Ultimo's $300 million New Life/Ultimo residential development launched this week with a VIP event, marking the newest residential development launch for the suburb.
Auswin TWT’s $300 million project will hasten the gentrification of this fringe CBD suburb, which is tipped to be Sydney’s next property ‘hot spot’. Figures show that in the 1990’s just 3,000 people lived in Pyrmont-Ultimo, whereas today there is close to 30,000 residents.
New Life/Ultimo is being developed on an elevated 5,322sqm site at 495 Harris Street, opposite the Ian Thorpe Aquatic Centre, next to the Ultimo Community Centre and just five minutes walk from Darling Harbour and Chinatown.
New Life/Ultimo steps down from nine-storeys along Harris Street to six levels facing Bulwara Road. It will have a total of 210 apartments ranging from studios to three-bedrooms, including two-level terraces with street level access.
“Tonight is a night of regeneration,” said the General Manager of Auswin TWT, Stephen Fitzpatrick at the launch this month.
“Because our development will continue to breathe new life into Ultimo on what is one of the suburb’s most important sites.
“We are providing a variety of accommodation to cater for a range of occupants, from singles to families, including wide-fronted apartments and ‘through’ apartments with dual aspects. The terrace-style apartments along Bulwara Road and the new lane provide a visual and emotional ‘connection’ to the suburbs’ existing terraces," he said.
Michael Harrison from Architectus outlined how ‘slots’ in the facade and a purpose-built pedestrian laneway running through the development would bring light and sunshine into the large open air courtyard.
Special guest Tim Olsen from the Olsen Irwin Gallery spoke about why investing in public art is in the interests of developers because it adds to the enjoyment of residents as well as the overall cache and long-term value of a project.
The head of CBRE Residential Projects, David Milton, talked about Ultimo becoming Sydney’s next property ‘hot spot’ because of its proximity to the CBD and educational facilities, making it “a great lifestyle choice”.