AMP Capital has announced that all three of the luxury Loftus Lane buildings, part of the Quay Quarter Sydney precinct, have sold out in just over two hours at today's sales launch.
The successful sales campaign, which saw a record number of expressions of interest for just 106 apartments, started in March, with sales officially opening today.
The residential sales success continues the momentum behind the broader Quay Quarter Sydney development, which will bring about a major revitalisation of Circular Quay, elevating the area to its rightful status as the gateway to Sydney. It also includes Quay Quarter Tower, which is expected to be completed in late 2020 and will have AMP as the anchor tenant.
According to Global Head of Real Estate for AMP Capital Carmel Hourigan: "Loftus Lane and Quay Quarter represent a very important project for AMP Capital in a very special location. AMP has called Circular Quay home for 55 years and we will continue our long legacy in this special part of Sydney for years to come. Through our Quay Quarter development, we are revitalising Sydney's most renowned precinct to create the city's newest urban neighbourhood and today's result is a significant milestone for our investors and all stakeholders.
"We are in the business of delivering great investment experiences and driving great outcomes for our investors. The Quay Quarter Sydney development, including the Loftus Lane apartments, is a fantastic example of this."
CBRE Chairman of Residential Projects Justin Brown said the iconic location of the luxury Loftus Lane apartments resonated with the market. He said: "Today's success was testament to the strength in the CBD premium apartment market, which we believe to be the most undersupplied market in the country.
"The majority of Loftus Lane buyers were local and many intend to reside in the buildings with one of the drawcards being the opportunity to buy into a boutique development in such a premier location.
"Interest was also underpinned by the regeneration of Circular Quay, with in excess of $4 billion being spent on infrastructure, six star hotels, new commercial and retail development in this precinct."
The original plan was a staged-launch for the three buildings. However, high demand for the Loftus Lane apartments resulted in all three buildings being released in one go and subsequently selling out.
The sell-out of the residential component of the Quay Quarter Sydney development marks another milestone for the project, which is being developed by AMP Capital on behalf of investors in the AMP Capital Wholesale Office Fund (AWOF) and AMP Capital Diversified Property Fund (ADPF).
About Loftus Lane
Loftus Lane is set between Loftus Street and Young Street, comprising three bespoke-designed, low-rise buildings. Each building has its own award-winning architect, SJB (15 Young Street), Silvester Fuller (18 Loftus Street), MAKE Architecture (8 Loftus Street), with no more than 40 apartments each, bringing true exclusivity and allowing a tailored approach to the interiors.
Located within Australia's most significant and renowned cultural precinct, Loftus Lane will be nestled within a refined and vibrant village setting with balconies, terraces and rooftop gardens providing views across the city and harbour, to Macquarie Place Park, the Botanic Gardens and beyond.
Loftus Lane is a cornerstone of the Quay Quarter development, which will bring about a major revitalisation of Circular Quay, elevating this area to its rightful status as the gateway to Sydney.
The laneways will open new vistas across the site and deliver a mix of speciality shopping, cafes, restaurants and bars, with a focus on niche retailers and one-off experiences including the heritage 1860s woolstore Hinchcliff House, which will be converted into a retail and dining venue.
Loftus Lane is owned by Australian Wholesale Office Fund (AWOF) with the fund retaining ownership of the retail and commercial components of Loftus Lane.
About Quay Quarter Sydney
AMP Capital's Quay Quarter Sydney (QQS) project is a new mixed use precinct in Circular Quay, spanning two inner city blocks and a site area of circa 11,000 square metres.
The Quay Quarter Sydney precinct will create Sydney's newest urban neighbourhood, including a diverse mix of commercial, retail and luxury residential uses including specialty shopping, cafes, restaurants and bars, with a focus on niche retailers and one-off experiences.
The development includes the new Quay Quarter Tower (50 Bridge Street), designed by Danish architects 3XN, to suit forward-thinking global businesses. The Young and Loftus streets site will be a boutique style development with smaller scale buildings to house retail and dining, boutique commercial office accommodation and luxury residential apartments.
The precinct also includes Hinchcliff House, one of the oldest wool stores in Sydney. Loftus Lane which runs down the spine of the Young and Loftus site will be pedestrianised with an activated outdoor dining precinct.
Construction is expected to commence on Quay Quarter Sydney in early 2018 and will take approximately three years to complete.
About AMP Capital
AMP Capital is a specialist investment manager with more than A$165 billion in funds under management as at 31 December 2016 and more than 250 investment professionals. AMP Capital has a heritage and strength in real estate and infrastructure, and specialist expertise in fixed income, equities and multi-asset solutions. It is a subsidiary of AMP Limited, which was established in 1849, and is one of Australia's largest retail and corporate pension providers.
