Erskineville

Sydney developer Coronation Property is continuing to bulk up its residential apartment pipeline.

Following its $200 million Chatswood apartment site purchase, the developer has secured a 50,000 sqm site as part of the future stages of the Park Sydney project, currently being developed by Greenland Golden Horse.

Coronation will bring over 1,000 apartments to the sites at 56 Ashmore Street and 165-175 Mitchell Road in Erskineville, with&nbsp;a mix of build-to-rent and build-to-sell apartments, as well as 5,000 sqm of retail.

The site is one of the last and largest unencumbered freehold parcels of land in the City of Sydney, and is located just four kilometres from the Sydney CBD.

Coronation intends to progress site plans with the City of Sydney imminently which will include&nbsp;a supermarket, as well as a highly curated selection of specialty boutique stores, caf&eacute;s, restaurants, green spaces, and pedestrian pathways.

Having recently purchased a mixed-use residential site in Chatswood, the acquisition of Erskineville further solidifies Coronation&rsquo;s robust development pipeline and strategic focus to increase its residential footprint within a 10km radius of Sydney&rsquo;s CBD.

Coronation Project Managing Director Joseph Nahas said&nbsp;the acquisition of the Erskineville site aligns with Coronation&rsquo;s strategy to secure well-located sites in established and high-performing markets.

&ldquo;As a company, we are dedicated to transformative placemaking and delivering aspirational developments that serve both residents and the wider community through elevated design and well curated spaces. We look forward to bringing a fresh perspective and our innovative take on urban renewal to Erskineville,&rdquo;&nbsp;Nahas said.

&ldquo;We are excited to add to the existing fabric of this vibrant and leafy village. We believe strongly in the power of landscape as a neighbourhood connecter, and we intend to embrace and incorporate the areas&rsquo; natural surrounds into the development.

&ldquo;The former industrial site is in an incredible location on the fringe of the rapidly transforming precincts of Alexandria and Waterloo, and is also close to Sydney Park, which is one of the city&rsquo;s most loved green spaces.

&quot;We expect that our focus on delivering quality design, and premium amenity at Erskineville, along with its prime location, proximity to Sydney CBD, parks and other key infrastructure, will elevate the living experience of our residents.&rdquo;

The site is one of the last and largest unencumbered freehold parcels of land in the City of Sydney, and is located just four kilometres from the Sydney CBD

Joel Robinson

Coronation Property plan over 1,000 apartments at newly acquired Park Sydney, Erskineville site

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The controversial apartments in the Erskineville developer Sugarcube have nearly sold out.

The <a href="https://www.urban.com.au/new-apartments/sugarcube-corner-of-metters-street-and-pearl-street-erskinville?utm_source=PropertyObserver">$46.5 million project on the corner of Metters and Pearl Street</a> came under controversy in 2018 following a dispute between the City of Sydney and the developers that locked owners from their apartments. 

Despite completed construction, the City of Sydney was refusing to allow owners to move into their new homes over concerns that the land below the tower was contaminated.

This September, the council approved a modification application that allowed residents to occupy the site in stages, with stage one for apartments. 

[smartcode_project:default project_id=21882]

The modification includes adopting environmental management plans for the apartments and the surrounding road areas, according to the City of Sydney’s website. 

Golden Rain says they have completed 30 projects across Asia, but Sugarcube remains its only Sydney project. 

Set in the old Ashmore industrial precinct at 1 Metters Street, the residence offers a collection of 109 one and two bedroom apartments. 

Designed by DKO architects, Sugarcube offers open-plan living, city views and a landscaped rooftop garden. 

Pricing for the residences begin at $689,000. 
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Controversial Sugarcube Aparments in Erskineville near sell out

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Astute property investors are recognising the potential of the City of Sydney, with its numerous amenities, leading universities and great employment opportunities.

New apartments with modern designs, developed close to the CBD, are drawing quality tenants.

Throughout the inner-city council region, each suburb boasts its own unique character and identity, from period properties, art deco to modern industrial.

Ever-strengthening infrastructure in the area includes the soon-to-be-completed Sydney Metro City and South-West, which will result in trains running every two minutes.

