Melbourne-based developer Golden Age Group has announced its second Sydney acquisition, purchasing a 5038 square metre site in Sydney’s Waterloo with joint venture partner Time&Place.
The $35.5 million purchase of 1-9 Lachlan St, Waterloo, was brokered in an off-market deal by CBRE and includes development approval for 143 one, two and three bedroom apartments over an eight level building designed by Turner + Associates Architecture.
The site, located four kilometres from Sydney’s CBD, will also feature a childcare centre and three other retail spaces when developed next year.
Apartment sales are anticipated to commence later this year, with construction earmarked for the first quarter of 2016.
It is the second Sydney site acquisition for Golden Age Group, which purchased 85 Harrington Street in Sydney’s The Rocks precinct in 2014 with Hannas Group.
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Golden Age Group managing director Jeff Xu said the partnership with Time&Place aimed to produce an aspirational apartment project for owner occupiers and a quality product for investors.