What Sydney's Castlereagh Street will look like in five years
The view from residential developers is that the apartment market in the Sydney CBD is more on trend and in demand than it has been in a number of years.
Adrian Pozzo, the chief executive at Cbus Property, says the CBD is set to evolve post the pandemic disruptions, with the nature of the developments being constructed and in planning dominated by mixed-use towers.
"The mixed-use nature of the city has seen distinct precincts evolve, each with their own cluster of businesses and cultural, educational and entertainment precincts," Pozzo says.
At the heart of the CBD apartment pipeline is Castlereagh Street, the 1.6 kilometre long major strip which runs from Central Station toward the business precinct, stopping just shy of the harbour.
Developers have taken to the small pocket around Hyde Park, almost between St James and Museum Station.
There's a number of projects currently under construction, and a solid pipeline on the desks of the City of Sydney council.
The first project to be completed will be Castle Residences, the mixed-use hotel and apartment tower at 203 Castlereagh Street which is slated for completion in December.
The first Australian project by Shanghai United, Castle Residences have been built above the heritage Porter House, which is being retained as a luxury lobby entry.
There are 131 apartments and around 122 hotel rooms, with the hotel to be operated by AccorHotels. Residents at Castle Residences will get all of the perks of being a hotel guest, such as a the 24 hour concierge, room service, housekeeping and even valet parking.
Up the street and currently under construction is Cbus Property's 111 Castlereagh Street, set to be a landmark in the CBD for years to come.
The striking tower, designed by fjmt studio and built atop the former David Jones department store which was originally built in 1938, has 101 apartments, most with views over Hyde Park.
Part of the development will see the David Jones component converted in to 11,500 sqm of office space, as well as a 6,200 sqm extension of Westfield.
Colliers Residential Managing Director Peter Chittenden, who has been handling the sales at 111 Castlereagh Street, says the apartments have been designed with ample space and connection to the outdoors, which are now top priorities for Australians.
"There has been strong buyer interest very much around the quality of the development and construction team, the iconic architectural building and the central CBD location’s liveability with shopping and dining along with the expansive views spanning across Hyde Park and beyond to Sydney harbour," Chittenden says.
"The prominent buyer demographic has been local Sydneysiders from the Eastern Suburbs and Lower North Shore, looking for a primary residence along with interest from regional NSW where buyers are looking for a city base for when they are visiting and doing business in Sydney."
Apartment residents will have access to a rooftop with a pool, gym and gardens. Construction is underway, with completion expected in Q3 2023.
Across the road from 111 Castlereagh Street is set to be another impressive mixed-use development.
Last year the alternative asset manager Fife Capital, led by Allan Fife, submitted plans for a 17-level tower to sit alongside a heritage-conscious redevelopment of the George Bosch Chambers and St James Hotel building that has stood since the 1920s.
The development of two lots, 114-120 Castlereagh Street and 139 Elizabeth Street, will see just 26 apartments built, only starting from level 10, with the rest of the building being commercial. There will be a mix of one, two and three-bedroom units and a two-level, four-bedroom penthouse on levels 15 and 16.
The majority of the units will face the park, with some facing Castlereagh Street and the lower levels facing Elizabeth Street and will contain wintergreens.
A landscaped communal open space has been designed above the commercial building at level 10. The roof terrace provides communal facilities including BBQ area, outdoor dining and recreation areas.
And the most recent lodgement comes from Central Element, who are seeking to build a $100 million tower on the fringe of Hyde Park where the 16-storey Hyde Park Inn hotel currently sits.
It's another amalgamation of sites on Castlereagh Street and Elizabeth Street, the latter which runs parallel to Hyde Park.
They'll be amalgamated two lots at 262-266 Castlereagh Street and 271-279 Elizabeth Street, planning for three retail tenancies on the upper and lower ground floors, with 53 apartments above.
The subject sites are currently occupied by a vacant four-storey commercial building as well as the 16-storey Hyde Park Inn hotel.