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Omnia Penthouse Establishes A New Benchmark

By Rob Alfeldi, MD CBRE Residential Agency

The recent sale of The Royal Penthouse in Sydney’s OMNIA building set a new benchmark, proving the buoyancy of the Potts Point luxury apartment market.

The Penthouse, which was marketed through CBRE Residential Agency, sold for $14.25 million, equating to $50,000 per square meter and making it one of the highest sales results by size outside of the CBD. Despite a global campaign, the penthouse was purchased by a local buyer, who moved quickly to secure the unique property.

The OMNIA penthouse collection was always going to attract significant interest. This was proven by very high levels of enquiry and multiple private inspections.

The sale shows that buyers are continually recognizing prime Sydney property as desirable investments and Potts Point as a more desirable suburb, especially for downsizers. With units making up almost 90% of the Potts Point real estate market, and luxury developments finding their way to the suburb, luxury investors are jumping on board.

While previously the Kings Cross end of Potts Point, where OMNIA is located, was famous for the Golden Mile, the area is now establishing itself as an upmarket residential destination. Due to the introduction of the lockout laws and what has been referred to as the ‘gentrification of Kings Cross’, downsizers are flocking to the neighbourhood. As a result, the Potts Point market will remain buoyant, with downsizers and luxury investors prioritising lifestyle, convenience and comfort.    

The Royal is one of three dual-level penthouse apartments in the OMNIA building, located opposite the iconic Coca-Cola sign. With floor-to-ceiling curved windows, the city and harbour views are simply breathtaking. The penthouse, flowing over two levels, comprises of four bedrooms, including a palatial master suit, three bathrooms, a state-of-the-art European kitchen and several entertaining spaces, including a rooftop terrace with jacuzzi and barbecue.

But it’s not just about the views, the floorplan or the amenities. It’s also about location. If you’re travelling by foot, OMNIA is only a short walk away from landmark destinations including The Royal Botanic Garden, Hyde Park, Woolloomooloo Wharf and the CBD, not to mention designer boutiques and sophisticated fine dining.

With Sydney becoming a truly global city, it’s necessary for real estate professionals to adapt to local and international property trends. CBRE Residential Agency has the ability to list some of Australia’s finest properties and connect with local and international buyers. With a network of some 300 global CBRE offices no other agency has had such global reach.

The sale was an outstanding result for all parties involved.