Tide turns to residential on Woolloomooloo foreshore site

A former BP station is the site of a new development by Fivex commercial Property on the foreshore of Woolloomooloo.
The new building, called The Anchorage, will house 15 apartments including a three-bedroom whole-floor penthouse with views over Sydney Harbour Bridge. It has been designed by architecture firm Eeles Trelease.

The developers bought the Cowper Wharf Road site from BP for $3.53 million in a 2002 auction, however, due to complications the site was only settled in December 2008.

It’s currently a vacant lot but the council has approved plans for the developer to build the five-level block.
Prices start at $525,000 for a 49-square-metre studio with no parking and go up to $1.65 million for a 111 square-metre two bedroom apartment with one car park. The 370 square-metre showpiece penthouse will set you back at least $5 million.

The initial residential plans were approved in 2003.
In 2007 Fivex Commerical Property lodged plans for a commercial retail building.

Despite the delays, which included Land and Environment Court proceedings, the residential development is expected to be completed before the end of 2013.

Two of the apartments have sold for $800,000 plus in the past month since marketing began.
The apartments are being sold through John-Paul Markopoulos of CBRE.

http://www.theanchorage.net.au/

By Alistair Walsh
Tuesday, 22 November 2011
www.propertyobserver.com.au