AS SEEN ON: BTR NEWS AUSTRALIA
Published on 15 February, 2024
Australian developer and builder Coronation Property Group announces a new partnership with one of the country’s biggest Community Housing Providers (CHP) – Evolve Housing.
Under the agreement, Evolve will manage approximately 150 affordable homes within Coronation’s $1.5bn master-planned urban development at Erskineville, which will transform the former industrial site into a new lifestyle destination in inner-city Sydney.
The proposal intends to utilise the incentives under the Housing SEPP legislated late last year, where affordable housing is provided and is subject to DA approval.
The Erskineville Village site will be redeveloped into six buildings, featuring over 1,000 Build to Rent apartments. It will fit in-line with the Minns Government’s policies aimed at creating greater density in well-connected urban areas.
The Erskineville Village project is expected to complete by 2026 and will be operated by Nation, Coronation’s stand-alone subsidiary company.
“The team at Coronation is proud that we’re ‘on the ground’, playing a key role in providing a secure supply of high-quality, affordable rental properties in the heart of Australia’s most expensive City. We are all excited that our partnership with Evolve means that frontline workers, like nurses and paramedics, can finally get the chance to secure a home – and live close to where they work in the inner-city of Sydney.”
Joe Nahas, Managing Director, Coronation
The Build to Rent scheme is 4km from the CBD and close to transport networks, universities and major hospitals.
Coronation have recognised that the partnership with Evolve would ensure that essential health workers from local inner-city hospitals like Royal Prince Alfred (RPA) and St Vincent’s will have access to affordable, nearby rental properties that will help them avoid long-commutes to work.
“We look forward to collaborating with Coronation and providing more affordable housing options for key workers and low-to moderate income earners, who might otherwise find it difficult to afford a suitable rental property.”
Lyall Gorman, CEO, Evolve
Nation is projected to deliver around 1,500 apartments by 2025.