Central Element is filing plans for a residential project with apartments priced from $20 million on the hillside overlooking Bondi Beach.
The independent Sydney property developer picked up the amalgamated 2000sq m site in September for $51 million.
The plans—for a duplex at 20-22 Sandridge Street and five apartments at 21 Wilga Street, Bondi—have been lodged with Waverley Council.
Architects from MHN Design Union created design for the two-storey duplex with a stepped four-storey building for the sloping site.
The two homes at 20-22 Sandridge Street would share a driveway and access parking using a turntable to separate basement garages.
Each home had two bedrooms and a pool on the ground floor, and entertainment and living spaces above.
The Wilga Street building would have five apartments and basement parking—the lowest level would have two, three-bedroom apartments, each with a pool.
The upper levels would have one apartment per floor, each with three bedrooms and outdoor space with a spa designed by Dangar Barin Smith.
This would replace two aging two-storey homes and a two-storey apartment complex on the site.
Central Element managing director Nathan Chivas detailed the plans and prices on the purchase of the site in September.
The developer touted “a limited number of ultra-premium apartments and houses at a scale not seen before in the eastern suburbs”.
Raine & Horne Double Bay/Bondi Beach principal Ric Serrao said the demand for this style of property was there.
“We’re seeing apartments commanding more than $100,000 per sq m, with the recent sale of Notts Avenue to Andrew Roberts, former managing director of Multiplex, achieving in excess of $125,000 per square metre,” Serrao said.
“Demand for houses is equally buoyant, reflected in the recent sale of 31 Gaerloch Avenue, Tamarama which sold for about $45 million, and 12 Bronte Marine Drive, Bronte for around $22.5 million.”
Central Element listed its hotel-approved Minerva Theatre property to refocus on residential.
In 202,3 it was approved to expand its $180-million Neutral Bay residential project, as well as receiving approvals for its Coogee boutique apartment project, and a $100-million hotel-to-residential Hyde Park conversion.
