- The inner-city site is located at 56 Ashmore Street
- Will deliver a further 1,010 residential apartment - both, for sale and for rent
- Part of Coronation's strategy to build an inner-city residential footprint
Sydney-based developer Coronation Property has announced the acquisition of a major inner-city development site in Erskineville for $315 million.
Located at 56 Ashmore Street, the 50,000 sqm site comprises future stages of the Park Sydney project, which is currently being developed by Greenland Golden Horse.
Coronation will deliver another 1,010 residential apartments to the site, consign of both build-to-sell and build-to-rent assets, alongside 5,000 sqm of retail.
Located four kilometres from the CBD, the site is one of the largest and last unencumbered freehold parcels of land in the City of Sydney local government area.
Plans are expected to be submitted to the City imminently to accelerate delivery of the mixed-use development.
The acquisition adds to Coronation’s pipeline, which includes the recent purchase of a mixed-use site in Chatswood. These two projects represent the developers plan to increase its residential footprint within 10 kilometres of the Sydney CBD by acquiring well-located sites in high performing and established markets.
Coronation Property’s Managing Director, Joseph Nahas, said the team is looking forward to bringing a fresh perspective to the urban renewal of Erskineville.
“As a company, we are dedicated to transformative placemaking and delivering aspirational developments that serve both residents and the wider community through elevated design and well curated spaces,” he said.
“We are excited to add to the existing fabric of this vibrant and leafy village. We believe strongly in the power of landscape as a neighbourhood connecter, and we intend to embrace and incorporate the areas’ natural surrounds into the development.
“The former industrial site is in an incredible location on the fringe of the rapidly transforming precincts of Alexandria and Waterloo, and is also close to Sydney Park, which is one of the city’s most loved green spaces.
“We expect that our focus on delivering quality design, and premium amenity at Erskineville, along with its prime location, proximity to Sydney CBD, parks and other key infrastructure, will elevate the living experience of our residents.”
The Colliers team of Guillaume Volz, Eugene White, Henry Burke and Joseph Lin sold the site.
“Notwithstanding recent head winds with construction pricing and rising interest rate, buyers of major Sydney sites are looking through current sentiment and considering the underlying strength of the market based on 14-year low new apartment completions, and ongoing undersupply following years of minimal new commencements,” saif Mr Volz.
“Coupled with the emergence of major BTR buyers that see value in the rising rental market, activity for major sites, such as Park Sydney, is still strong from developers looking to secure pipeline in a market typified by limited quality sites.”
The site has an added benefit due to it proximity to major universities, hospitals, retail precincts and restaurants. In terms of connectivity, it is 650 metres from Erskineville Station, which is two stops to Central Station.
Coronation presently has over $7 billion worth of mixed-use projects across Sydney, including Mason & Main in Merrylands, 8 Phillip Street in Parramatta, Ashbury Terraces in Ashbury, Charlie Parker in Harris Park, Moore Point in Liverpool, and the development in Chatswood.
