Toga’s plans for a $180-million apartment project in Sydney’s inner-east have been approved by the Randwick City Council.
Toga Group, a prominent Sydney-based developer founded by Ervin and Charlotte Vidor, purchased the amalgamated sites at 137-151 Anzac Parade in Kensington in tranches in the latter half of 2017.
The developer initially lodged plans for a 10-storey residential development in September 2020 before revising the scheme late last year.
Under the proposal, designed by Turner Studio, existing buildings on the site, including the former Addison Hotel, will be demolished, making way for 142 apartments, in one, two and three-bedroom configurations as well as retail space on the ground floor.
The buildings will also feature two basement levels with spaces for 124 vehicles. The site is less than 200m from the Kensington light rail stop.
Toga chief executive Fabrizio Perilli said the project would be targeted at the higher end owner-occupier and was well positioned at 10 minutes from Sydney’s CBD, as well as employment hubs, universities, health precincts, shopping centres and beaches.
“The development has focused on a larger product type than typical that’s really appealing to the market,” Perilli said.
“Investors and businesses are also snapping up the retail spaces fronting Anzac Parade as they recognise the opportunity to be at the forefront of this key transformation corridor with increased residential and employment opportunities.
“We've developed apartments ... with generously proportioned spaces, most offering dedicated study areas for flexible working and study arrangements as we navigate a post-Covid world.”
The development will feature a selection of SoHo (small office, home office) apartments spread across two levels.
The developer is banking on the work-from-home trend continuing, appealing to owners attracted by a separate work-from-home space downstairs and a studio-style apartment.
The development will be part of the NSW Department of Planning and the council’s K2K (Kensington to Kingsford) strategy which was approved in late 2020.
The strategy effectively allows for taller buildings to be built along the light rail corridor on Anzac Parade in Kensington and Kingsford town centres.
As one of the first developments approved for the corridor, Toga said it had worked closely with the council to contribute to a new boulevard-style vision for Anzac Parade.
Perilli said that despite headwinds in the development and building sectors, a tightening rental market with historic low vacancy rates would provide solid fundamentals for the project.
“Toga’s role as both developer and builder allows us to better manage the risks in the market, while delivering excellent products,” he said.
“Smart buyers are out there looking for reliable, long-standing developers with quality products, and we are seeing evidence of this through the strong interest in our Kensington project.”
Perelli said the development would cater for a market less typical for the area, which has a strong student accomodation presence due to the proximity of the UNSW Randwick Campus.
Toga’s project is near four approved student accommodation towers, lodged by Scape, planned for each corner of the Anzac Parade and Todman Street intersection.
When realised, those towers will comprise more than 1500 bedrooms and 8000sq m of retail and commercial spaces as well as extensive public domain spaces with laneways, plazas, multi-purpose spaces and innovation labs.
Toga’s approval follows the green light last month for a $140-million A-grade commercial tower, Fulcrum, slated for a site above Sydney’s Green Square railway station.
The 16-storey commercial tower will comprise 25,000sq m of net leasable area with large flexible floorplates of up to 2100sq m to appeal to a range of tenants.
Meanwhile, Toga is also poised to join other high-profile developers at Sydney’s Tech Central precinct at the southern end of Sydney’s CBD, pressing ahead with plans for a 42-storey commercial tower of its own.
The project, Toga Central, will sit alongside Atlasssian’s $1-billion-plus concrete-and-timber tower which was approved late last year.
It will also be close to Dexus and Frasers Property Australia’s $3-billion dual-tower development proposed for 24 Lee Street.