According to SQM Research, gross rental yields for all units currently sits at 3.5 per cent, the best performing rental type in the area.

For those who wish to capitalise on great cafés and restaurant, and good transport, the Sydney Council might be the ideal new LGA to call home.

Urban takes a look at four new apartments located within the council area, starting from $592,800.

1. Castle Residences, Sydney 
Address: 203 Castlereagh Street, Sydney NSW 2000 
One-bedroom apartments from $1,230,000

[smartcode_project:default project_id=7758]

Developed by United Development Sydney, the highly anticipated Castle Residences is set to offer 131 apartments just off Hyde Park.

The project merges high-end apartments with five-star luxury hotel services and amenities, with construction including the refurbishment of the 142-year-old heritage-listed Porter House building.

The mixed-use development is being designed by Candalepas Associates, with amenities including luxurious dining areas, private dining spaces and in-residence catering. Manhattan-style apartments overlook Australia’s oldest park and timeless sculptural alcoves and arches bring together historical and contemporary architecture.

2. The Laneways, Rosebery 
Address: 33-37 Mentmore Avenue, Rosebery NSW 2018 
One-bedroom apartments from $592,800

[smartcode_project:default project_id=24323]

The Laneways, a collection of four five-storey apartment buildings is Rosebery’s “exciting new address.”

Delivered by Ellerson Property, the project will offer private balconies, green courtyards and a rooftop terrace to socialise with friends and neighbours while enjoying the panoramic city vistas.

Located in one of Sydney’s coolest neighbourhoods, homebuyers will appreciate the project’s entertainers’ kitchen, floor-to-ceiling windows and soft-close cabinetry.

3. Park Sydney, Erskineville 
Address: 149-163 Mitchell Road, Erskineville NSW 2043 
Two-bedroom apartments from $1,159,000

[smartcode_project:default project_id=5811]

As the most significant new development in Sydney, Park Sydney is an exciting opportunity for investors and will create a new local for Erskineville.

Delivered by GH Australia, the project is set over 6.9-hectares, centred around a 7,400sqm park.

The project’s first buildings are named after two of Australia’s national parks, Botany and Cascade, and are designed by WMK Architecture.

Spread across nine buildings, ranging between two and eight stories, the apartments will deliver spacious and light-filled residences.

The precinct will include barbeque facilities, amphitheatres, walkways and cycleways into the city.

4. Eminence, Zetland 
Address: 811 Elizabeth Street, Zetland NSW 2017 
One-bedroom apartments from $745,000

[smartcode_project:default project_id=21882]

Offering a remarkable boutique trio of buildings, Mirvac’s 254-apartment Eminence project commands four street frontages between Green Square and the CBD.

The development offers onsite retail, 1,840 sqm of lush podium gardens and a 75-place childcare centre.

Designed by DKO Architecture, the property showcases high-quality finishes and fixtures, and carefully curated residences.

Some apartments include their own private rooftop terraces and others with uninterrupted CBD and Botany Bay views.

The adjacent Gunyama Park Aquatic and Recreation Centre includes beach-inspired pools, open-air training facilities and playgrounds.
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New apartments with modern designs, developed close to the CBD, are drawing quality tenants

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Four new apartments in the City of Sydney from $592,800 

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An undisclosed developer in Erskineville in Sydney's inner-west has told the Australian Financial Review that an increasing number of her clients were getting knock backs from banks, even though they were pre-approved to buy apartments.
"Even with buyers who can pay, the banks are changing their minds, so of course there'll be a settlement problem," she said.
"If bank policies are consistent, they should honour what they have agreed to lend."
The developer said the local market was "fast retreating" as banks rein in their lending.
Overseas demand is still strong, but banks were stepping up their limits on those sales to as low 10 to 30 per cent.
It reported newly arrived migrants, who are one of the biggest groups of buyers, were being rejected because they have either little wage history or very new businesses.
"It doesn't make sense. The government and economists talk about growing population to fuel demand. But that demand is made up of new migrant families and business migrants who need homes.
"Of course they don't have much credit history in Australia."
The developer said the banks had mitigated their risks by reducing loan valuation ratios to about 70 to 80 percent. 
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Erskineville developer sees apartment settlement problems with bank lending

