The covers are off the first stage of Coronation Property’s $1.5-billion urban transformation of a 50,000sq m former industrial site at Erskineville.
The vertically-integrated developer acquired the site at 57 Ashmore Street for $315 million in June 2022 from Greenland Golden Horse, a joint venture between Greenland Australia and GH Australia, which also developed Park Sydney in Erskineville, 6km south-west of the Sydney CBD.
The acquisition included a 6.9ha parcel for future stages of the Park Sydney project comprising up to 1400 apartments, after the group completed 330 apartments and divested.
Coronation Property managing director Joe Nahas said the $1.5-billion development would be an “incredible” addition to the urban landscape at Erskineville.
“It acknowledges the character of the suburb while delivering a new standard of living to the area,” Nahas said.
“We are proud to be joining the neighbourhood with this significant redevelopment of the largest remaining unencumbered parcel of land in the City of Sydney.
“The site is just over 4km from Sydney’s CBD and situated close to major education, health, and transport hubs—yet has been inactive for several years.
The plans are for about 1000 new mixed-tenure homes including terraces, apartments and high-end build-to-rent, an asset class they are already active in.
A 7500sq m public park will sit at the heart of the masterplanned community.
Coronation Group general manager David Cremona said the developer was focused on upgrading critical infrastructure.
“Importantly, our delivery team has devised precise strategies to ensure that these infrastructure upgrades, and the construction of new structures is carried out smoothly and efficiently with the least possible inconvenience to our site neighbours,” Cremona said.
Surry Hills-based architects Silvester Fuller recently won the design competition for residential building E.
Silvester Fuller director Penny Fuller said the scheme was “wrapped in an overall concept focused on creating uplifting spaces to be in and around—a building that makes you smile”.
“Our park edge location has informed a close relationship between building and landscape,” she said.
The City of Sydney Council recently approved designs for residential building D, which comprises six luxury three-bedroom terraces. Winning designer Andrew Burns Architecture principal Andrew Burns said it was a return to their roots.
“We have endeavoured to introduce the crafted quality of bespoke architectural houses into the design of the terraces,” Burns said.
“Our vision was inspired by the neighbouring Victorian-era terraces found in Erskineville and across inner-city Sydney. We drew on the idea of the ‘grand terrace’ that traditionally comprises a group or row of adjacent terraces forming a larger structure while retaining an individual identity for each dwelling.”
Construction was slated for the third quarter of 2023, and 150 Silvester Fuller-designed apartments are scheduled to launch in late 2023 with one-bedrooms starting at $800,000.
Coronation is also due to complete 126 new homes at its Harris Park development, Charlie Parker, in late 2023, while the organisation has a robust pipeline of mixed-use projects under way across Greater Sydney.
