The Rocks

The near 500 sqm in The Harrington Collection, the development in The Rocks by Golden Age Group and Hannas, has hit the market for $40 million.

The Harrington Collection consists of 58 premium apartments and terraces, as well as the 483 sqm penthouse, which spans two levels, gazing upon iconic views of the Sydney Harbour Bridge, the Opera House and Circular Quay.

The penthouse also includes its own 140 sqm private rooftop terrace. Construction on the project wrapped at the end of 2021.

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The sprawling penthouse features three-bedrooms, all with their own ensuite, plus a multipurpose room on the upper level with the ability to be customised as a media room, home office or fourth bedroom according to the buyer’s desire.

The living spaces are equally generous, encompassing an expansive lounge area, dining space and fireplace, kitchen complete with premium Sub-Zero and Wolf appliances and full butler’s pantry, and a private lift to carry residents up to their private entertainment space where a wet bar, barbecue, landscaped gardens and a spa awaits.

The $350 million Harrington Collection by Hannas and Golden Age Group is one of the only large scale mixed-use residential projects to have gained government approval in the precinct in the last eight years, offering buyers a vanishingly rare opportunity to secure contemporary luxury in one of the city’s most esteemed pockets.

Highland has been appointed as lead sales agents on the jaw-dropping penthouse which officially hits the market on Thursday the 14th of April.

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“We are very eager to open the doors to The Harrington Collection penthouse so that prospective buyers can experience first hand the level of luxury and vantage on offer,” David Highland said.

“This penthouse is the absolute pinnacle of luxury apartment living actualised among world class views. Never again will a product of this calibre be delivered to such an iconic Sydney destination, positioning the Harrington Penthouse as one of most exclusive residential addresses Sydney was ever welcomed,” he added.

Designed by international design firm FJMT, The Harrington has been influenced by the&nbsp;heritage elements of the Harrington Street site.

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The $350 million Harrington collection encompasses 58 one, two and three-bedroom apartments atop a ground floor collection of terrace homes delivered in two design collections – a contemporary Manhattan Soho range, and a historic collection of refurbished terraces that originally occupied the site.

A selection of the display apartments within the development have been furnished and styled by Australia’s leading interior designer, David Hicks.

“This spate of high-end apartment sales that we have facilitated really underpins the rising trend towards luxury apartments as a primary residence,” Highland added.

“When you pair premium location with the highest standard of residential design, it becomes hard to conceive a better home than The Harrington Collection penthouse. This particular address merges seclusion with connectivity in a way that few projects can offer. The Rocks is a bustling area filled with character, without the raucous nightlife. The Harrington Collection is perfectly positioned so that its residents can slip in and out of the nearby amenities in complete privacy.”

Construction on the Harrington Collection is now complete, with 75 per cent of the 58 residences already sold to a blend of local business entrepreneurs and holiday homemakers.

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The Harrington Collection consists of 58 premium apartments and terraces, as well as the 483 sqm penthouse, which spans two levels, gazing upon iconic views of the Sydney Harbour Bridge, the Opera House and Circular Quay.

alisonwarters@gmail.com

Inside Hannas and Golden Age Group’s The Rocks’ $40 million penthouse 

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GUEST OBSERVER
The announcement by the NSW Government that the Sirius Building in the Rocks will not receive heritage listing opens the way for a sympathetic yet modern replacement.
The Minister for Heritage, Mark Speakman, has not supported the nomination of the Sirius Building in the Rocks as a state heritage item.
The Urban Taskforce agrees with the Minister that the building is of dubious heritage value and that a new building could yield significant funds for social housing.
We are however concerned by statements by the Minister for Finance, Services and Property, Dominic Perrottet that a replacement building should be made of brick and stone. The current Sirius Building was very innovatory in its day and while it is in the brutalist architectural style that many people are not comfortable with, it did attempt to be of its time rather than a pastiche of the past. 
It is important that a replacement building is about the spirit of today while understanding its context.
A good example of the blending of new and old is demonstrated by the new building over the ‘Money Box’ building in Martin Place. The modern interpretation of the proportions and scale of the existing façade have been carried into a modern glass office building set back from the old façade. The 5 Martin Place project last week won the Urban Taskforce Urban Renewal Development Award at the Development Excellence Awards 2016.” 
While The Rocks is a very special precinct it is important that new architecture and structures represent the aspirations of today while respecting the sensitive context. 
The site of the Sirius Building is adjacent to the Sydney Harbour Bridge approach and this heritage structure must also be respected.
Chris Johnson is chief executive officer of property development industry group Urban Taskforce and can be contacted <a href="https://www.urbantaskforce.com.au/index.php?option=com_content&amp;view=article&amp;id=97&amp;Itemid=126#.Vdaart55dFI" target="_blank">here</a>. 
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Sirius Building replacement must represent today not copy the past

