Pictured above: 5 Pacific Avenue, Tamarama
A DA Approved site will test the appetite of developers in Australia and abroad eager to capitalise on Sydney’s luxury coastal market, which shows no signs of slowing down.
The 657 sqm block at 5 Pacific Avenue overlooking Tamarama beach already boasts six apartments and has approval for five new, iconic residences designed by award-winning architect Mark Shapiro, which will blend harmoniously with the coastal environment.
Miron Solomons, National Director of Colliers, asserts that it is one of the most tightly held coastal enclaves across the country, commenting, “Covering over 1,300 sqm of GFA, this development is a remarkable addition to the coastline. On top of the exceptional views, the apartments will also boast spacious interiors, making them even more appealing to prospective buyers".
“There is also every chance we will see interest from individuals seeking to build their dream home in this location,” added Colliers Director Matt Pontey.
Colliers National Director, Henry Burke, acknowledged that “prestige development opportunities with apartments specifically designed for downsizers or rightsizers are still in high demand”.
One recent development to be built in Tamarama is Kalypso, which features 11 residences, including a penthouse and two sub-penthouses. The penthouse recently sold for $17 million and showcases the incredible demand for high-quality beachside properties.
Other notable transactions to recently occur in the suburb include the $11 million sale of a semi to Caledonia’s co-chief investment officer, Will Vicars, while television veteran Larry Emdur recently sold a Tamarama investment.
The Colliers team of Miron Solomons, Henry Burke and Matt Pontey have the exclusive listing with an International Expressions of Interest to close on the 5th of April, 2023.
