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LONDON: Downsizers have pounced on a new mixed-use project boasting out-sized apartments in a mid-city location.

Three days is all it took for 58 of the 59 soon-to-be-available apartments in a new luxury apartment complex in Sydney’s lower north shore to sell out.

More than 1500 inquiries resulting in more than 300 appointments over a single weekend were received for the new development in Sydney’s Lindfield, 14km from the CBD.

Property developers have aptly capitalised on the luxury apartment trend, a new phenomenon that has caught the attention of wealthy older Australians looking to downsize into more convenient locations, as well as younger ­people who have settled upon buying the biggest apartment they can as their entry into the property market.

Behind the new development is Third.i and Phoenix Property Investors, which have promised prospective apartment owners convenient and luxury living that won’t compromise on size.

The $180m project, marketed by CBRE Residential Projects, will deliver major changes to the existing property, more than doubling the size of a longstanding Coles supermarket and upgrading the centre’s parking space.

The project will also provide access to more retail vendors, a cafe and Liquorland. The existing Coles will be significantly expanded, with 237 car spaces to be added over two levels.

The Australian first reported on the new development’s entry to market last month after Third.i ­received approval on a development application to build a 7091sq m project, with the second phase of construction to begin in July.

Under a twice amended plan – Third.i originally sought to build 70 apartments – the Balfour Lane development will comprise 59 one-bedroom, two-bedroom, three-bedroom and four-bedroom residences with private courtyards and rooftop gardens.

Prices for the new apartments began at $845,000, with just under $100m secured in sales over the first weekend of April. It is understood that more than 30 buyers who missed out on purchasing a property over the weekend have since placed an expression of interest deposit for the last remaining apartment.

Third.i sales and marketing director Luke Berry said the sheer number of inquiries clearly demonstrated demand for larger, more liveable apartments.

“We truly wanted to tap into that need for larger living spaces for downsizers and young families and we couldn’t be happier to have finally shared what we’ve created with a new breadth of buyers this weekend,” Mr Berry said.

“Each floor plan is tailored to cater to that need of larger living spaces we’re seeing in the industry now and is clearly in scarce supply.

“When we began working on the design brief with PPI & Coles Group, we immediately identified there was an opportunity to improve the residential elements of the development application to re-imagine the apartment layouts to create a mix of much larger apartments not typically seen in developments of this size.”

CBRE managing director David Milton said the project set a record in terms of inquiries.

“It’s been the most highly sought-after project due to the quality of the offering; the value and the convenience people associate with being above the new Coles supermarket in the centre of Lindfield,” Mr Milton said.

“We’ve seen the highest level of inquiry on this project, which has stood out from any other, generating over 1000 inquiries in our first week of marketing.

“At our VIP opening on the weekend, we had over 300 groups inspect with a large number of buyers who missed out on their apartment of choice paying an EOI in the hopes that something becomes available.

“Third.i are meticulous in their planning and in the developments that they make, and this is reflected in the exceptional demand.

They have done a wonderful job of crafting a project that embraces unique features and caters to the need of spaciousness for each potential buyer lifestyle.”