- Funding finalised for Princeton's two residential developments in Sydney's Botany and Blakehurst
- Hold a combined worth of $73M, with construction to commence in Q2 2022
- Will deliver a combined 68 new apartments and 5 retail stores to growing area
Sydney-based investment house Princeton has announced it has finalised the funding for two residential developments based in the waterside suburbs of Botany and Blakehurst.
The projects total a combined worth of $73 million and are set to join a multi-million dollar portfolio of Princeton developments, all based in New South Wales.
Construction on both of the projects is expected to commence in the second quarter of this year, with completion scheduled for the final quarter of 2023.
Botany and Blakehurst to house new developments
Set in a bayside suburb south-east of Sydney, Princeton’s Botany project will introduce 36 new residential apartments and five retail stores to the area.
The investment house has secured two sites, 1-5 Rancom Street and 1637-1647 Botany Road, which will become home to the $38 million development.
Favoured by professionals and families for its proximity to Sydney and relaxed vibe, Botany is growing in popularity with the population currently around 11,000.
Princeton’s second finalised project is set within the suburb of Blakehurst, located along the north bank of the Georges River.
The 6-8 Vaughn Street site will house 32 residential apartments, with an end value of $35 million.
The Vaughn Street development site was campaigned by Trent Gallagher of Colliers last year, who described the demand for residential development sites in South Sydney as “at an all-time high”.
“Blakehurst is the most prestigious postcode in the St George precinct and the site would be ideal for large apartments tailored to owner occupiers and the empty nester market.”
Trent Gallagher, Colliers
At the time of the Colliers’ campaign, the Vaughn Street site had already received DA approval for a 32 apartment development and a 59-capacity car park across two levels.
Joins expanding Princeton portfolio
Princeton founders George Gadallah and Craig Anderson said the announcement of these projects highlights the growth predicted in Sydney’s South.
“Over the last number of years, we’ve seen growth in Sydney’s Southern region, leading to an increased demand for apartment living. We are excited to be at the forefront of this growth and to provide funding for contemporary apartment living,” said Mr Gadallah.
The Botany and Blakehurst projects are the latest in several residential projects launched by Princeton in Sydney over the years.
The projects follow the announcement of a $70 million luxury living complex in Bondi, the first of its kind for Princeton, which is due to complete construction late this year.
“It’s an exciting time for Princeton and we are excited to add two more projects to our growing portfolio.”
George Gadallah, Princeton Co-founder
