PHOTOS

Photos | $120M Wavelength apartment complex on 'best site in Cronulla' ready for residents

Residents are about to move into a new, luxury apartment complex opposite Cronulla beach, which results from the sale four years ago of three blocks of 1960s era flats.

The nine-storey Wavelength development, which the developer says occupies "the best site in Cronulla" includes 67 units and three ground floor retail spaces.

"About 20-30 units", including one of four penthouses which is priced above $7 million, are still on the market.

Each penthouse has its own pool and there is another for all residents in the complex.

The project, costing about $120 million including land, has transformed the Gerrale Street block and is the first development on that strip since a new LEP was gazetted in 2015.

A Sutherland Shire Council spokeswoman said properties from 43 to 83 Gerrale Street (Surf Road to Laycock Avenue) were "zoned to allow for commercial and high-density residential development, which permits similar development to that recently approved for the [Wavelength] site 49-57 Gerrale Street, subject to planning approval".

"This zoning is aimed at enabling the construction of high quality residential and commercial development, including offices and shops, and food and drink premises in close proximity to public transport," the spokeswoman said.

Wavelength developer Chris Rose, said, "We are very proud of the result".

"It's a superb location - I think the best in Cronulla - with a big street frontage," said Mr Rose, the managing director of Iridium Developments.

"EQ Projects (the builder) have done a fantastic job and we think Wavelength sets a new benchmark for the area and Cronulla is very much better for it."

Restaurant Hurricane's Grill will be at ground level on Gerrale Street, with another food and beverage outlet plus another retail outlet, both yet to be named, at the rear of the building, facing Surf Lane.

Mr Rose said the development complied 100 per cent with the council's LEP and DCP, doubled the amount of accommodation, activated the streetscape and improved the area visually.

"This is not 30-40 storeys like the Gold Coast, but it will add to rejuvenation of Cronulla," he said.

The old brick flats which were replaced by Wavelength. Picture: Chris Lane

The old brick flats which were replaced by Wavelength. Picture: Chris Lane

Mr Rose had been in the development industry on the northern beaches and lower north shore for 25 years plus when an agent suggested he look at the Cronulla site for a potential hotel.

"I have been in this game long enough to know good real estate when I see it, and I thought it was fantastic, but not for a hotel, rather for apartments," he said.

"We then started talking to the body corporate.

"There were half a dozen other developers interested as well, but our offer of cash within 90 days clinched the sale.

"The stars aligned because the new LEP and DCP had just been introduced and the state government had changed the law so that only 75 per cent of strata unit owners had to agree to sell, instead of 100 per cent previously.

"In this case, there were two owner-investors who would never have sold had the law not changed.

"That situation was very frustrating to a number of older owner-occupiers, who were happy to move and felt they won the lottery with the offer we made."

The owners received between $1.5 and $2 million for their units in 2017.

Mr Rose does not envisage further development comparable to Wavelength on the Gerrale Street block because of property size and other planning limitations and an increase in price expectations over the last four years.

Mr Rose said Wavelength catered for "downsizers", with a large number of three bedroom apartments.

"It's very much a boutique development because it is almost like two buildings, east and west, with independent lift cores," he said.

The remaining apartments are being marketed and sold exclusively through Highland Property Group.

Director David Highland said the development "introduces a new level of residential opulence" in Cronulla.

The remaining one-bedroom units are priced at $1million plus, two-bedroom units from $1.9 million to $2.65 million and three-bedroom units from $3.5 million to $4.9 million.

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