Marchese Partners.
They have adjusted the initial 2005 conditional development consent for the redevelopment granted by the Land & Environment Court.
“For almost two decades the buildings have been left vacant, subject to vandalism and in an increasing state of deterioration,” its April 2011 Graham Brooks & Associates heritage impact statement says.
It has frontages to Oxford and Regent streets, and at the rear, Renny Lane.
“These historic Paddington landmarks will be given a new lease of life,” Mr Coulton says.
The St John’s manse was built in 1845, with later additions, making it one of Paddington’s oldest buildings. The colonial Georgian manse was built at a cost of 240 pounds. In 1859 the Gothic-style St John’s church was built next door to a design by Henry Robertson.
In 1885 it was extended by the church hall at the rear. It was deconsecrated as a Presbyterian church in 2000.
The church sold in 2004 for $8.3 million to a syndicate headed by Tony Braham. The syndicate offloaded the project in 2010.
It sits within the Sydney City Council municipality.