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Developers Abacus Property and Linear Group have introduced a limited number of penthouses, and terrace homes, for final release for the residential development One A Erskineville. 
Richard Crookes Constructions is the builder for One A. The project is now under construction and due for completion in 2017.
For more information, click <a href="https://www.onealiving.com.au%20" target="_blank">here</a>. 
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One A Erskineville set to demolish display suite after success sales campaign

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The recent opening weekend of Park Sydney in Erskineville saw 90 percent of apartments sold.
The residential development from Greenland Australia and GH Australia is set to transform a light industrial precinct into a 6.9-hectare residential community with retail outlets, cafés and restaurants, a full-range supermarket and a 7,400sqm public park with play areas, BBQ facilities, amphitheatres, walkways and cycleways into the city.
Stage One of the development includes two buildings, Botany and Cascade, which is slated to feature 17 studio apartments priced from $525,000, 112 one bedroom apartments priced from $650,000, 159 two bedroom apartments priced from $1 million, 33 three bedroom apartments priced from $1.5 million and four townhouses costing upwards of $2.5M.
It is designed by WMK Architecture with interior design direction from Alexander &amp; Co. 
Sherwood Luo, Managing Director of Greenland Australia said the strong response from the market was due to Park Sydney’s approach to integrated living, community and its proximity to the CBD.
“Park Sydney is going to transform the last undeveloped site of this scale, this close to the CBD," he said.
It is unprecedented for this many new homes with a fully integrated retail space on a park, to be built at any one time in the City of Sydney. We are equally determined to respect and improve on local amenity.”
Apartments are still available for Park Sydney Stage One.
For more information, <a href="https://www.parksydney.com.au/en/" target="_blank">click here</a>.
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Park Sydney Erskineville record sales

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One of Erskineville's biggest sites has been listed, with investors set to battle it out for the site with rare approved boarding house plans.
Savill's agent David Hickey suggested approval for boarding houses are scarce because councils face strong opposition through the approval process from surrounding residents.
“Current affordable housing operators and owners are having zero issues letting rooms on a longer term basis, as the security of income is making it an attractive prospect for investors and developers alike," said Hickey.
The growth in the Sydney residential market continues to make it difficult for students and middle age people to live in close proximity to the Sydney CBD.
The cost of living is now $600 per week for one bedroom apartments and this has made affordable living accommodation a much more appealing prospect.
Hickey said Erskineville is an area dominated by attached housing, so it is extremely rare to find a suitable site, especially as heritage conservation zones dominate most of the area prohibiting full demolition.
The Albert Street property on 450 square metres has 15 metres of street frontage is is located within 400 metres of Newtown, Erskineville and Macdonaldtown train stations.
Hickey and Nick Tuxworth at Savills Australia are marketing the property. Hickey said the City of Sydney Council is keen to promote properties with access to such amenity.
“Due to quantum value, leasing demand and low risk/low construction costs, we are experiencing high levels of enquiry for this asset class,” he said.
Currently, the property is a modernised five bedroom house with off-street parking and has the capacity to be rented out for $1,300 per week.
The existing tenants are on a temporary discounted rent and have agreed to allow the owner access to bring consultants through at short notice and will move out when building commences.
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One of Erskineville's biggest sites for sale

