The penthouse of the yet-to-be-built No.1 Church Street at Dubbo has sold for a record $1,775, 000.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
A "local buyer" has snatched up the penthouse on top of what will be Dubbo's tallest building when it is completed at the end of 2022.
Co-developer of the 13-storey building John Walkom believes all of its 72 residential apartments could be sold soon.
READ ALSO:
A display suite for the $35 million project, approved by Dubbo Regional Council, was opened at 99 Macquarie Street at the start of August.
Mr Walkom said the first five days of sales before the COVID-19 snap lockdown were "fantastic" with more then 30 per cent of apartments sold off the plan.
"..at this rate all the apartments could be sold by early September," he said.
Mr Walkom is encouraged by buyers being "mainly locals wanting to live in the landmark building".
"This shows the confidence in the market and the product on offer," he said.
"It also shows Dubbo is maturing as a regional city and its people are looking for quality cosmopolitan living.
"The apartment building and other new commercial buildings planned for the Dubbo main street CBD shows the underlying confidence that is reflected in Dubbo and its regional economy."
No.1 Church Street is being developed by Mr Walkom, his brother Kevin and Australian business icon Gerry Harvey, a long-time associate.
Mr Harvey has told News Corp Australia that No.1 Church Street will be the "biggest building in Dubbo by a country mile".
He has also suggested why its penthouse secured a record price.
"I don't think property prices have ever been as strong in the country," Mr Harvey said.
"This is nothing to do with COVID. We made the decision to do it before COVID.
"A lot of people are starting to move to the country. Demand for the country has never been like this before.
".. you can't rent houses in country cities because they are all rented out."
Demolition of the existing building on the development site is scheduled to begin next week.
Excavation of the site should be completed in early November.
For more information visit www.no1churchst.com.au.
Our journalists work hard to provide local, up-to-date news to the community. This is how you can continue to access our trusted content:
- Bookmark
- Make sure you are signed up for our breaking and regular headlines newsletters
- Follow us on Twitter
- Follow us on Instagram
- Follow us on Google News