This article is from the Australian Property Journal archive
WITH growth anticipated in Sydney’s south, investment house Princeton has finalised funding two residential projects worth a combined $73 million, Botany and Blakehurst.
At 1-5 Rancom Street and 1637-1647 Botany Road, the $38 million Botany mixed-use project will comprise 36 apartments and five retail spaces.
Princeton cited Botany as a suburb witnessing a rise in popularity, with increasing numbers of parks and cafes, combining the lifestyles of a city and a small village and a population currently at around 11,000 residents.
While in Blakehurst, the $35 million residential project at 6-8 Vaughan Street in the St George Precinct, already has a DA approval in place for 32 apartments and a 59-capacity car park over two levels.
“Over the last number of years, we’ve seen growth in Sydney’s southern region, leading to an increased demand for apartment living. We are excited to be at the forefront of this growth and to provide funding for contemporary apartment living,” said George Gadallah, co-founder of Princeton, with colleague Craig Anderson.
Responding to the rapid change occurring in the south Sydney market, last September non-bank lender MaxCap committed to providing $55 million in acquisition and development financing to Abadeen Group’s Alexandria project.
The two project are the latest in Princeton’s development pipeline, which includes the $70 million luxury residential MHND Union-designed Eurangi on Bondi Beach, that was the first of its kind for Princeton.
“It’s an exciting time for Princeton and we are excited to add two more projects to our growing portfolio,” concluded Gadallah.
Construction on the Botany and Blakehurst project is scheduled to commence in the second quarter of 2022, with completion scheduled for the fourth quarter of 2023.
