Real estate

The interview: The Stable Group’s Ed Horton on Sydney’s ultra-luxury property market and the launch of Waruda Kirribilli

Sydney locations don’t come much more prime than two doors down from the Governor General. The site at 20 Waruda St, Kirribilli, commands knockout views of the harbour icons, and for Ed Horton, co-founder of boutique luxury developer The Stable Group, it demanded a level of presentation to match the prestige address. The result – an exclusive collection of meticulously considered, full-floor residences – is poised to hit the market as one of the most desirable properties in Sydney.

Boulevard: Firstly, tell us about The Stable Group and your approach to the ultra-luxury segment?

Ed Horton: We’ve been around since 2003, and have forged a niche in the market: creating smart and sustainable commercial and residential buildings.

We challenge convention, and we’re very targeted in our approach—we don’t just build and hope people will come. Sometimes we find a site and ask what market it suits, and that determines whether we proceed—whether we can create something purposeful for a designated market.

We approach projects differently, with a focus on technology, sustainability and engineering. We use passive engineering techniques to ensure buildings work efficiently throughout their lifespan – managing indoor air quality, reducing energy consumption, and using clever material and design choices to optimise airflow. In fact, we often go back to the basics – studying how buildings were historically designed for temperature control and comfort. We draw inspiration from ancient methods, like those used by Egyptians or Eskimos, who built to suit their climate using passive design principles.

We don’t do a lot of projects, but the ones we take on are significant. Our buildings – whether commercial or residential – focus on creating low operating costs, not just for the first year while under warranty, but for the building’s entire lifespan.

As a result, our properties tend to achieve higher market rates, whether for sale or lease. And we’ve been recognised with some prestigious awards—including our recent win for excellence in design at the 2024 UDIA NSW Awards.

Blvd: And how does that ethos take shape with this new property?

Horton: It started with the site itself, the location, which was incredibly appealing to us, because we knew that we’d never get that opportunity again. The building is already taller than the existing codes allow, and we’ve stripped 100% of the facade—very little of the existing building remains, but from a planning point of view, it allows us to maintain the height.

The first three levels have corridor views to the Opera House – beautiful, but somewhat limited. Then the next four levels offer stunning 270-degree views of the harbour. And the penthouse has exclusive use of the rooftop level, with sliding doors that open the upstairs dining room to the exterior living area. There’s also an outdoor kitchen up there, a small pool and sauna—all exclusive to the penthouse.

Blvd: And what is the market – the client profile – that you started with?

Horton: First of all, these are not clients who will be needing mortgages, so we’re not governed by the vagaries of interest rates. That provides a certain security in terms of market conditions. Our purchasers are private individuals who want something exclusive. They don’t want to be in a high-density building with twenty, thirty or a hundred other people – sharing lifts with strangers and their guests.

There’s a significant amount of domestic wealth seeking interesting, long-term family office investments for generational retention. We also anticipate strong demand from international buyers, given the location.

Even if they only visit once or twice a year, they appreciate having something private, secure, discreet, and in a prime location next to the Governor-General and the Prime Minister. And, of course, with stunning views across to the Opera House—it’s truly a postcard view of Sydney. I often say that it feels like looking into the heart and soul of Australia from these apartments.

Blvd: What do you think will appeal most to this particular client profile?

Horton: Perhaps around half of the buyers will live here permanently, while others will value the trophy status, exclusivity, quality, privacy and concierge service. We’ve designed the building with that in mind. For instance, we have two lifts, one of which is both a passenger and service lift that opens directly into the butler’s pantry and laundry. This means you could authorise the concierge to handle things like laundry or receive and store dry cleaning while you’re away. If you’re hosting a catered event, the staff can enter and exit through the back without disturbing your guests.

Blvd: What do buyers expect of condo properties in Sydney? What’s in demand at the top end?

Horton: Up until recently, cookie-cutter standards are typically what you get. As a rule, you could look at five places in the market and four would be pretty much the same in terms of the layout, the bedrooms, bathrooms, kitchen, laundry, the services, the technology and so forth. There might be one exception.

