Ozone development at Cronulla undergoes redesign as second penthouse sells for $7.5M

The luxury Ozone apartment development at Cronulla has been redesigned in response to feedback from prospective buyers.

Agent Colliers International revealed the changes while announcing the second of two penthouses had been sold for $7.5 million.

The price is the same as that paid a year ago for the first of the two penthouses, which at that time was a record for Cronulla.

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The Land and Environment Court approved modified plans for the nine-storey project in April this year.

Colliers International director of project marketing residential Ian Bennett said sales were put on hold until the development application was approved.

"We didn't put it back on the market until we came up with a redesign, which had to be approved by the council," he said.

"The changes were basically a response to market feedback.

"Improvements have been made to the front facade and internal layout of units from ground level to level five.

"These are levels with restricted views to the water.

"The designs are more efficient and unit sizes have been reduced, with a corresponding reduction in price."

Mr Bennett said total sales for Ozone had reached $30 million, including $12.5 million in the last week after the redesign was unveiled.

Mr Bennett said the second penthouse was sold to a Sutherland Shire downsizer.

The first penthouse was purchased by Malcolm and Sue Greer, who have lived in Taren Point for 45 years, most recently in a large architect designed waterfront property they built in 2012.

They said the penthouse matched their downsizing needs.

Mr Bennett said there was continuing strength at the upper end of the market.

"Cronulla has grown increasingly popular with those looking to downsize from their large family homes," he said.

Mr Bennett said the average annual capital growth for Cronulla properties was 7.86 per cent for houses and 7.55 per cent for units.