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Erskineville ranks first when it comes to the biggest stock for sale increase in NSW.
Investar suggests that the stock growth is up to 21%, from 18 units this time last year to its current 56 offerings.
A two-bedroom apartment<a href="https://www.realestate.com.au/property-apartment-nsw-erskineville-126108662"> </a>(pictured below) currently on the market is a Mitchell Road offering which is priced at $839,500.
<a href="https://www.realestate.com.au/property-apartment-nsw-erskineville-126108662" target="_blank">The 11303/177-219 Mitchell Road</a> apartment was recently renovated.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/2/12/Erskineville.jpg" alt="">
City transport and Newtown's entertainment precinct are within short walking distance. 
Another two-bedroom apartment at <a href="https://www.realestate.com.au/sold/property-apartment-nsw-erskineville-126838926" target="_blank">177 Mitchell Road</a> sold at $829,000 last year.
A one-bedroom unit at<a href="https://www.realestate.com.au/property-apartment-nsw-erskineville-423036538"> 177-219 Mitchell Road </a>(below) for rent is priced at $620 per week. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/1/31/erskineville%203.jpg" alt="">
Investar put its median rental at $625 a week.
According to CoreLogic, the median unit price sits on <a href="https://www.urban.com.au/expert-insights/investing/3818-erskineville-nsw" target="_blank">$855,000</a>.
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Erskineville sees big jump in apartment stock levels

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Former Big Brother contestant Merlin Luck, responsible for one of the historic moments in the show, has bought an Erskineville terrace.
Luck, who now works for Salesforce, famously made a silent protest live on TV after his eviction back on the 2004 series.
After spending 43 days in the house, he was evicted and didn't speak in the exit interview to host Gretel Killeen, instead taping his mouth and holding up a sign reading 'free the refugees'.
He smuggled the contraband in in the lining of a shirt.
Luck, now a father of two, has paid $1.33 million for an 1880s terrace with a classic two-level facade with his jewellery designer wife, Sarah.
There's original floorboards, high ornate ceilings and two fireplaces.
The home with updated interiors has two bedrooms, one bathroom and a 60 square metre backyard with alfresco entertaining.
Ray White agents Shaun Stoker and Moira Verheijen sold the home.
This article first appeared in The Sunday Telegraph
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Former Big Brother contestant buys in Erskineville

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The off-the-plan buyer of a double-storey penthouse at One A in Sydney's Erskineville has defaulted.
The developer, Abacus and Linear have moved to re-sell the three-bedroom, 231 square metre offering which comes with two car spaces and storage.
It was purpose-fitted for the original buyer and includes two integrated double-door fridges.
The developers say they have dropped the price on the penthouse to "meet the market".
The newly completed building at 1A Couson Avenue offers 175 apartments on a site bought for $32.55 million in 2015.
Fairfax Media reported its Chinese buyer, facilitated by beleaguered Chinese-based agent Ausin, failed to settle its purchase.
The company's China business collapse resulted in 130 failed residential property settlements in Australia.
More than 100 Chinese property investors lost millions of dollars in deposits and payments for off-the-plan houses and apartments in Sydney, Melbourne and Brisbane. 
Ausin's China business has been accused of misappropriating tens of millions of dollars in settlement and deposits.
The Chinese investors were advised that the Ausin properties seemed like a great wealth management product, which guaranteed a five-year lease and 10% return.
The investors turned to Ausin because the agency had found a way to circumvent China's capital outflow restrictions which restrict them from sending more than the equivalent of US$50,000 out of the country.
They said they would pay Ausin in yuan, and it would find its way to Australia.
They estimate the entire amount lost by property investors through Ausin is 358 million yuan.
The Chinese investors are banding together to press their claims for more than $60 million.
The group is led by Chinese businessman Qu Haotian, who estimates that as many as 300 Chinese families may have been harmed by the collapse of Shenzhen Ausin Investment Consulting Group in August.
Qu asked The Australian to disguise his real name for fear of reprisals.
They are planning legal action against Ausin Group's Australian operation, which is still solvent.
The Chinese-based company, which was run by businessman Jin Tianyou, had a marketing agreement with the Australian company to use its name and refer prospective clients from China.
ASIC records show Jin was also a director of Ausin Australia from 2009 until February.
The Ausin Group in Australia has cut its ties with the Chinese company.
It has issued a statement saying it is “saddened by recent allegations of fund misappropriation in China against its Chinese marketing partner” and is working with NSW police on the issue.
Qu estimates the total amount lost could be $60 million.
Ausin Group (Australia), in a statement, said it had sold more than 8000 properties over the 10 years of its marketing agreement with the company in China.
It said payments made directly to Jin were in breach of his company’s agreement with Ausin Australia.
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