OTTO Cremorne penthouse records buoyant $3 million-plus off plan sale

Leading Sydney property developer and fund manager, WINIM has confirmed a $3 million-plus off-the-plan penthouse sale at OTTO Cremorne – the newest high-end boutique residential project under construction on Sydney’s prestigious Lower North Shore.

When complete, the luxurious north-facing penthouse will feature spacious open-plan living and dining spaces, a generous terrace with vergola, three bedrooms, two bathrooms and a two-car garage spread over a total 165.8 square metres.

Located just minutes flat walk from the heart of Cremorne village and designed by award-winning architects Rothelowman, the penthouse is one of only eight apartments on offer in the exclusive four-storey complex, located at 53-55 Gerard Street.

WINIM’s Joint Managing Director Josh Leahy said the group was delighted with the sale and looked forward to beginning construction shortly to deliver the highest quality product to incoming buyers.

“This is where off-the-plan buying really comes into its own, especially when an experienced and on-the-ground local development team can clearly articulate and document the many benefits of buying brand new,” Josh said.

“Reputable local development teams don’t shy away from documenting the details, as they are motivated to deliver quality products for both new and existing customers, who are our best advocates in the local market.”

Seven large scale apartments remain priced from $2,200,000.

“Despite current circumstances, we’re seeing sound interest that reflects the quality of the project, the local team, the convenient location and our focus on delivering quality owner-occupier products in our immediate market,” Josh said.

“At OTTO Cremorne, we’re catering to a broad buyer depth, ranging from young executives requiring convenient access to the CBD to discerning downsizers looking for a home-sized apartment in an immediate flat walk to all surrounding amenities. These are all high quality well-sized apartments with high-level finishes, a northerly aspect and located in the heart of Cremorne village.”

“In this instance, our buyers were selling their family home, looking for a home-sized apartment and buying off-the-plan for the first time – a process we were more than happy to assist them with, and to clearly document for them – to provide them with the comfort of knowing what would be delivered to them and when.”

Ray White sales agent Tim Abbott said the buyers were a local Mosman couple keen to stay in the Lower North Shore area after selling their long-term family home. OTTO Cremorne was particularly appealing due to its convenient location, the level walk from the apartment to Cremorne village, the upper level access to abundant light, and the overall quality of the project.

“They had a very clear idea of what size apartment they wanted and had studied the OTTO Cremorne penthouse plans in a lot of detail,” Tim said. “While they loved the very high quality of the penthouse as designed and on offer, the layout wasn’t exactly to their requirements.

“Working closely with Ray White agent Alex Hillston and myself, WINIM and Rothelowman, a lot of thought was invested into key features, such as the amount of storage they needed, the finishes preferred, the desire for a very large kitchen and a walk-in pantry.

“The result is a truly bespoke penthouse perfectly suited to all the attributes they were after in terms of both quality and size.”

“With only two residences on each level, OTTO Cremorne has been designed so that occupants feel truly at home, rather than in an apartment.” Josh said.

“The integration of elegant touches throughout, such as the inclusion of formal entryways, full pantries, fine fixtures, and a smart flow leading onto broad entertaining balconies, serves to enhance this sense of space and privacy.”

“Each apartment will feature more than 100 square metres of living space and elevated northwest-facing views, ventilation and natural light from three aspects which is uncommon in modern apartments.”

All come with at least one car space, video intercoms, internal lift access, ducted air-conditioning, individual laundry, Miele appliances and two bathrooms.

One of two bedroom apartments remaining for sale is a garden apartment with over 90m2 of private garden on title. It will also feature an additional study and is priced at $2,215,000, with prices for the three-bedroom apartments starting at $2.555 million.

OTTO Cremorne is the first of six new boutique residential projects on Sydney’s Lower North Shore being brought to market by WINIM in 2020.

Cremorne, Upmarket and Convenient

Cremorne is an attractive Lower North Shore suburb boasting multiple amenities, quick access to the CBD and close to Balmoral Beach.

The average age of residents ranged from 20 to 39 years, with 44 per cent of residences occupied by families.

“We expect this quaility Gerard Street project will continue to attract local buyers, long-term residents of the Lower North Shore who understand the value and appeal of the area, and want to downsize to a low-maintenance luxury apartment closer to the city, amenities, transport and attractions.”

OTTO Cremorne offers the convenience of inner city urban living with nearby outdoor attractions. Only 20 minutes and six kilometres from Sydney’s CBD and leading retail precinct, it offers easy access to a range of popular outdoor attractions, including Balmoral Beach, Chowder Bay, Sydney Harbour National Park, Maccallum Pool at Cremorne and nearby Primrose Park.

Sports enthusiasts can enjoy teeing off at nearby Northbridge or Cammeray gold clubs, boating at Northbridge Sailing Club or Mosman Rowing Club, or trekking along the Cremorne Point Circuit Walk.

For foodies and keen shoppers, it lies minutes from Cremorne Shopping Village and Military Road’s multiple cafes, restaurants, retail and bar attractions.

Construction is due for completion by early 2021.