AVID Property Group has made its first strike into re-entering the humming Sydney apartment market with the announcement of plans for a six storey, 32-home, terrace-style project on 990 square metress land at 23-47 Flinders Street, Surry Hills.
The proposed project on Flinders Street was acquired for $14.5 million.
"We've made no secret of our appetite for growth, project diversity and our target of $1billion company value within the next five years," AVID Property Group CEO Cameron Holt said.
“This acquisition, right on the edge of vibrant Darlinghurst, is a significant statement of our intent, in terms of both the location, style and scale of our plans.
Mr Holt said it was a great opportunity to re-enter the apartment space in a prime location with dwindling supply and strong fundamentals.
With four street frontages, the island site is intended to become the location of a catalytic regeneration project for the area.
“The project will transform a very ugly and disused site, at one of the key entry corridors to the city, into a thriving lifestyle site with a one-of-a-kind boutique apartment complex that will embody the terrace housing character of the precinct,” Mr Holt said.
Just 1.6 kilometres from Sydney’s CBD, Surry Hills/Darlinghurst is continuing to transform with an eclectic mix of cafes, bars, high-end restaurants, entertainment outlets and residential housing styles.
The proposed development will be subject to development consent and will consist of a mix of studio, 1, 2 and 3 bed apartments.
Mr Holt said Avid will collaborate with local designers to develop a product concept that can be described as "terraces in the sky, recognising the established terrace housing typology but giving it a contemporary and high quality interpretation."“This project will be a beachhead for AVID in many ways,” Mr Holt said.
“As well as its value as a standalone project, it will give us a foothold in the Sydney market which is being propelled by relatively high levels of net migration, low unemployment and strong economic performance."