Construction is picking up in Sydney with work on the next stage of Sekisui House’s $2-billion development at Wentworth Point about to begin.
About 2100 apartments across seven buildings will be constructed on the former industrial site, 13km west of the CBD on the Parramatta River under the masterplan.
Architecture firm Turner have designed the project, dubbed Sanctuary, on the 9.4ha site that includes space for the future Parramatta Light Rail link.
The next phase of the six-stage project is Willow, a 309-apartments and a lagoon-shaped pool that will add to the “green-heart” of the neighbourhood.
Average completions across Sydney dropped to a low of 21,011 in mid-2023 and have been through a “trough” but are expected to improve, according to the NSW Government’s urban development dashboard.
Completions dove to 30.1 per cent below the five year average but are forecast to increase to 29,520 homes in 2027. It is a vast improvement but still well below the 40,000 levels of 2018-2019.
Sekisui House Australia operations manager Paul Wainwright said about 100 apartments in Willow had sold.
“People see the appeal of living at one of Sydney’s last and largest absolute north-facing riverfront apartment addresses,” Wainwright said.
“It’s the final piece of the jigsaw in the reimagining of the Parramatta River at Sydney’s heart.
“Sanctuary also provides extensive public open space and a range of facilities, which is a major drawcard.”
Meanwhile, closer to Sydney Harbour and east of the CBD, Third.i and acquisition partner Toohey Miller have broken ground on their 13-apartment project, Muse, on the fringe of Potts Point.
Designed by WMK Architecture, the project includes a rooftop common area and interiors by Mathieson Architects.
NSW-based construction company Dilcara has been appointed to the project, which is scheduled for completion in early 2026.
Third.i co-founder Luke Berry said they were expecting investment to pick up in the area due to a large scale of works planned for the near-future.
“With ongoing regeneration and community upgrades, property values are expected to rise,” Berry said.
“Sales are increasing on popular streets like Victoria and Macleay, while Brougham Street properties are priced at about a third to half the cost per square metre.”
According to Third.i, the sale point for new and older apartments is between $45,000 per square metre and $80,000 per square metre depending on the street.
