This article is from the Australian Property Journal archive
FRIDCORP has chalked up $78 million in sales within four weeks following the second stage release of its $700 million Beyond mixed-use project at Hurstville in Sydney’s south.
The company recorded 87 sales of 189 apartments across the second stage. The release of stage two of the four-tower development follows Fridcorp’s acquisition of the remaining 50% of the project from its previous partners in February this year, after achieving $200 million in presales in stage one.
Director Nigel Givoni said the company was quietly confident, noting that Sydney’s growing population and the unique design quality and amenity rarely seen within a 10 to 15 kilometre radius of the CBD was clearly driving demand.
“Hurstville has been a consistently evolving suburb, with the population increasing by 1% per annum, and a further 2,000 to 3,000 residents expected by 2026.
“Over the next five years, demand for housing in Hurstville is expected to exceed supply. Beyond is delivering more than 50% of the currently approved new homes required to meet this expected demand. We have seen the evolution of the suburb which has led to upgrading the design of the precinct to cater to the aspirational market aged between 35-49 which makes up around 50% of Hurstville’s purchaser market,” he continued.
Givoni said Beyond had already proven popular among first home buyers, purchasing 35% of the apartments sold to date, and was likely to continue to do so, with approximately 45% of its apartments priced from $585,000 to $800,000.
The 13,927 sqm precinct at 93 Forest Rd will comprise four towers varying from eight to 20 levels and comprising 563 apartments, a 5,000 sqm retail centre anchored by Woolworths, 800 car parking spaces as well as bike storage facilities.
Woolworths and the 200 apartments of stage one is slated for completion in mid-2021, while the remaining residential towers of stage two are expected to complete towards end-2021. Fridcorp has made the decision to retain one of the four towers for build-to-rent purposes.
