Serendipity, North Sydney apartment development, to launch
North Sydney is set to welcome a new apartment development with Chinese developer Wu Investments soon to launch Serendipity, a collection of 29 apartments near North Sydney's Northpoint Tower retail hub.
Prices will start from $1.23 million for the one-bedroom apartments with a study at 5 Doohat Avenue. The two-beds, also with a study, are priced from $1,765,000, and the three-bedroom apartments from $3.09 million.
Wu Investments already have a builder appointed, Novati, who will begin construction next year. The four-level building has been designed by Mackenzie Architects International, with interiors by Tesser Arch and landscaping by Conzept Architects.
One of the drawcards of the project is the location, just a 10-minute walk to North Sydney station, Greenwood Plaza, and the North Sydney metro, due to be completed Q2 of 2024.
Ray White Projects Western Sydney Managing Director Mark Bernberg expects high demand for the boutique apartments situated in a quiet street.
"Sitting amongst close distance to medical, school and transport and a short walk to Sydney CBD, Serendipity is a reflection of the strong market we’re seeing for off-the-plan projects," Bernberg says,
Bernberg says buyers are now looking to transact with interest rate hikes all but over.
"There has been a lot of uncertainty surrounding interest rates, with people sitting on their hands and not willing to commit. What we’re starting to see now is confidence in both home buyers and investors as we realise that interest rate hikes are unlikely with the most likely move next year being downward.
"We’re in a unique position with our off the plan project, with North Sydney looking to grow year on year and interest rate rises coming to a stop, investors and home buyers can see strong ROI and positive rental history and high capital growth opportunities.
North Sydney has seen a sales turnover of 4.4 per cent in the past 12 months, with an annual 10-year compound growth rate at a steady 4.2 per cent and a 3.3 per cent rental yield.
The average person holding their property for 12.2 years shows strong opportunities for investors.
Wu Investments have previously developed in the North Shore before, completing Thirty 8 Albert Avenue, a mix of apartments, a 100-room hotel, and an eye hospital, back in 2015.