In the late 1990s, it was Harry Seidler’s Horizon, where the likes of billionaire property developer Bob Ell and heiress Francesca Packer later resided.
And then it was The Residence, overlooking Hyde Park, where pop superstar Delta Goodrem bought a two-bedder for $4.825m in 2019, and celebrity chef Tetsuya Wakuda called home.
But these days Sydney’s Towers of Powers are three skyscrapers built by the prominent developer Lend Lease: Crown Residences at Barangaroo, where James Packer owns a $60m apartment; the neighbouring Renzo Piano-designed One Sydney Harbour where the penthouse set the national property record of $141.55m; and the soon-to-be complete 1 Circular Quay.
One of the key deal-makers in these buildings is The Agency’s Steven Chen, who reckons that they’re iconic that they’re defying the current downturn.
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The Renzo Piano-designed One Sydney Harbour and Crown Residences at Barangaroo.
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“They’re iconic buildings, in iconic locations, with iconic views,” he says.
If you can afford to buy in here, you’re not worried about rises in interest rates or changes to negative gearing.
Chen has just sold a whole-floor apartment on level 78 of Crown for $51.5m. Chen’s not commenting, but sources said the buyer was the Birkenstock heir, billionaire Alex Birkenstock, who has spent $143m on property in the past six months.
It wasn’t a bad return for the estate of the vendor, the late Robert Blann, Kerry Packer’s bookmaker, who’d paid $41m in 2018 off-the-plan.
The rich list Tartak family, of waste giant Bingo Industries, is understood to have recently sold their two Crown apartments for a combined $71m — they’d bought off-the-plan for $40m.
Now Chen has been appointed by LendLease to sell what’s left of the 158 apartments at 1 Circular Quay, the 58-storey tower, including penthouse with its $150m price tag.
“One Circular Quay is the latest brand new building to grace Sydney’s harbour foreshore, due for completion at the end of the year,” he said.
At 1 Circular Quay, “every single occupant gets a glamorous view, with its position between Sydney’s two icons”.
“In reality it will be the new Tower of Power, because of its location, due north, in the same direction as the Sydney Harbour Bridge.
“Every single occupant gets a glamorous view, with its position between Sydney’s two icons, the Opera House and Bridge.”
Three years ago, when News Corp broke the news of two $60m and $70m sub-penthouse sales off-the-plan at 1 Circular Quay, the penthouse had $140m expectations.
If the $150m tag is achieved, it would smash all property price records nationally — even higher than the $141m paid by millennial entrepreneur Yan Zhang off-the-plan at 1 Sydney Harbour in 2019.
The three-level penthouse, with infinity sky pool, won’t be ready until early next year.
“I expect the buy will be an ultra high-net-worth individual, either local or international … it will have that complete appeal and there’s nothing like it in Australia,” Chen says.
There have already reportedly been $2bn in sales at 1 Circular Quay, though there are up to four sub-penthouses with similar $60m-$70m price tags, and two-bedders from $6m and three-bedders at $12.75m.
Sources advise Chen has recently sold an apartment there for circa $26m, which equated to about $104,000 per sqm.
He also has apartments for sale back at Barangaroo, such as the three-bedder on level 72 of Crown, which records show is owned by Hani and Gehan Sidaros, who attained their wealth from McDonalds franchises in Canberra.
The apartment on level 72 of Crown has a $23m asking price.
Not a bad view to wake up to.
They’d bought it for $17.25m five years ago and now the asking price is $23m.
“There are many factors that ensure growth — an iconic building, an iconic location, the layouts and the level of finishes, which are very high-end premium,” Chen says.
“These apartments are very rare, they’re properties that won’t be repeated, there are only 75 of them, they’ll always be in demand.
“And you get the full frontal view of Sydney Harbour, with a prime north-facing aspect .. that’s what’s so special about this residence.”
He says another reason for Crown’s Tower of Power status is that “it’s magnificent in every way, internally and externally”.
“Crown really is a six-star offering, with highly skilled staff to provide the very best service … you can have your room cleaned as often as you like, a butler service, in-room massage, or be given priority at any of the exclusive restaurants downstairs,” he says.
And at Crown, residents can expect a certain level of privacy, which was attractive at those Towers of Power of the past, such as Horizon.
Erle Cramer, of Cramer Estate Agents, was involved in many of those early off-the-plan sales.
“In the best apartments in these Towers of Power, you want to be sure you’re not going to meet every man and his dog in the lift,” he said.
“It’s about privacy, exclusivity, the convenience of a concierge, great views and amazing fittings and finishes … these all add to the prestige of a building.”
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