But at this end of the market, buyers tend not to look at metre rates, or even at the price relative to the market. They look at what the product is. And if they can get what they want, they’ll pay more.

Developers invariably have been loath to stick their necks out and do more, because it means targeting a very niche audience. If those buyers don’t respond, you’re left with a shallow market and a difficult position. But that’s changing—the high-end market is growing stronger and more sophisticated. Buyers are increasingly willing to pay for unparalleled quality and thoughtful design. Features like custom-designed shoe cupboards with leather interiors, illuminated drawers, and exceptional finishes aren’t typically found even in expensive properties, but they make an impact at this level.

We’re setting a new standard with features like dry cabinets in the laundry, multiple fridges and wine fridges, and advanced technology like circadian rhythm lighting. It’s these little things that demonstrate to people that we’ve gone the extra mile in creating something different to what you would typically find in the market.

“At this end of the market, buyers tend not to look at metre rates, or even at the price relative to the market. They look at what the product is.”

Blvd: You mentioned materiality earlier—could you elaborate on the finishes and how they contribute to the positioning of the property?

Horton: The building is designed to look brand new for the next fifty years. It has a stone facade with powder-coated horizontal banding around the spandrel, which has been treated to resist fading. The stone facade is produced in Spain and designed as a rain screen, which prevents mould, mildew, stains, and also eliminates the need for painting. At the rear, the building features a unique brick design in a beautiful fish-scale pattern, which is both striking and architecturally distinctive.

Internally, the finishes include beautiful stone floors as well as timber in a herringbone pattern—with underfloor heating. The walls are finished with stucco and polished plaster throughout. We have recessed LED lights sequestered into the ceilings, creating soft, ambient lighting throughout. Bathrooms feature exquisite stone finishes, and the main bedrooms each have two walk-in robes and ensuites, as well as a separate powder room and a study. The kitchens are spacious and include a fully-equipped butler’s pantry. The large laundry includes an integrated ironing board, drying cabinet, washer and dryer that are all connected and controlled through a single interface to avoid cluttered controls. We’ve also included a dedicated technology room to manage servers and home systems. And solar panels on the roof feed energy into a battery storage system, helping to reduce body corporate operating costs by lowering the building’s overall energy consumption.

Blvd: Where do you see the Sydney market heading? Is it towards a higher, more distinctive level of ‘ultra-luxury’?

Horton: I think there’s a growing maturity, acceptance and understanding among buyers at this end of the market, which is a good thing. Because Sydney is still relatively cheap compared to the prices in London, New York or Singapore.

There’s a lot of wealth moving in and out of Australia, and many affluent Australians prefer discreet, elegant properties over flashy buildings with bells and whistles. They want something luxurious yet understated and private.

And if you’re a foreign national who’s only here occasionally, you want to have something that is private, secure and not overcrowded with people. With the Australian Federal Police (AFP) stationed just 50 metres away protecting the Prime Minister and Governor-General, the security is unparalleled. There’s even an AFP patrol boat regularly monitoring the area. The nearby Beale Street Wharf offers water taxi access just metres away, so you can easily get to the Opera House, the city, the fish markets or the Eastern Suburbs.

What we’ve assumed, learned, and confirmed is that the money out there will pay if you create something that ultimately appeals to the buyers. So it’s a question of working out what would appeal to them and understanding that sector. Once you understand that and you’ve got the courage to actually go and create something, people will buy it.

So it’s about having a granular appreciation of what people want, in terms of kitchens, dining, heating technology, laundry, storage and more. It’s the little things, like plenty of linen presses, plenty of storage for luggage.

These people appreciate quality and craftsmanship. They value fine watches, luxury cars, motorcycles, exceptional restaurants and services. They care about their possessions. They lead busy lives, and when they come home after a long day at work, they want a space that’s comfortable, functional and beautiful. When you learn that about people in the market, you can then create things that would appeal to them.

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