A massive 50,000-sqm Erskineville site has sold for $315 million and will be turned into a major inner-city development, delivering over 1,000 apartments alongside 5,000 square metres of retail space.
Coronation Property secured 56 Ashmore Street and 165-175 Mitchell Road in Erskineville, where a build-to-sell and build-to-rent housing complex will be built in the future. The site will also have a mixed-use development comprising specialty boutique stores, supermarkets, cafes and restaurants, green spaces, and pedestrian pathways.
The properties, located four kilometres from Sydney CBD, is currently an industrial site but it will become part of the future stages of the masterplanned Park Sydney project with Greenland Golden Horse, transforming precincts in Alexandria, Waterloo and Sydney Park. The location is also 650 metres away from Erskineville Station, roughly a 12-minute journey from the CBD.
Coronation Property Managing Director Joseph Nahas said they will focus on providing quality design and premium amenities for this development to “elevate the living experience” of future residents.
Nahas added that they are looking forward to becoming the “neighbourhood connecter” in the urban renewal of Erskineville.
The company’s growing portfolio consists of major mixed-use projects in Sydney, including Ashbury Terraces in Ashbury, Charlie Parker in Harris Park, and Mason & Main in Merrylands. Coronation Property has also recently acquired a mixed-use residential site in Chatswood.
Its purchase of the Erskineville location is part of its goal to secure established high-performing markets.