RARE CBD CAR SPACES NEAR OPERA HOUSE COULD FETCH $2 MILLION

It’s the real estate unicorn of Sydney – an inner city car space. Having a private place to park in the CBD is almost as rare as gold dust, but a current listing is offering a sextuplet of scarce spaces with multimillion-dollar potential.

The unusual sale is for six secure car spaces on a single title at 2 Phillip St, Sydney, adjacent to bustling Circular Quay.

Positioned within metres of the Opera House, Botanic Gardens, Bennelong Apartments and Opera Residences, the parking is also beside a sea of elite harbour front eateries in the popular precinct, including Matt Moran’s Aria, and Peter Gilmore’s Quay as well as Bennelong.

Located under The Quay, a 29-storey residential building beside Circular Quay train station and ferries, the spaces have direct street access and measure a total of 85 sq m on title.

The parking spots will go under the hammer all in one line on May 16 at an on-site auction, which could generate interest of more than $2 million, says listing agent James Cowan, head of NSW investment services at Colliers.

“This is a tightly held and undersupplied asset class in the CBD,” he says.

“Reduced on-street parking, coupled with construction, rezoning, and conversions, has all contributed to a critical shortage of car spaces. This scarcity is expected to drive strong interest during the auction campaign.”

Despite the princely sum, if the spaces meet price expectations, each spot would still cost less than the current record for an individual space in Sydney.

That crown goes to a 30 sq m lock-up garage on Roslyndale Ave in Woollahra. It reportedly sold for a head-turning $500,000 in June of last year to a family that had spent $6 million on a nearby house without an enclosed parking garage.

Other pricey sales include a Notts Avenue, Bondi Beach car space, which was snapped up for $304,700 in January last year, and an undercover single-car park on Onslow Avenue in Elizabeth Bay that fetched $249,000 in February 2019.

Cowan and his co-agent Cameron Colquhoun believe the prime location is behind the already high level of inquiry and conversations with potential buyers, pointing to the $2 million figure.

“The prestige and amenity of the surrounding precinct enhances the appeal to both investors and owner-occupiers,” Colquhoun says.

In addition to the dress circle position beside some of Sydney’s most iconic landmarks and fine dining venues, the spaces are also next to the historic Royal Automobile Club of Australia on Macquarie St, making it a dream destination for car connoisseurs and collectors who want to secure their vehicles in the heart of the city.

Six inner city parking spaces at lot 51, 2 Phillip St, Sydney will go to auction on-site on Friday, May 16 at 10.30am with Colliers.

Australia’s housing debate is often dominated by affordability and supply, but a new collaboration between Brickworks and acclaimed architecture firm Kennedy Nolan argues the conversation should also focus on the quality and longevity of the homes being built.

The project, titled Our Next Neighbourhood, examines how suburban housing could evolve in response to shrinking block sizes, rising energy costs, increasing density and changing family structures.

Rather than proposing luxury dream homes, the initiative focuses on what its creators describe as achievable suburban housing models that are more flexible, sustainable, and better suited to modern Australian life.

Brickworks commissioned Kennedy Nolan to investigate what suburban housing might look like if “design, long-term liveability and enduring materials were placed at the centre of the conversation”.

The result is two housing concepts, known as the Street Terrace and Canopy Terrace, which explore higher-density living while maintaining access to green space, natural light and privacy.

The designs incorporate adaptable floorplans that can evolve as family needs change, along with passive design principles intended to reduce reliance on mechanical heating and cooling.

Brett Ward, General Manager of Marketing at Brickworks, said the company wanted to broaden the discussion around housing beyond simply increasing supply.

“Much of the housing conversation today is understandably focused on supply and affordability, but there is an equally important discussion to be had about the quality and longevity of the homes we build,” he said.

“We wanted to explore how thoughtful design, combined with durable, resilient materials, could create homes that not only function well today, but continue to support Australian families and communities long into the future.”

Kennedy Nolan said the project was partly inspired by concerns that contemporary housing often struggles to adapt to changing household structures and environmental pressures.

The architects said innovation in suburban housing was “essential” to address changing family groupings, energy use, urban heat island effects and growing disconnection from place.

According to the design team, the concepts draw on lessons from some of Australia’s most influential housing projects while seeking to create neighbourhoods with stronger links to landscape, community and local identity.

Rachel Nolan, founder of Kennedy Nolan, said the practice saw an opportunity to reimagine suburban housing as something “more connected to our climate, our landscape, our communities and our Australian identity”.

The project comes as policymakers, developers and planners continue searching for ways to deliver more housing without sacrificing liveability, neighbourhood character or long-term sustainability.

RARE CBD CAR SPACES NEAR OPERA HOUSE COULD FETCH $2 MILLION

Six ultra-rare car spaces near Circular Quay are set to fetch millions at auction in one of Sydney’s tightest property plays.

Brickworks has enlisted acclaimed architecture studio Kennedy Nolan to explore how homes could become more adaptable, energy-efficient and connected to community.