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South Sydney Rabbitohs chairman Nick Pappas and lawyer wife Helene appear set to downsize from their long-time Rose Bay home.
The company director, who is chairman of the Bank of Sydney, has secured an apartment in the Harry Seidler-designed Cove Apartments in The Rocks.
He’s paid $3.8 million for the north-west corner apartment with 270 degree views across the Sydney Harbour, including the Bridge to the Opera House.
The 140sqm unit with three bedrooms, two bathrooms and two balconies first sold in 2000 at $1.5 million.
It had been a $1700 a week rental.
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It is one of just two sales in the 220 unit complex so far this year.
The family have been Rose Bay based for 12 years though recently seeking tenants at a $3950 a week asking rental.
The Rose Bay home cost $3.6 million in 2006.
It has six bedrooms, five bathrooms and a cinema room.
Pappas was the Rabbitohs chairman from 2003 to 2006 before being replaced after the privatisation bid of actor Russell Crowe and businessman Peter Holmes a Court.
Pappas was restored to the chairman’s position after the departure of Holmes a Court in 2008 and has been in the seat ever since.
This article was first published in the Sunday Telegraph. 
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Rabbitohs chairman Nick Pappas secures The Rocks harbourside unit

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The former Rawson Institute for Seamen building has hit the market in Sydney.
The four level building at 100 George Street in The Rocks was built as a mariners' church in the 1850s.
It was a missionary effort by the Bethel Union which followed two similar sites in Darling Harbour and Circular Quay.
After initial success, the Bethel Union fell on hard times at the turn of the 20th century, and in 1895 the Church was leased to the Missions to Seamen.
Around two decades later the building was extended by Sir Harry Rawson, the former NSW Governor.
In 1981 the build became home to the Craft Council of NSW for nine years.
In 2011 it changed hands again and Bar100 took over as the tenant.
The property is currently home to Appetito Ristorante, and a number of the function rooms retain grandeur from a bygone era.
The Rawson Room has seven metre high pressed metal ceilings and sandstone walls. An 18 metre long brass bar draws focus to a marble centre piece which is shaped in a submarine fairwater.
The restored Chapel has maintained the cathedral ceiling and some of the original stain-glass windows.
Savills Australia’s David Hickey, Nick Tuxworth and Tom Tuxworth have been appointed to sell the heritage-listed building, suggesting the offering was highly exclusive.
“Vacant Sydney CBD buildings are as rare as hens’ teeth in the commercial property market so the owners have decided to take full advantage of the current market conditions and divest,” Hickey said. 
The ground floor is leased long term to Appetito Restaurant for 22 years and generates a total rental income of $614,937 per annum. 
Hickey said that buyers would have the flexibility in orchestrating multiple uses for the remaining three levels, while maximising rental income. 
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“We feel the property provides a blank canvas for investors, alternative property syndicators and hotel operators, to reposition and activate the former Bar 100 into a venue or working space that the public is screaming for in The Rocks,” he said.
“The building underwent $16million worth of capital upgrades in 2010 and is fully fitted out for bar, restaurant and function centre purposes, with other options possible due to the substantial building area, including retail, office or childcare facilities.” 
Nestled at the foot of the Sydney Harbour Bridge, Mr Hickey said the building enjoyed a prominent position within close proximity of the city’s infrastructure boom.   
“The northern end of the CBD is undergoing major infrastructure works, including residential, hotel, office and retail development, which will service strong trade and significant pedestrian foot traffic,” he said.  
“About 2.7 million international and domestic overnight guests visited The Rocks in 2017 and this building occupies 23 metres of frontage across George Street and 26 metres across Circular Quay Way, positioning it to really capitalise on the passers-by.” 
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Former Rawson Institute for Seamen building in The Rocks listed through Savills

