Desane Leichhardt residential gets green light

DESANE’S boutique residential development in Sydney’s inner west suburb of Leichhardt has been given the go ahead.

The approval from Inner West Council greenlights Desane Group Holdings Limited’s plans for a mixed development project at 322 Norton Street, including a nine apartments, a ground floor retail commercial space and ten basement car parks.

Sitting 200m from the Leichhardt North Light Rail Station and around 5km from Sydney’s CBD, the 607sqm property was purchases by Desane in 2019 for $3.4 million.

“Residential projects with development approval in the Inner West Council area are scarce,” said Rick Montrone, director and head of properties.

The site, zone B2 mixed use, is also in close proximity to Norton Street’s retail, hospitality and entertainment offerings.

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“The development of this project will complement our nearby approved 46‐apartment project located at Allen Street, Leichhardt,” added Montrone.

The 2,782sqm  Allen Street project has an estimated end value of $50 million with its four and five floor apartment blocks and 46 residences, which received approval in September of 2019.

In February, the Sydney-based developers posted half year results with $2.75 million in earnings and a dividend distribution of 2.25 cents per security.

Construction on 322 Norton Street is scheduled to commence in August of this year, with the estimated end value of the project upon completion in excess of $11 million.