Investec reinvigorates contentious Ashington site in Potts Point

Specialist bank and investment manager,

Investec is about to reinvigorate one of Sydney’s most controversial property projects.

The investment bank will next month unveil a new apartment development for the prestigious site at 10 Wylde Street, Potts Point which it acquired from the failed development company, Ashington.

Designed by

SJB Architects to take full advantage of panoramic Sydney Harbour views, the eponymously-named building will contain 21 apartments, including a penthouse tipped to fetch more than $13 million

SJB says

10 Wylde Street

will pay homage to the golden era of Potts Point, and put a modern ‘spin’ on art deco architecture and traditional materials

Andrew Hoggett and Jason Boon of Richardson & Wrench Elizabeth Bay together with Caroline Fagerlund of CBRE have been appointed to handle the off-the-plan marketing.

The site, said to be the finest in Potts Point, has been mired in intrigue for more than five years. Ashington launched a $70 million apartment building in 2007, including the $20m pre-sale of the penthouse.

When Ashington collapsed following the global financial crisis, Investec acquired the site.

The current 7-storey building will be completely demolished, with architect Adam Haddow from SJB believing

10 Wylde Street

will become a true Sydney icon. It is also the first ‘true north-facing’ development to be offered since Mirvac sold Rockwall Apartments in 1996.

Potts Point is just 1km long by 200-metres wide, and contains the highest concentration of art deco architecture in Australia. Once known as Woolloomooloo Hill, its rich history is reflected in grand old mansions and monuments built in the 1800s and early 1900s.