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The three level Stamford Residences penthouse at The Rocks has been finally sold for $16.2 million to a buyer from China, Zhang Zetian.
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The 2012 Kann Finch-designed block was designed on Gloucester Street by architect Ron Keir, of the Kann Finch Group. The site was first mooted for residential development in 2008.
The Thomas Hamel-designed four-bedroom, five-bathroom penthouse, with 567 square metres of indoor and outdoor space that faces north and west, has frontages to Gloucester and Cumberland streets.
It was listed at $16 million plus.  
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Stamford Residences penthouses sells at $16.2 million

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Sydney's Pancakes on The Rocks are set to move to a new location at the top of The Rocks Centre on Argyle St as part of a $15 million NSW government initiative to renew and revitalise heritage retail tenancies.
Refurbishment works at The Rocks Centre include floors, ceilings, lighting and shopfronts with Pancakes on The Rocks eventually located on the upper level.
Dominic Perrottet, minister for finance, services and property said the government wants The Rocks to be a heritage precinct with great food experiences, contemporary shopping, and an atmosphere that keeps you coming back.
“Looking around the world, there are some fantastic, creative ways that heritage buildings are used as contemporary retail spaces, and this refurbishment program will help our retailers take The Rocks to that world-class level,” he said.
Other heritage shopfronts nearby will be refurbished including George Street retail spaces, as well as the Metcalfe Bond Stores. 
New tenants to The Rocks include Deciem, 7 RocksDeli, Cosmopolitan Jewelers, ATTY Design and Endeavour  Beer all set to move in, adding to a slew of recent arrivals over the last year, including Aesop, Uashmama, Ribs and Burgers, El Camino, Cosette and Gelatissimo.
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Pancakes on the move in Rocks retail refresh

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Peter Campbell, the Clarendon Homes founder, and wife Catherine have paid $12 million for a penthouse in The Rocks.
It ranks as the sixth most expensive apartment sold in the last financial year. It has quintessential Sydney postcard views across Campbells Cove to the Opera House and up towards the Harbour Bridge.
The Hickson Road apartment has a stellar provenance having first been owned by the late McDonald's chief Charlie Bell.
Bell spent $8,525,000 in 2003 after its refurbishment of the 1912 Metcalfe Bond building by Nettleton Tribe Architects for Tjeerd la Grouw's Amstal Property Group.
Qantas chief Geoff Dixon was another past owner though he sold it at a loss in 2014 for $7.45 million.
Set in the 1912 Metcalfe Bond building, the two level apartment has three bedroom and spans 328 sqm.
The two most expensive established apartments to sell in last financial year were both secured off market by downsizers.
The former Sydney Lord Mayor Nelson Meers and his wife Carole paid $16 million for a Point Piper whole floor apartment in the Alex Popov designed harbour front Buckhurst Avenue block.
Last traded for $11.6 million when new in 2011, the unit came with four bedrooms, three bathrooms and a temperature-controlled wine cellar.
LJ Hooker agent Bill Malouf handled the sale.
The couple had downsized from Bayview where they sold their five bedroom Tuscan style villa for $4.55 million last year.
Businessman Stephen Johns, most known for being the longtime chairman at Brambles, bought the Darling Point apartment of Silicon Valley software billionaire David Doyle.
Set in the Burley Katon Halliday block, the four bedroom penthouse comprises 456 sqm of internal space, 103 sqm of terraces and a 12 sqm rooftop garden.
It has a private gym, study, maids suite, home theatre and large terrace which takes in views of the Harbour Bridge.
Doyle, a software pioneer and backer of Neil Perry's Rockpool Bar &amp; Grill, paid $7.1 million for the lavish New Beach Road spread in 2000, a record breaking apartment sale in Sydney's eastern suburbs at the time.
Like the Meers, Johns has also downsized.
He and wife Michele Bender are waiting for a buyer for their long-held Bellevue Hill trophy Belhaven which has price hopes of between $25 million and $27 million.
The third most expensive apartment came in August last year when Rocco Lagudi and wife Frances, paid $13.5 million for a Point Piper apartment.
Aussie John Symond sold his Point Piper penthouse for $13.3 million, with a caveat lodged by Angela Teplitsky, wife of property developer Michael Teplitsky.
Ferrari Australasia chief executive Herbert Appleroth sold his harbourfront apartment in Pyrmont for more than $13 million, making it the fifth most expensive sale this financial year.
The five bedroom, four bathroom apartment amalgamation had been inspected by Hollywood star Leonardo DiCaprio in 2011 as a possible rental while he was shooting Baz Luhrmann’s The Great Gatsby. 
The top six sales of established units totalled over $80 million.
The top off the plan sales were considerably pricier, with two apartments in the new Circular Quay development the Opera Residences fetching $26 million and $27 million.
The third most expensive was a $17 million apartment in another off the plan Circular Quay development, Loftus Lane.
This article first appeared in the Daily Telegraph.
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$12 million paid for The Rocks penthouse

