Hundreds of new rental homes are set to take shape in Waterloo after a major mixed-use development received planning approval, bringing 826 build-to-rent apartments to a 2.1-hectare site on the corner of Danks Street and Young Street.
Read: First Residents Move Into Waterloo Metro Quarter Above New Sydney Station
The $496 million project by Coronation Property will create a new residential and retail precinct in Waterloo, close to Redfern, Alexandria, and Surry Hills.
The apartments will be retained as long-term rental housing rather than being individually sold, with Nation set to operate the precinct. The development will include studios through to three-bedroom homes.
A varied skyline
The approved scheme includes buildings ranging from lower-rise apartment blocks to a 33-storey tower reaching 144 metres. Plans include a six-storey building, three seven-storey buildings and four buildings between 13 and 18 storeys, alongside the tallest tower.
The project has been designed by SJB, Bates Smart, Curious Practice, and Chenchow Little. About 4,095 square metres of retail and dining space is planned at ground level alongside the residential component.
For residents, the proposed facilities include swimming pools, gyms, a cinema, sauna, pickleball court and podcast room. The site is less than four kilometres from Sydney’s CBD, with walking access to Green Square Station and the future Waterloo Metro Station. Moore Park and Centennial Parklands are also nearby.
Affordable housing contribution
The approved scheme will not contain dedicated affordable apartments. Instead, Coronation will make a $52.5 million affordable housing contribution for use by the City of Sydney and a community housing provider.
The proposal has previously attracted scrutiny over the size of some apartments and the scale of the buildings. Around one-quarter of the homes are studios, with the smallest measuring 28 square metres. City of Sydney planning officials had raised concerns about apartment sizes, access to sunlight, wind conditions, communal areas and potential amenity effects.
Coronation has defended the compact homes as an option for renters seeking smaller accommodation, particularly people living alone. The developer has pointed to the precinct’s shared facilities and access to transport as part of its broader approach to rental housing.
Read: Waterloo Tenants Told to Move Before New Homes Are Built
Work already underway
Early works are already underway after Coronation secured approval for preliminary construction activity. Coronation’s current project page lists estimated completion for the fourth quarter of 2028, while earlier project material indicated final completion was expected in 2029.
The precinct is planned to be delivered in stages, combining long-term rental homes with retail, dining and shared resident facilities as the Waterloo site is developed.
Published 5-September-2026
