Coronation Property acquires $200 million Chatswood development site
JUNE 2022 | MEDIA RELEASE
Leading Australian Developer and Builder, Coronation Property has today announced its continued expansion into Sydney’s inner-city ring with the acquisition of a $200 million mixed-use development site in Chatswood.
The site's prime location at 57-61 Archer Street, Chatswood places it at the centre of the suburb and across the road from key amenities including Westfield Chatswood and Chatswood Chase, and less than 10 minutes’ walk to the Chatswood Station.
Coronation Property intends to utilise the connected site to deliver a mixed-use precinct with approximately 2,000sqm of retail space and 130 luxury residential dwellings.
Head of Urban Transformations at Coronation Property, Aras Labutis, discusses how the acquisition represents an important milestone for the company as they continue to focus on mixed use sites within a 10km radius of Sydney’s CBD.
"The Chatswood site presented a unique opportunity for Coronation Property to contribute to what we see as one of Sydney's fastest-growing precincts. With the State and Willoughby Councils' commitment to further developing Chatswood as a major employment and residential hub, we are excited to respond to the demand for more housing in the area and build upon an already highly sought-after community.”
"The site is in an ideal location, in a blue-chip area that is currently experiencing extensive investment into its town centre and the surrounding infrastructure. These factors will drive further growth in the area and make Chatswood an excellent opportunity for owner-occupiers and investors."
Over the last five years, Willoughby Council has been consulting with the Chatswood Community to develop a strategy to grow the town centre as a major employment hub and a vibrant residential precinct. Coronation Property's project will tie into the overarching vision to enhance Chatswood's evolving growth strategy by bringing their extensive urban regeneration and mixed-use development expertise.
Coronation Property intends to work closely with the State and Willoughby Council throughout the citywide rezoning process.
The acquisition of Chatswood further solidifies the robust development pipeline of Coronation Property, which currently has over $5.2 billion in major mixed-use projects underway at 8 Phillip Street in Paramatta, Charlie Parker in Harris Park, Mason & Main in Merrylands, Ashbury Terraces in Ashbury and Moore Point in Liverpool.
Construction for Coronation Property's Chatswood site is anticipated to commence in 12 to 18 months, pending Development Approval.
Read the article as featured on Urban Developer here.