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The eastern suburbs coastal couple, Channel 7 Morning Show co-host Larry Emdur and wife Sylvie have bought in the Sydney CBD.
They have secured a $3 million newly converted heritage apartment in The Rocks which suggests their sun seeking devotion to the clifftop Dover Heights lifestyle may soon come to an end.
The whispers are that they have received an unsolicited offer from someone knocking on their door at Dover Heights, and it was too good to refuse.
They have been in the pricey coastal suburb for over two decades, and at their $6.8 million clifftop mansion since 2011. They pocketed $3.89 million for their earlier home that had cost $770,000 back in 1994.  
Their new acquisition is quite a contrast as it is an inner city bolthole with an ultra contemporary fit out including a bath in the open plan bedroom. 
The couple settled on the $3.09 million apartment just before they jetted off to Italy for a break.
It is a Tanner Kibble Denton Architects designed conversion of a 1924 building that was once the Sydney depot for the Cadbury confectionary company.
The building, now transformed in to six luxury apartments known as Claremont House, was more recently utilised as the Lawson Menzies auction house.
TKD fused the original fabric of the building with a New York feel, creating the three bedroom, three bathroom apartment with much made of its exposed bricks.
Two of the three bedrooms come with en-suites not separated by a wall, just overlooked from the bed.
Ray White Double Bay agents Gavin Rubinstein and Cae Thomas sold the apartment.
Emdur has hosted Seven's The Morning Show alongside Kylie Gillies since 2007. The pair recently celebrated the show's 10th anniversary.
Emdur has been on our screens since the early 1980s when at 17 he became Australia's youngest national newsreader, presenting the overnight news for the Seven Network.
He switched to hosting gameshows after presenting Good Morning Australia. From 1993 he hosted The Price is Right for five years and returned to the show in 2003 and again in 2012.
Emdur, who grew up near the beach at Bondi, has been a keen surfer all his life. His outdoor's fitness pursuit well documented on his Instagram.
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Larry Emdur secures apartment in The Rocks

