The “plague” linked to one of Adelaide’s most prestigious residential buildings is over, with buyers preparing to splash millions on two exclusive Air Apartment penthouses.
Selling agents for the Eastwood residences said the market for high-end Adelaide apartments was strong, with many no longer willing to sit out of the property market until prices cooled.
Controversy surrounding costly cladding remediation had also subsided, with buyers once again prepared to pay top dollar to live at the iconic Greenhill Rd address.
“The cloud has lifted on all of that (cladding controversy) and people understand it (Air Apartments) is the landmark (of Adelaide) and it’s the benchmark for lifestyle facilities,” said Toop+Toop sales partner Peter McMillan, who is selling 135/220 Greenhill Rd.
135/220 Greenhill Rd, Eastwood.
The living area of 135/220 Greenhill Rd, Eastwood.
135/220 Greenhill Rd, Eastwood’s dining area.
The view from 135/220 Greenhill Rd, Eastwood.
At least four offers were expected to be received for penthouse No. 135 when expressions of interest closed on Monday, December 1 – a “good number”, said Mr McMillan, considering the price guide, which has not been publicly disclosed.
It’s a far cry from several years ago, when publicity regarding the recladding of the apartment complex made selling residences there virtually impossible, he said.
MORE NEWS:
$660k Aussie home loan record forces first-home buyer rethink
The statistic that should terrify all homeowners
Southern Ocean Lodge link to Adelaide development revealed
Shock result as council forcibly sells 57 properties to recoup unpaid rates
This 100 pound Adelaide home just sold for how much?
How a simple change at the supermarket can get you into a home faster
“I tried to sell an apartment (in Air) two years ago and it was like the plague – nobody wanted it,” Mr McMillan said.
“That’s over. It (No. 135) is looking great and it’s only about three weeks away from (the recladding being) complete.
“The owner’s paid her dues (covered all remediation costs) and there’s nothing more (required from the new owner).”
135/220 Greenhill Rd, Eastwood – bright and spacious.
One of 135/220 Greenhill Rd, Eastwood’s bathrooms.
One of 135/220 Greenhill Rd, Eastwood’s luxe bedrooms.
A look towards the kitchen of 135/220 Greenhill Rd, Eastwood.
Materials used in the Air Apartment complex were identified as a potential risk following a state government cladding audit in the wake of London’s 2017 Grenfell Tower fire that killed 72 residents.
Controversy ensued after Air Apartment owner-occupiers were hit with cladding levies ranging from $90,000 to $450,000, depending on the size of their apartment, and ordered to pay within 12 months.
Aerial images of the Air Apartments as it undergoes recladding. Picture: Brenton Edwards
Civil court action was launched by penthouse owners who argued a $17m contract to replace the cladding with an aluminium alternative was unnecessary and improperly authorised expenditure.
But the District Court last year ruled the recladding project satisfied state law.
Up to $10m of the remediation cost was covered by taxpayer-funded loans.
Eccentric multi-millionaires Lissi Whyte was one of those annoyed they had been asked to help foot the bill for the $18m needed to replace the cladding on the building. Picture: Kelly Barnes
Mr McMillan said remediation work throughout the building, as well as associated landscaping, would be completed within weeks – before settlement occurred on No. 135.
He said the amenities at Air Apartments, including indoor and outdoor pools, a tennis court, gym and cinema, made it superior to all other Adelaide apartment complexes, including the newly-opened Eighty Eight O’Connell development in North Adelaide.
Another penthouse at 134/220 Greenhill Rd has also drawn strong interest, viewed by 16 separate parties since hitting the market on Friday.
134/220 Greenhill Rd, Eastwood. Supplied
134/220 Greenhill Rd, Eastwood’s stunning kitchen. Supplied
134/220 Greenhill Rd, Eastwood’s balcony. Supplied
Refined Real Estate senior sales consultant Alexi Broikos said cladding at No. 134 had already been replaced, at a cost of about $500,000 to the vendor, who bought the penthouse for just shy of $3m several years ago.
Mr Broikos said there was no shortage of interested buyers and expected early offers for the property, which has also been listed without a price guide, to be received later this week.
MORE NEWS
How much you need to save to buy in every Australian suburb
This 100 pound property just sold for how much?
Block fever sparks mad rush for rundown homes
Aussie island property selling for a steal – but there’s a catch
“The local market is actually stepping up,” Mr Broikos said.
“We’ve got people that have basically put their hand up to say there’s still opportunity (in the luxury property market in Adelaide), it’s not going backwards, it’s still growing.
134/220 Greenhill Rd, Eastwood’s light-filled open-plan kitchen, dining and living area. Supplied
134/220 Greenhill Rd, Eastwood’s luxe ensuite. Supplied
The view from 134/220 Greenhill Rd, Eastwood. Supplied
“You’re looking at (forecasts of) double digit growth over the next 12 months and double digit growth again over the next 24 months.
“There’s no point being in a holding pattern (waiting for property prices to go down.) A lot of people are appreciating that Adelaide is still a great city to buy in.”
– By Lauren Ahwan
English (US) · 