Artist’s impression of the terrace at The Dixon penthouse in Tamarama.

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Tamarama is home to a showstopping new apartment price record after Gavin Rubinstein from TRG sold The Dixon penthouse at 5 Pacific Ave for “circa $20m”.

Prior to last week’s sale, the record for a unit in ‘Glamarama’ was set two years ago when Travelogic co-founder Craig Smith paid $17m for a 175sq m penthouse in the Kalypso building on Fletcher St.

The Dixon, a luxury development by STM Realty, launched to market in April and will include just four full-floor residences designed by Mark Shapiro Architects with interiors by Jessica Enander Dunne. Due for completion in 2026, it will have a front-row position facing Tamarama Beach.

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The Dixon is due for completion in 2026.

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The two-storey penthouse will offer 291sq m of internal living space including three bedrooms, three bathrooms, a large 135sq m terrace, an internal lift and two car spaces with storage.

“I’ve also just sold the garden floor unit for around $14m with a pool on title and about 200sq m internally. The building is half sold out in eight weeks for around $70,000/sq m,” says Rubinstein.

“The incredible thing is The Dixon hasn’t even started construction yet, that begins in August.

The penthouse has stunning views.

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“So, to sell those sorts of numbers without even putting a shovel in the ground goes to show demand out there.

“The good news is we’ve still got two left, a ground-floor unit and the subpenthouse.”

Rubinstein says the results have capped off a hot autumn season for himself and the TRG team.

“In May, we transacted over $160m worth of real estate in the east,” he says.

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“Myself, Oliver Lavers and Cae Thomas have had, respectively, an off-market sale for around $15m, one in the mid-to-high $15m range, and another at $16m in the last week in Bellevue Hill.”

He adds that the TRG May total also includes $25m in sales by Zac Rabin and Mark Lowe of the Woollahra TRG team achieved $20m.