A new luxury apartment development on a prime site in Cremorne has come to market.
Downsizers are the target market for OTTO Cremorne, which is being developed at 53-55 Gerard St.
The boutique project comprises one two-bedroom garden apartment and seven three-bedroom apartments.
Each will have more than 100sqm of living space and elevated northwest-facing views.
Construction due for completion early-2021. Tim Abbott, director of Projects and Developments at Ray White Lower North Shore, said he expected OTTO would be popular, especially with local downsizers.
“A lot of people sell their house and want to stay in the local area,” he said. “It’s a very handy spot.”
With only two apartments per floor, Mr Abbott said each home would have windows on three sides, maximising breezes and outlook.
The size was also a major plus – one of the apartments has an island bench in the kitchen that is 4.8m wide.
“We have had some very good inquiry and people are responding very well to the size of them,” he said.
An information session will be held on Saturday at the Ray White Lower North Shore office, at 102 Glover St, Mosman, from 11-11.45am, to give potential buyers the opportunity to learn more about the development.
The development has been designed by architects Rothelowman. The two-bedroom garden apartment also has a study and has a price guide of $2,195,000. Prices for the three-bedroom apartments start at $2,535,000.
Mr Abbott said he expected buyers to be typically owner occupiers downsizing from large family homes in the local area, who were looking for a low-maintenance luxury lifestyle close to the city centre within easy walk of Cremorne and Neutral Bay Villages.
“The OTTO development of just eight apartments is an exciting new project specifically designed to cater to downsizers,” he said.
“The developer brief to the architect was to create just two apartments per floor, with oversized living rooms and bedrooms with large internal storage areas.
“This coupled with the light filled northwest aspect, large kitchens, most with walk-in pantries, will ensure that OTTO will be a sought-after place to reside.”
The developer of the project is WINIM, a company known for other projects like Mitchell Avenue, Jannali, Mafikeng Avenue, Lane Cove, and East Lane, North Sydney.