Now here’s a development that tests the limits of one’s patience. Beginning in August 2001, a property syndicate named “Sandoval Investments” began to buy up all the apartments in the 7-unit art deco block at 106 Kirribilli Ave. Between Aug 2001 and Oct 2002, Sandoval was able to secure all of the units, purchasing each one for around the $500k mark; all in, the acquisition of 106 Kirribilli Ave set Sandoval back $3.159m, according to our calculations. It then took 5 years for Sandoval to submit plans to the North Sydney Council. In May 2006, North Sydney Council reviewed the developer’s request for “[d]emolition of the existing residential flat building and the construction of a new six (6) storey residential flat building, with four (4) levels of basement carparking, and rooftop terrace incorporating pool, spa, and landscaping.”
Now, the five apartments in the Tzannes Associates-designed block are ready for sale. The price expectations are as follows:
Apartment 1: Guide over $3m
Apartment 2: Guide over $3.5m
Apartment 3: Guide over $3.75m
Apartment 4: Guide over $4m
Apartment 5 (Penthouse): Guide over $9m
No floor plans have been released yet, but we’re excited to see their layouts. Based on the renderings, we like the direction this development is headed toward. We’ll keep you posted on any updates to The Point.
The Point in earlier days (above) and future days (below)
Windows are for winners: windows in the kitchen (above); windows in the bathroom (below).
The development will formally begin its marketing campaign on 22 August at Belle Property’s Neutral Bay office. Interested parties should contact Mark Johnson.
LINK: The Point, Kirribilli