Coronation Property has paid $315 million for one of the last unencumbered freehold parcels of land in the City of Sydney.
The developer bought the site from Greenland Golden Horse, who listed it this year.
The 50,000sq m parcel of land at 56 Ashmore Street and 165-175 Mitchell Road in Erskineville, 4km from the CBD, has been earmarked for the future stages of the Park Sydney project.
Greenland Golden Horse is working with Coronation Property to develop the project.
The project comprises 1010 build-to-sell and build-to-rent apartments and 5000sq m of retail.
It is close to major universities, hospitals, retail precincts and the Erskineville station, and is a 12-minute bike ride to the Sydney CBD.
This is Coronation's second significant buy recently—earlier this month it put its foot on a 2000sq m site on Sydney’s lower north shore where it plans to develop a $200-million apartment project.
Coronation managing director Joseph Nahas said that the developer intended to file plans for a mixed-use development project that would include a supermarket, boutique stores, cafes, green spaces and pedestrian paths.
“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,” Nahas said.
“We look forward to bringing a fresh perspective and our innovative take on urban renewal to Erskineville.”
Coronation has more than $7 billion in major mixed-use projects across Sydney, including Mason and Main in Merrylands, Ashbury Terraces in Ashbury, 8 Phillip Street in Parramatta, Charlie Parker in Harris Park, Moore Point in Liverpool and most recently a project under way in Chatswood.
It is also known for the award-winning mixed-use residential project, The Paper Mill, in Liverpool with 882 homes and 1800sq m of dining space at The Paper Mill Food on the Georges River.
