This article is from the Australian Property Journal archive
JOINT investment partners TOGA Group and Qualitas have been given the go ahead for their “The Kensington” mixed-use residential development in Randwick Council’s Kensington to Kingsford revitalisation corridor.
Located at 147-151 Anzac Parade, around 6km south-east of the Sydney CBD, The Kensington is now DA approved for 142 one-, two- and three-bedroom apartments, in addition to a collection of small office/home office (SOHO) terraces at the ground floor, retail store offerings and communal amenities such as a resident rooftop gardens and shared resident lounges.
“The Kensington has focused on a larger product type than typical that’s really appealing to the market. We’ve developed apartments that evolve with your lifestyle with generously proportioned spaces, most offering dedicated study areas for flexible working/study arrangements as we navigate a post-covid world,” said Fabrizio Perilli, CEO of development and construction at TOGA.
“Quite unique at The Kensington is the collection of SOHOs, an offering for small businesses and entrepreneurs alike. Investors and businesses are also snapping up the retail spaces fronting Anzac Parade as they recognize the opportunity to be at the forefront of this key transformation corridor with increased residential and employment opportunities.”
The Kensington is one of the first approved developments for the Kensington to Kingsford revitalisation corridor, with TOGA having planned the project in close collaboration with the Randwick Council to ensure a joint vision for Anzac Parade.
“While there are well advertised headwinds in the development and building sectors, a tightening rental market with historic low vacancy rates continue to provide solid fundamentals for projects,” added Perilli.
The building will be built in respect and reference to the brickwork heritage of the local area, with architecture by Turner Studio and interiors by Richards Stanisich.
“The unique architectural character blends the charm and heritage of Kensington with contemporary architectural design through the use of face brickwork and detailing that is warm in colour, textural in appearance, and bold in composition,” said Nick Turner, principal at Turner Studio.
Potential buyers at the development are also set to benefit from the planned investment for the surrounding area, including the renewal of the Kensington town centre at Todman Avenue.
The Kensington is also well placed for access, sitting less than 200 metres out from the Kensington light rail stop, and 10 minutes out from the CBD and Coogee Beach.
“With the recommencement of the much needed and well publicised immigration into Sydney, The Kensington is extremely well placed being close to the Sydney CBD, employment hubs, universities, health precincts, shopping centres and beaches. This makes it extremely attractive for renters and hence investors and owner occupiers alike,” concluded Perilli.
Construction on The Kensington is scheduled to commence in late 2022, with project completion scheduled for the close of 2024.
