Record $2.75 million sale in King and Perkins building of East End development

NEW: An artist's impression of how the King and Perkins building in stage one of the East End redevelopment of the Hunter Street mall will look.
NEW: An artist's impression of how the King and Perkins building in stage one of the East End redevelopment of the Hunter Street mall will look.

A record $2.75 million has been paid for a three-bedroom apartment in the East End’s Perkins and King Street building, the highest price paid for a single apartment in the development.

Mark Kenwell, director of selling agents PRDnationwide, said the sale signified the continued confidence buyers had in the inner-city project being developed by Iris Capital.

“This is a significant price for an apartment, and it has been achieved because this offering is unique in the market,” Mr Kentwell said.

“In the Perkins and King building people are buying into a master planned development that incorporates multiple city blocks with beautiful integration to the public domain.

“It also boasts exclusive use of garden terraces for entertaining, as well as quality inclusions and stunning views.

“This particular apartment has a similar amount of outdoor space as indoor space, which was very appealing to the buyer who loves to entertain.

“It has stunning views to the harbour and is finished to a standard above and beyond what you will see in apartments in any capital city.”

The King and Perkins building is part of stage one of the East End redevelopment of the Hunter Street mall.

In total, the first stage comprises three apartment developments, also including Washington House on Hunter Street and Fabric House on Wolfe Street. Perkins and King is on the corner of Perkins and King streets.

“Apartments in Washington House and Fabric House were first to market and have sold strongly with only a handful of apartments still on offer in these buildings,” Mr Kentwell said.

“We are now focusing on the sale of apartments in the Perkins and King Street development, and this record apartment sale proves there is keen interest in this boutique offering.”

Mr Kentwell said the overall masterplan for the four-stage site was a vision for a world-class urban village, complete with small boutique shops and cafes at ground level, apartments on upper levels, and spaces and places for public activity throughout the site.

The record sale comes after $6 million was paid to amalgamate three apartments to form a super penthouse to take up the entire top floor of Washington House in November last year.