This article is from the Australian Property Journal archive
DEVELOPER and builder, Coronation Property Group has acquired a 1.5-hectare inner Sydney site earmarked for transformation into a build-to-rent, retail and commercial precinct.
Known as Precinct 75, the 15,250 sqm St Peters site at 67 & 73-83 Mary Street has comprised 12 character buildings with over 80 suites ranging from 50 sqm through to 740 sqm and was rezoned during the pandemic as part of a NSW government COVID stimulus package.
Home bought the site in November of 2020 and submitted plans a year later for a project with 330 build-to-rent apartments across three new buildings and one partially retained building, which would together include 2,144 sqm of light industrial and commercial space. Another four buildings would be adapted to deliver 14,573 sqm of commercial and light industrial space.
The site has now received DA approval for more than 200 built-to-tent apartments, and about 15,000 sqm of retail and commercial space including restaurants, bars and a gym.
The masterplan has been crafted by Cox Architecture.
The site is located two kilometres from the popular neighbourhoods of Newtown and Alexandria and is close to universities, hospitals, transport networks, including Sydney Airport, and diverse lifestyle precincts.
Coronation’s stand-alone subsidiary company, Nation, will operate the new community. Nation is currently on the ground in various suburbs across Sydney and projected to deliver around 1,500 apartments by 2025. Coronation has a landbank currently in planning, which will allow for a robust pipeline of additional residential apartments.
“This central site underscores our commitment to strategic urban development. Its proximity to essential amenities and major transport networks makes it an ideal location for our latest build-to-rent offering,” said Coronation’s managing director, Joseph Nahas.
“Our vision for the site extends beyond just delivering buildings, we aim to create vibrant, accessible communities for all Australians through our rental offering at Nation.
“This project will notably benefit essential workers in nearby hospitals and schools, offering them quality living spaces within easy reach of their workplaces and close to the heart of Sydney.”
In December, Minor Hotels and Argentum Group announced an almost-$20 million build-to-rent project in the south west suburb of Rockdale.
There are forecast to be more than 4,000 build-to-rent apartments under construction and due nationally in 2024, and more than 7,500 are in various stages of the planning and construction that are due in 2025. Knight Frank has estimated the sector will see 55,000 dedicated units completed by 2030,
According to JLL, 59% of the current national pipeline is located in Victoria, followed by 24% in Queensland and 13% in NSW.
The National Housing Accord aims to deliver 1.2 million “well-located” new homes over five years nationally, with NSW’s share coming in at about 75,000 homes per year.
