CBUS Property has recorded 46 off-the-plan sales since the launch of its third release at the Newmarket Randwick masterplan on a former horse sales yard in Sydney’s eastern suburbs.
Architecturally designed by Bates Smart and named for the streets it occupies, Young & Fennelly comprises 116 one-, two- and three-bedroom luxury residences across a seven-storey boutique residential building, with a parkland setting to the south and Botany Bay views.
The latest release has seen the sale of a one-bedroom residence for $1.075 million; four top-floor three-bedroom residences priced between $2.9 million and $3 million; and several terrace homes priced between $2.9 million and $4.1 million since last month’s launch.
Cbus Property’s chief executive officer, Adrian Pozzo, said the response to “the post-COVID-19 lifestyle” had resonated well with purchasers for its focus on family connection, open space, amenity and the joys of home.
“If anything has become evident in the wake of the pandemic, it is that people enjoy having all of their creature comforts in one place,” he said. “Our homebuyers are looking for an increased level of open space and amenity in and around their homes.”
In a first for the masterplan, Young & Fennelly will feature 11 north-facing three-bedroom terraces.
The stage offers a quiet park-side setting and proximity to the cafes and restaurants of the retail and dining precinct delivered with the completion of stage one of the Newmarket Randwick masterplan, and which now includes Gelato Messina, Ribs & Burgers, Dumplings & Beer, Sella Vinoteca, Café Mckenzie, CaliPress, RaRa Ramen Randwick, Baccomatto Osteria and Barber Signature.
Newmarket spans over five hectares and will provide 642 residential dwellings and approximately 2,300 sqm of commercial and retail accommodation. The masterplan comprises 17 residential apartment buildings ranging from three to eight storeys.
Median house prices in Randwick grew 26.5% to $2.656 million over the five years to 2020, according to Domain, while apartment prices skyrocketed by 30.1% to $1.013 million during the same period.
Peter Kerras of Colliers Residential, which is managing the Young & Fennelly sales campaign, said most of the purchasers at Young & Fennelly have been local downsizers, first homebuyers and investors who appreciate the convenient location within the eastern suburbs, only minutes from Randwick Village, Coogee Beach, the University of New South Wales, Prince of Wales Hospital and light rail.
He said huge interest has been received in the terraces, as they are a more affordable option for homebuyers who would otherwise be looking at unrenovated semi-detached houses in the area.
Inspired by the parkland on its doorstep, the stage design is defined by soft horizontal lines of curved white brickwork contrasted with scalloped bronze-coloured metal cladding, creating a stately building of refined elegance.
A residents’ communal rooftop space on level four features lush pocket gardens by Arcadia Landscape Architecture and barbeque facilities.
Stage one, Newmarket Residences, and stage 1A, Figtree Pocket, settled in July and October of 2020 respectively.
Construction on Young & Fennelly is anticipated to commence in late 2021, with completion due for mid-2023. One-, two- and three-bedroom residences, plus a limited number of three-bedroom terraces are available for sale from $780,000.