Report: $15M Sydney penthouse to become student apartment

With a swimming pool, harbor views and marble en-suite bathrooms, a $15M penthouse seems an unlikely student apartment. 

But that's exactly what one such property in Sydney, Australia will reportedly become after it was bought by a Chinese investor.

“I believe the buyer’s kids are at university here and they’re going to live there,” a source, who was not authorized to speak on the record, told the Sydney Morning Herald newspaper.

Neither of the property agents who jointly brokered the deal - Savills Residential and CBRE - would comment on the identity of the purchaser of the apartment, which is in a building known as The Residence in the city’s exclusive Hyde Park neighborhood.

But they did confirm the sale had been completed on Friday.

"This was an extraordinary sale and clearly demonstrates that the top end of the luxury housing market is gaining momentum," said Savills divisional director, Nigel Napoli told the paper.

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The apartment, in the city's former police headquarters, underwent $1 million worth of renovations last year.

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Another penthouse in the building is still on sale, also for about $15 million.

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