Size doesn't matter for buyer who forked out $9.72 million for small luxury penthouse

This week’s sale of a $9.72 million penthouse in the ONE30 Hyde Park development has debunked the trend for super-sized spreads.

The 225-square-metre pad atop the Elizabeth Street development comes in at a fraction of the size of many of Sydney’s high-end penthouse sales.

Sydney’s apartment high of $22 million set in August was for the 700 square metre penthouse atop the Bennelong building and is eclipsed by the national record $25 million penthouse sale at Melbourne’s Australia 108 development which sold in April.

Despite the smaller size, the three-bedroom spread has recouped $43,200 per square metre for the developers Ecove and China Aoyuan Property Group.

The two-level apartment has separate living rooms, an internal lift, 52 square metre balcony, double car space and north-facing views over Hyde Park.

The lobby of the 38-level building. Image: ONE30 Hyde Park.

The strata fees are estimated to be between $6000 and $8000 a quarter.

The building’s other penthouse sold in October for $9.25 million and was a slightly larger 237 square metre apartment, that scored $38,000 per square metre.

It was a case of location and aspect that trumped the importance of size for the local buyer, according to Louie Bechara, sales director of Ecove.

“The north-facing aspect and the location overlooking Hyde Park with views straight down the CBD to the harbour was a big plus for this buyer,” said Bechara.

“For them it was reminiscent of the outlook over Central Park from some of New York’s best apartments, and the price was more comparable with that and the sales at London’s exclusive One Hyde Park than anything else.”

Work is expected to start on the 38-level building designed by BatesSmart in February, with an estimated end value of $400 million.

The office block was bought by the developers for $121,250,000 in January.

“Like this purchaser, the vast majority of sales have been to local professional people who like the idea of living in a walk-to-work location,” said Bechara.

Of the 140 apartments in the building, there are more than 40 remaining to be sold, with prices from $1,068,000 for a one-bedroom, to $2,188,000 for a two-bedroom to $3,128,000 for a three-bedroom apartment.