The 22-storey building will include 195 apartments, a resort-style pool and gym located on the building’s rooftop and taking in stunning district and harbour vistas.
Winten founder Garry Rothwell said the construction start of Belvedere, the first major residential development to be approved for the North Sydney CBD in five years marked a significant milestone.
“There has been a dearth of residential apartment options in the North Sydney CBD, mainly because it’s been a CBD first and foremost.
“But many workers, who have to travel a long daily commute, are now looking for alternatives that will give them back those precious lost hours, and planners have recognized this.
“Seeing Belvedere come out of the ground really drives home the fact that we’re at the brink of exciting change that will bring a new breath of life to an area that already offers so much thanks to its great location and good infrastructure,” he said.
Mr Rothwell said owner occupiers and investors had both responded to the opportunity, and 146 of the 195 apartments are now sold.
According to figures from a recent Urbis report, the demographic make-up of North Sydney consists of a significantly higher percentage (43.9%) of single person households when compared to Sydney average (23%), contributing to an increased demand on one bedroom and studio apartments. Subsequent sales have demonstrated this with one bedrooms sold out.
Remaining stock includes a mix of two and three-bedroom apartments sized from 71 square metres and priced from $720,000.