Demand for quality Sydney CBD apartments is strong, with all 106 apartments in AMP Capital's Loftus Lane Circular Quay development selling through CBRE within two hours on the weekend.
All 106 apartments in the three Loftus Lane buildings sold out within two hours when the development was launched on Saturday.
Loftus Lane is part of Quay Quarter Sydney, a major rejuvenation of the Circular Quay area, that is intended to transform the area into "the gateway to Sydney".
The developer of the project is AMP Capital on behalf of investors in the AMP Capital Wholesale Office Fund and AMP Capital Diversified Property Fund. Another major component of the project will be the development of Quay Quarter Tower, which is due for completion in late 2020, and for which AMP will be the anchor tenant.
Global Head of Real Estate for AMP Capital, Carmel Hourigan, said, “Loftus Lane and Quay Quarter represent a very important project for AMP Capital in a very special location. AMP has called Circular Quay home for 55 years and we will continue our long legacy in this special part of Sydney for years to come.
"Through our Quay Quarter development, we are revitalising Sydney’s most renowned precinct to create the city’s newest urban neighbourhood and today’s result is a significant milestone for our investors and all stakeholders."
CBRE Chairman of Residential Projects, Justin Brown, said the central location of the luxury Loftus Lane development had great appeal with buyers. He said the strong sales were "testament to the strength in the CBD premium apartment market."
Brown said Sydney's CBD high-end market was "the most undersupplied market in the country."
Most buyers were local, said Brown, and intend to live at Loftus Lane.
Originally the development was to be sold in stages, but strong demand led the developer to release all three buildings in one go. The sell-out result meant it was obviously a good decision.
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