Apartment Developments Q&A with Ben Stewart

Market Insights
7 years ago
3 minutes
How did you get your break into the property industry?
With my father being a property developer I was brought up learning about the industry and I developed an interest in developments from an early age.I started working alongside Bob Hamilton, the founder of Mirvac, in the early stages of my career. I’ve learned a lot about selecting great locations, design and finishes that stand the test of time and building brands and reputations on delivering a great end product.

You have been responsible for some major Penthouse sales including a $22million sale at Bennelong Point and $11m in Potts Point Omnia Building. What key features does a penthouse buyer look for?

Views and aspect are very important to the penthouse buyer, along with a very high level of design detail when it comes to fixtures and fittings to provide that sense of luxury that is an essential part of the seamless design they expect. The overall size of penthouses has decreased, owners aren’t wanting as many living areas, but rather larger rooms and more secure car spaces and a grand lobby and concierge as this is the front door of their home.

Would you say there is an under supply of high end, penthouse and 3 bedroom apartments in Sydney?

In the Sydney CBD at the moment and the inner east there is nothing available that is brand new and completed for sale. There is definitely a market waiting for developments in these areas and a shortage of prestige apartments on offer to service that demand.

What are millennials and the next generation of buyers looking for in an apartment?

Millennials are the latest generation to enter the property market looking to invest or purchase their first home. Views, proximity to their employment and easy access to lifestyle choices like being within walking distance to restaurants, public transport and entertainment options are high on their list of priorities. Along with a high level of fixtures and fittings, smart design with ample storage space and secure car spaces also figure into the buying equation for them.

The popularity of 3 & 4 bedrooms are increasing, what factors are influencing this and do you see it continuing?

Three and four bedroom apartments are becoming more popular as people are wanting to incorporate very similar amenities in their apartment that they may have found in a house, things like multiple bedrooms, bathrooms and formal and casual entertaining areas are very important. Smartly designed kitchens with ample bench space, good quality easy to use appliances and ample storage are highly desired. Apartments with winter gardens are popular along with other features within a building like a pool or gym are value ads for owners. 

What has been your favourite project to work on to date and why?

It’s difficult to pick favourite projects having worked on so many that are varied and unique in their own right. The Residence Hyde Park comes to mind, the building design perfectly captured the views of Hyde Park and Sydney harbour and the majority of the floors housed only two apartments per floor.

Barangaroo Sydney. The exciting part about Barangaroo is that it is going to set a world class precedent and it’s very exciting to be involved in a development at the embryotic stage. Barangaroo will be known all around the world in years to come once it’s completed with its open spaces, parks, entertainment and restaurants.

What inspires you today?

I have a great client base which continues to flourish bringing with it repeat business. It’s working with people to consistently deliver a high standard of service that positively impacts on buyer’s lives that I find really satisfying.

Find more information on CBRE Residential and their Projects here.