JULY 2022 | AS FEATURED ON THE URBAN DEVELOPER HERE
Leading Sydney-based developer, Coronation Property, has announced the acquisition of a major new inner-city development site, located at 56 Ashmore Street and 165-175 Mitchell Road, Erskineville.
Acquired for $315 million, the 50,000sqm site comprises the future stages of the Park Sydney project, currently being developed by Greenland Golden Horse.
Coronation Property will deliver a further 1,010 residential apartments on the site, with the intent of combining a mix of build-to-sell and build-to-rent formats, as well as 5,000sqm of retail.
The site is one of the last and largest unencumbered freehold parcels of land in the City of Sydney, and is ideally situated just four kilometres from the Sydney CBD.
Coronation intends to progress site plans with the City of Sydney imminently, in order to accelerate the delivery of a prestigious mixed-use development that will incorporate a supermarket, as well as a highly curated selection of specialty boutique stores, cafés, restaurants, green spaces, and pedestrian pathways.
Having recently purchased a mixed-use residential site in Chatswood, the acquisition of Erskineville further solidifies Coronation’s robust development pipeline and strategic focus to increase its residential footprint within a 10km radius of Sydney’s CBD.
According to Joseph Nahas, Managing Director of Coronation Property, the acquisition of the Erskineville site aligns with Coronation’s strategy to secure well-located sites in established and high-performing markets.
“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. We look forward to bringing a fresh perspective and our innovative take on urban renewal to Erskineville,” said Mr Nahas.
“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 site also benefits from its proximity to Sydney’s major universities, hospitals, retail precincts and restaurants, and is situated just 650m from Erskineville Station, from where it is only two stops to Central or a 12-minute journey to the Sydney CBD.
The Erskineville project is set to join Coronation’s growing Sydney portfolio, with the company developing over $7 billion worth of major mixed-use projects across the city, including Mason & Main in Merrylands, Ashbury Terraces in Ashbury, 8 Phillip Street in Parramatta, Charlie Parker in Harris Park, Moore Point in Liverpool, and a new development in Chatswood.
