A new benchmark has been set for Australia’s most expensive home, with a stunning Sydney Harbour penthouse fetching an eye-watering $141.55million.
Yan Zhang on Thursday settled on the property, consisting of the top three floors of Lendlease’s One Sydney Harbour development in Barangaroo.
Purchased off-the-plan in 2019, the property combines a two-storey penthouse and a sub-penthouse below for friends and family.
The deal was widely publicised at the time, but the owner had remained a secret until Mr Zhang was revealed as the mystery buyer by the Sydney Morning Herald.
It overtakes the estimated $130-million-plus sale of a Toorak mansion earlier this year as Australia’s most expensive residential purchase.
The combined Barangaroo penthouses cover more than 1600sqm and include nine bedrooms, a rooftop swimming pool, spa, gymnasium and is complete with eight-metre-high ceilings.
Kylie Rampa, Lendlease’s property chief executive, previously described the jaw-dropping purchase as a landmark moment in Australian property sales.
‘The sale of the penthouse at One Sydney Harbour is a paradigm shift for the Australian property market, with an apartment claiming the title of Australia’s most valuable residential property for the first time, a title historically reserved for significant houses,’ Ms Rampa said.
Pictured is an artist’s impression of the three-storey penthouse at One Sydney Harbour in Barangaroo purchased for $141.55million by multimillionaire Yan Zhang
The property combines two penthouses across three-storeys, complete with eight-metre high ceilings and unbroken views of Sydney Harbour
‘The record-breaking penthouse sale is confirmation that the Barangaroo South precinct is a world-leading location where people aspire to live, work and visit.’
Valued at more than $100,000 per square metre, the property crowns the 72-floor building, the tallest of three in the One Sydney Harbour development.
The three towers were designed by Pritzker-prize winning Italian architect Renzo Piano whose other works include The Shard in London and the Centre Georges Pompidou in Paris.
The One Sydney Harbour project was developed by Lendlease as part of a wider urban renewal project in Barangaroo alongside the Crown Sydney and the International Towers Sydney.
All three towers have now been completed, with most buyers having settled and moved in to the development.
Lendlease told the Australian Financial Review last year 99 per cent of the pre-sold apartments across the three towers had already settled.
The three-storey mega penthouse purchased by Mr Zhang more than tripled the next most valuable purchase in the Barangaroo development.
Prolific property investor Qing Zhong paid a reported $38.95million for an entire storey of the same tower last year, combining three apartments.
Situated in the heart of Barangaroo South, the One Sydney Harbour development was designed by renowned Italian architect Renzo Piano
The sale of the penthouse, settled on Thursday, marks Australia’s most valuable home sale
Surgeon Dr Franklin Yee and his wife Gloria also purchased a unit above Mr Zhong’s floor-wide purchase for $21million, according to the Sydney Morning Herald.
It also exceeded the roughly $80million purchase of a two-storey, six-bedroom penthouse in the neighbouring Crown Tower earlier this month.
That penthouse was rumoured by Domain to have been nabbed by James Packer’s accountant Lawrence Myers and his wife Sylvia.
If confirmed, Myers will be in good company with Packer himself having purchased a two-storey apartment in the same building for $72.23million a few years earlier in 2021.
