The Australian property group Coronation Property has splashed $45 million to acquire the site next door to its Ashbury Terraces development, currently under construction.
The 16,500sq m site at 149-163 Milton Street at Ashbury, 10kn south-west of the Sydney CBD is “shovel-ready” with a development application approval already in place for an SJB-designed precinct comprising 59 apartments and 68 townhouses.
Coronation’s managing director Joe Nahas said acquisition in the tightl held heritage-conservation suburb would enable them to extend their Ashbury Terraces development.
“This accretive acquisition allows for seamless amalgamation with our existing development site, enabling us to deliver a holistic solution and unified scheme for the best possible residential outcome,” Nahas said.
“SJB’s early engagement, coupled with the existing involvement of our in-house design team, dedicated development, construction, and sales and marketing teams working on Ashbury Terraces, it will be a seamless and efficient progression for us to extend our efforts next door.”
Nahas said this project would add to the much-needed housing supply in New South Wales, where it was estimated 85,000 new residents would move every year until 2041.
Nahas said he welcomed the announcement by NSW Premier Chris Minns to expedite the planning approval process for projects over $75 million with a 15 per cent affordable housing component. It would also enable a 30 per cent increase in floorspace ratio and a 30 per cent additional height above local councils provisional plans.
“It’s encouraging to see the Premier taking significant steps to facilitate an increase in affordable housing availability in the market and an overall boost in the number of new homes for the residents of New South Wales,” he said.
“As a company, we value our capacity to offer highly sought-after, quality residences. With this new initiative, we firmly believe that we can efficiently deliver a balanced combination of quality off-the-plan, build-to-rent, and key worker dwellings within a reduced timeframe. This will not only provide a broad range of housing options but importantly will make a significant contribution to meeting the escalating demand for new homes across Sydney in particular.”
The first stage of the Ashbury Terraces project comprises one, two and three-bedroom apartments with views to Sydney’s CBD.
The project is on track for completion by the end of next year while Coronation has a robust pipeline of mixed-use projects under way across NSW.
These include Charlie Parker in Harris Park, scheduled for completion later this year; Mason & Main in Merrylands; 8 Phillip Street in Parramatta; an urban renewal precinct in Erskineville; Moore Point in Moorebank, and a
Chatswood project launching soon.
