$315m acquisition to transform Sydney inner-city
56 Ashmore St & 165-175 Mitchell Rd, Erskineville.
A 50,000 sqm inner-city development site has been acquired for $315m as part of a larger development project including residential apartments and retail spaces.
The site, located at 56 Ashmore St and 165-175 Mitchell Rd Erskineville, was acquired by Sydney-based developer Coronation Property.
The developer is expected to deliver 1,010 residential apartments on the site – with a mix of build-to-rent formats, as well as 5,000 sqm of retail.
The 50,000 sqm site was acquired for $315m
According to Coronation Property Managing Director Joseph Nahas, the developer intends to incorporate a supermarket and specialty boutique stores such as cafes, restaurants, green spaces and pedestrian pathways on the developed site.
“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,” Mr Nahas 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 connector, and we intend to embrace and incorporate the areas’ natural surroundings into the development.”
The developer intends to incorporate a supermarket and specialty boutique stores on site.
Having recently purchased a mixed-use residential site in Chatswood, the acquisition of Erskineville follows a development pipeline for Coronation to secure well-located sites established in high-performing markets.
The Erskineville site is located near the transforming precincts of Alexandria, Waterloo and Sydney Park and also is situated 650m from Erskineville Station – just a 12-minute journey to Sydney’s CBD.
“As a company, 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 connector, and we intend to embrace and incorporate the areas’ natural surroundings into the development.”
Coronation has expanded its pipeline of sites in high-performing commercial markets.
“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.”
Coronation’s growing Sydney portfolio consists of over $7 billion worth of major mixed-use projects across the city and includes developments such as Mason & Main in Merrylands, Ashbury Terraces in Ashbury, 8 Phillip St in Parramatta, Charlie Parker in Harris Park, Moore Point in Liverpool, and a new development in Chatswood.
MORE:
‘From crowds to crickets’
Nicole Kidman buys up big in city hotspot
Investor suburbs where buyers have bargaining power
