The Foveaux is to have a preview on Saturday August 23. It is on a former Legion cab taxi depot in Surry Hills. Picture: Supplied.
The Foveaux, to be built on the former Legion Cabs taxi rank in Foveaux St, will officially go on sale on September 6 but by Tuesday this week there were already 3150 buyers registered.
That amounts to 57 people vying for every apartment in the block.
The old taxi office on Foveaux St is currently in a state of disrepair but will soon host in-demand units (inset).
CBRE Director Ben Stewart said the limited new apartment sites in Surry Hills and level of design in the project had attracted buyers.
“Surry Hills is a very strong location and it is hard to get a site this size,” Mr Stewart said.
“People also appreciate the design focus of the building.”
Ragtrader turned developer Danny Avidan first made headlines when he paid $18 million for the site at 81 Foveaux St last year. High profile architects SJB and interior designers BKH have been brought on to complete The Foveaux, which will feature a rooftop garden with city views and apartments with luxe interiors.
“It will be an iconic building that will be identifiable with Surry Hills and myself,” said Mr Avidan.
Mr Stewart said its unique design was a big selling point.
“It will not look like the standard block of apartments and buyers who are very design focused appreciate this,” Mr Stewart said.
He said a number of would-be buyers had also put down a $5000 deposit as an expression of interest, ahead of the official sale date. He declined to state the exact number who had handed over the sizeable amount of cash. In the off the plan buying process the first option on apartments goes to those who have made an expression of interest deposit.
The price of the apartments, above the Surry Hills median, has not put off punters. Apartments on offer range from $700,000 for a one bedroom, $995,000 for a two bedroom and three bedrooms at $1.5 million. The median apartment price for Surry Hills is $600,000 according to RP Data figures.
The city fringe suburb has been a good investment for those who have bought property in the area. The median house price has risen by 53.4 per cent over the last five years, while apartment prices have jumped 42.9 per cent over that time.
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