The oceanfront penthouse occupies the entire sixth floor of the east tower in the luxury development The Esplanade, which is under construction.

The off-the-plan sale of 11/72-74 Cliff Road is expected to set a record for the highest sale for a single apartment in the street which fronts North Wollongong Beach and City Beach.

The Esplanade, a dual-tower complex which is being built on the former Villa Maria Nursing Home site, is being developed by Peter Taranto and builder Alex Pupovac.

The development comprises 34 apartments - 26 of which have been already sold off the plan since it went on the market in 2013. The complex will include a resort-standard pool, spa and tennis court.

Peter Taranto Real Estate sales agent Rob Austin said he was confident the penthouse would sell for its $4.5 million asking price.

"I don't know of anything better than it in the marketplace," he said.

"This penthouse is in the most magnificent location and the outlook and the finishes are just breathtaking. It is absolutely magnificent."

Mr Austin said the penthouse was filled with natural light due to the extensive use of glass and skylights.

"It's the very best of everything," he said. "All the latest appointments in tiling, carpeting and timbers."

The penthouse, which looks over the harbour, has an internal floor space of 275 square metres plus 225 square metres of balconies, a five-car garage and lock-up storage.

The building will be completed by the end of the year, with six boutique retail shops at ground level on the eastern tower.

According to Australian Property Monitors, the highest sale for a single unit in Cliff Road was $3 million in 2007.

lturk@fairfaxmedia.com.au