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GUEST OBSERVATION
More people are becoming heavily indebted by buying rental properties and shared accommodation is flourishing, as third party tech platforms help people find a place without a real estate agent.
A new report from the Australian Housing and Urban Research Institute explains how the private rental market is changing over time for both landlords and tenants.
Over the 10 years to 2016, the number of renters grew 38% - twice the rate of household growth. More renters now are couples, or couples with children, so it seems the sector is shaking its image of unstable housing or perhaps these people are left with few other options.
Households by type, 2006 and 2016
The report analyses data from the 2016 Census, the 2013-14 Survey of Income and Housing and the 2014 Household, Income and Labour Dynamics in Australia (HILDA) Survey. It also draws on interviews conducted with 42 people involved in all aspects of the private rental sector: financing, provision, access and management.
Rental property ownership also grew. We found the number of households with an interest in a rental property grew and the number that own multiple properties grew slightly as well.
But the typical landlord is still the conventional “mum and dad” investor. Two-thirds of rental investor households have two incomes, and 39% have children.
However they are also mostly high-income and high-wealth households: 60% are in both the highest income and highest wealth bracket. Interestingly, about one in eight landlords is themselves a private renter.
Housing finance ($A), 2000 - 2016
The biggest change in ownership is in finances: owners of rental properties are relying more heavily on debt.
Financing rental properties
The people we interviewed highlighted the Australian Prudential Regulation Authorities’ (APRA) guidance to lenders on loan serviceability calculations as having the greatest impact on overall investment levels and investor decisions.
Adding to the complexity is the proliferation of intermediaries, such as mortgage brokers and wealth advisers. These advisers are telling borrowers what lenders and loan products to use to maximise their borrowing power and negotiate lender and regulator requirements.
Houses are the most commonly rented in Australia, but everywhere rental markets are moving away from this and towards dwellings like apartments.
There’s now more diversity in rental properties too. For example the building of high-rise student accommodation, “new generation boarding houses” and granny flats.
These allow landlords to house more people in the one building, increasing revenue and making management more efficient.
The informal sector of shared accommodation appears to be flourishing, like improvising shared rooms and lodging-style accommodation in apartments and houses.
Finding a rental
People have moved from finding rentals in real estate agents’ high street offices and onto online platforms. New third-parties like apps and other digital platforms offer non-cash alternative bond products, schedule property inspections, collect rents, and organise repairs.
Even though these technological innovations avoid agents, they have in fact increased their share of private rental sector management. Agents themselves are use these platforms to change their businesses, and the structure of their industry.
Our research found that revenue from an agency’s property management business (its “rent roll”) has become increasingly important. Some players in the industry are consolidating their businesses around it, to make higher profits from tech-enabled efficiencies.
However, the real estate business still depends on building personal relationships, particularly in high-end markets.
The new tech platforms of the private rental sector raise issues for tenants too, particularly in terms of the personal information they collect. For example, one of the online platform operators told us they looked forward to using applicants’ information to score or rank applicants. Another one of the new alternative bond providers uses automatic “trust scoring” of personal information to price its product.
These innovations may be convenient to use, and may give some tenants an advantage in accessing housing - but at the expense of others who are already disadvantaged.
Rental properties meeting demand?
If the private rental sector is going to meet the demand for settled housing, governments will have to intervene. This can’t be left to technological innovation, or higher income renters exercising their consumer power.
Federal or state governments could create public registers of landlords, or licensing requirements, to police landlords who are not “fit and proper” and exclude them from the sector.
There could also be stronger laws around tenancy conditions and protections for tenants against retaliatory action. The Poverty Inquiry in the 1970s set the basic model of our present laws and they haven’t changed much.
Tenants’ personal information also needs to be protected, to properly take account of the rise of the online application platforms; another is the informal sector, which is currently in a regulatory blindspot.
<img src="https://counter.theconversation.com/content/94394/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">The popular emphasis on “mum and dad” investors diminishes expectations of landlords. Rental property investment should be regarded as a business that requires skill and effort. As for-profit providers of housing services, landlords should be held to standards that ensure the right to a dignified home life.
Chris Martin, Research Fellow, City Housing, UNSW
This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/wealthy-landlords-and-more-sharehousing-how-the-rental-sector-is-changing-94394" target="_blank">original article</a>.
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Wealthy landlords and more sharehousing - how the rental sector is changing: Chris Martin

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The three level penthouse atop the Harry Seidler-designed The Cove in The Rocks has been listed for sale.
The Cove was one of the legendary architect's last Sydney residential projects.
The 2004-built skyhome, one of the largest penthouses in Sydney, has been owned by Europe-based businessman Graham Hellier, who paid $10 million in 2006 when it was sold by receivers after creditors foreclosed on the mortgage fraudster Kovelan Bangaru.
The apartment had been stripped back by aggrieved tradies who'd not been paid.
Hellier spent around $3 million refurbishing the space which comprising 485 sqm internal area and 180 sqm of terraces. 
Commanding a $7,500 a week rental in recent years, the 43rd floor glass wrapped lounge and dining zones offer 270 degrees views of the Sydney harbour backdrop. There's an imposing staircase up to four  bedrooms and a rooftop terrace with a spa pool.
McGrath Edgecliff agent Craig Donohue has the listing which has $30,000 quarterly strata levies.
Last year Magellan Asset Management executive chairman, Brett Cairns paid $7.5 million for the three bedroom sub-penthouse on the 41st floor.
This article was first published in the Weekend Australian. 
 
 
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