Jul 11 02018

Empty nesters set North Shore record with $11 million Cremorne penthouse purchase.

Among the top sales is an $11 million penthouse sale in the Cremorne Point Estate by a Balmoral Beach local that has set a record apartment high north of the Harbour Bridge.

The Cremorne Point sale tops a $10.5 million high just set earlier this week in the Blue at Lavender Bay development when it was bought off-the-plan by acclaimed orthopaedic surgeon and human rights activist Munjed Al Muderis.

Dr Al Muderis is a Milsons Point local who fled Iraq in the final days of last century during the Saddam Hussein regime and spent 10 months in Curtin Detention Centre before he was released in 2000. 

Now regarded as one of the world’s leading osteointegration surgeons, he detailed his  experiences in Iraq and the Australian immigration centre in his book Walking Free, published in 2015.

His purchase earlier this week tops the first double-digit apartment sale in Mosman earlier this year at $10.22 million by businessman John Kinghorn, who is downsizing from his $12.5 million Mosman waterfront home.

The strong demand for luxury off-the-plan apartments has seen four penthouse sales in recent weeks from Manly to Lavender Bay totalling more than $33.8 million in sales.

“Unlike the rest of the Sydney property market, this section of the market is proving very strong,” says CBRE director Ben Stewart.

“The buyers have seen good growth over the years in their family home and have been looking at downsizing locally for the past two to five years, so when the right sort of apartments come up they have been quick to jump on them.”