Five years after a masterplan for Sutherland Shire’s initial major residential-retail development was unveiled, the first group of residents are preparing to move in.
While the plans created heated public debate at the time, Woolooware Bay Town Centre has become a reality, and new home owners have plenty to smile about.
Over the past few weeks they have been inspecting their homes prior to settlement, and will move in before Christmas.
The Leader was shown over stage one, which is 95 per cent completed.
The standout feature is the views from all sides of the 15-storey high apartment buildings.
North-facing units enjoy a panoramic outlook over Woolooware Bay towards the City, as well as a close-up view of the shoreline mangroves and oyster leases.
Even south-facing apartments have golf course views.
Capital Bluestone executive general manager Matt Crews said the development was up there with the best for quality design and construction.
“We have put a big effort into making it feel like a hotel rather than just a block of flats,” he said.
Building exteriors are pre-cast concrete panels rather than cement render, while interior spaces have an attractive weatherboard look made from fibro cement.
A modest lap pool is included in stage one, but stage two will have a lagoon pool set in landscaped grounds and stage three will have a rooftop infinity pool.
Residents in the first three stages – all on the western side of Southern Cross Group Stadium – will be able to use the three pools.
Mr Crews said all 450 apartments released so far had been sold, with the next release expected to occur in about March next year.
“We have had about 30 resales, and people who have on-sold have done quite well,” he said.
“Values have risen 10-15 per cent, and more in some cases, since buyers paid their 10 per cent deposit in 2013.
“Two bedroom units, which sold for $700,000 to $750,000, are being resold for about $850,000.
”The penthouse, which a Sans Souci couple bought for just over $2 million, would probably be worth over $3 million now.
“That’s a considerable upsize for people who embraced our vision and made an early commitment.
“Back then, we had a lovely display suite, but out the back there were two football fields and a car park.”
Mr Crews said 95 per cent of sales were to local buyers.
Mr Crews did not think future sales would be affected by a cooling of the market for apartments.
“That is definitely happening where the Chinese market has had an impact on the residential supply, but that has not been the case here,” he said.
The next release of apartments is dependent on approval of building details in stage three, which will be considered by the regional planning panel in December.
Stage four plans, which involve major changes to the approved concept plan, have been submitted to the Planning Assessment Commission for approval.
They cover the eastern side of the stadium and include a new retail centre and upgraded leagues club, which were previously approved, as well as new plans for a 125-room hotel and 222 apartments in three buildings on top of the retail centre.
The plans also include a centre of excellence for the Sharks at the rear of the ET Stand, which would be extended north and south.
Mr Crews said the proposed 222 apartments above the retail centre would include terrace type units on the northern frontage.
The tallest buildings would be 16 storeys, stepping down to the water and Captain Cook Drive.
“We maintain 770 parking spaces for the retail centre and club and, on top of that, there is car parking for the residential apartments and the hotel,” he said.
Mr Crews said they were very close to finalising the three major tenants, including major supermarkets, for the retail centre and hoped to start construction about March-April next year.
The retail centre was expected to open in early 2019.
Mr Crews said, subject to approval, the apartments could be built at the same time as the retail centre, but could also be added at a later date.
He said if the remaining elements were approved, the only other potential development on the site would be for the leagues club to extend, “but I would say that would be way in the future”.
“Their building stays at four levels, but the club comes up to the top two levels, with a wonderful deck, which will be 1800 square metres, twice the size originally approved.
“The present auditorium will become their main entertainment food and beverage area, which will extend through glass doors straight out to the deck.
“The lower two levels will become retail space with occupants such as a gym or a small supermarket
“Between the club and the retail area there will be a new, elevated public street that will serve two purposes.
“It will have a street feeling but give the club a distinctive, new entrance.
“It will also provide car park access into the retail centre and to the residential component.”
