Queensgate, Potts Point apartments net $16m penthouse buyer and over $102m in weekend launch

Queensgate, the redevelopment of the Bourbon and Beefsteak Hotel in Sydney's Potts Point, secured over $102 million sales at its opening weekend launch.

Iris Capital’s $350 million project saw a number of its 48 apartments snapped up, with huge sales including a 220 sqm, three-bedroom penthouse, bought by a couple from Sydney's north shore for $16 million.

Three of the 18 sales secured exceeded the $10 million mark, including the sale of a further two penthouses featuring their own private pools.

“We are delighted with the sales result to date and are immensely proud of the product that we have worked tirelessly to deliver to market,” said Iris Capital CEO Sam Arnaout.

“Queensgate has been in planning for seven years so it’s no surprise that the response was so overwhelming given the pent-up interest in the project.”

Apartment prices start from $1.8 million for a one-bedroom apartment, $2.8 million for two-bedroom, $5 million for three-bedroom, and $10 million for the ultra-indulgent penthouses.

The collection of 48 apartments hit the market on Saturday, instigating a response that CBRE’s Ben Stewart described as “sensational”.

“A price point like that of Queensgate’s would typically be met with quite a lengthy consideration process, but we had numerous buyers willing to sign on the dotted line the day it hit the market,” Stewart said.

“Local buyers in particular have been anticipating the arrival of Queensgate for some time, so there was quite a sense of urgency among those eager to put their name against a slice of Potts Point history.”

“We had anticipated the competitive demand for Queensgate – as such, a $20,000 deposit was required to secure an expression of interest for an apartment.”

“This isn’t your ordinary collection of luxury homes - you’re dealing with an iconic site close to the hearts of many Sydney-siders, not to mention the remarkable architectural feat that Panov Scott and Tonkin Zulaikha Greer have produced."

The project has been hailed as an architectural reawakening of the 18-32 Darlinghurst Road site which will see the historic façade of The Bourbon Hotel retained alongside a brand new collection of residences.

Five separate buildings will be delivered, to be called Sovereign, Regent, Monarch, Consort and Empress, each exuding a differentiated design with their own lobby and no more than 10 apartments in each building.

Each residence has been elevated by artistic finishes, boasting soaring ceilings, a limited collection of private wine cellars, and cavernous walk-in wardrobes, all encased in a breathtaking heritage façade.

The project was greenlit by council earlier this year after spending over three years in approvals.