Sekisui House Australia breaks ground at Waterstone St Leonards following positive sales results

Sekisui House Australia has commenced construction at Waterstone in St Leonards, its first new apartment development within Sydney's inner-ring.

The turning of the sod ceremony celebrated the start of works on the Lower North Shore development, which has already achieved sales valued at over $52 million as well as captured global attention.

Peter Valleau, Project Director, Apartment & Mixed-Use Developments at Sekisui House Australia said the sod turning represents an important milestone for both Sekisui House Australia and the Waterstone project.

"After purchasing the site in 2024, commencing construction confirms the company’s commitment to delivering high-quality residential projects in Sydney," Valleau says.

“The Lower North Shore is one of Sydney’s most coveted growth areas, offering a high level of amenity, exceptional transport links and proximity to nature.”

Valleau said Waterstone reflects Sekisui House’s Japanese design philosophy, Satoyama, which balances harmony between people and nature.

“Waterstone has been designed to embrace both the natural and human environment. A ribbon of green runs through the centre of the site, connecting residents to communal amenities and the broader network of parks and pedestrian links in the surrounding community.”

Waterstone will deliver 207 apartments across five boutique buildings, incorporating sustainable design features such as a double-glazed façade system, rooftop solar PV panels and EV charging facilities. 

Brett Talbot, Sales Manager for Waterstone, said the early market response within the first 12 weeks had exceeded expectations.

“Waterstone has achieved exceptional results since launch," Talbot says.

"We have witnessed local, interstate – Canberra and Melbourne and even international buyer demand from Germany, where an Australian CEO is based. 

“Many interstate purchasers are seeking a Sydney bolthole that combines the vibrancy of the city with a leafy, village-style lifestyle. The project’s design and quality have struck a chord with those wanting something timeless and well-connected.”

Sales have been spread across one, two and three-bedroom apartments, including a penthouse sale over $6 million, setting a record sqm apartment rate for Sekisui House Australia.

“Three-bedroom apartments have been the strongest performers, with many purchasers downsizing from large family homes in suburbs like Killara, Seaforth and Castle Hill," Tablot added.

"They are seeking a home that allows them to simplify without compromising on space, privacy or prestige.

“Buyers are drawn to Waterstone’s refined and organic design. The inclusion of multi-purpose rooms, double glazing, two secure car spaces and low strata fees have all been well received.”

Award-winning builder Decode has been appointed to deliver Waterstone. Ali Mobarak, Associate Director at Decode, said excellence is the company's mission.

"Our relationship-focused approach ensures seamless collaboration, efficiency and craftsmanship," Mobarak says.

"We are honoured to be bringing Waterstone to life, a project that reflects the shared values of quality, innovation and sustainability that define both our organisations. Together, we are creating a benchmark development that will stand the test of time.”

Decode brings over 17 years of experience, delivering more than 50 completed projects in NSW valued at over $3.3 billion.

Sekisui House Australia has achieved a 4 Gold Star iCIRT rating, reinforcing the company’s commitment to quality and long-term investment in Australia. 

Waterstone’s completion is expected in 2027.