Real Estate

darlinghurst penthouse bought for son has a 26m price guide

Written by The ReReport

18/8 College St, Darlinghurst is one of only three ‘super penthouses’ in Sydney with their own private pool

Nothing has changed since the then brand new Sulman penthouse sold in 2013 for $17 million, but this week the luxury two-storey sky home at 88/18 College St in Darlinghurst is back on the market with a $26 million price guide.
If the asking price is achieved for the 800sq m apartment with its own rooftop pool in The Residence, then an eye-watering $9 million sum will be a pretty profit considering the apartment has barely been lived in.
The Chinese owner, who is founder of Shanghai Zhouji, reportedly bought the palatial pad for his son who was studying in Sydney at the time. The eventual sale price was $3 million less than the initial $20 million asking price.

18/8 College St, Darlinghurst was once in the running to take the title of Australia’s most expensive apartment

Before it sold in 2013, “lucky” apartment number 88, had been in the running for the title of Australia’s most expensive apartment, however it was pipped at the post by a $21 million sale in the Pacific Bondi Beach.
But how times (and apartment prices) have changed. Local billionaire James Packer recently spent $60 million on an apartment in the Crown Resorts development at One Barangaroo across town and another luxury CBD penthouse in the ANZ Tower currently has a $66 million price tag.
“There is a trend of people selling their larger homes and they’re looking to buy into high end developments such as this one. They’re willing to pay these prices because they’re after the best inner city lifestyle with the CBD on their doorstop and all the services,” says Craig Donohue, selling agent from McGrath Estate Agents.

18/8 College St, Darlinghurst, has panoramic views

The big ticket price for the penthouse is put into perspective when looking at other recent sales in the building. Mr Donohue just sold one of the standard three-bedroom apartments in The Residence for $6.4 million.
“When you really look at this price per square metre, it’s actually very reasonable,” he says.
“This penthouse is certainly an exceptional one,” says Mr Donohue who has listed the apartment with fellow McGrath agent Davey Hong.
“It has the added bonus of being one of only three ‘super penthouses’ in Sydney with their own private pool,” he adds.

Imagine taking in the harbour views as you sit down to dinner

The north-facing home has sweeping panoramic views of the Botanic Gardens, Opera House and harbour, a grand rooftop terrace area with kitchen, bathroom and a 20m heated private pool, multiple living zones, stone floors, luxury bathrooms and ensuites to each of the three bedrooms and a personal wine cellar.
There is even a private lift from the personal garage and a 24 hour concierge as well as all the expected inclusions such as gym, common pool, a sauna, spa and residents’ lounge.

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