This article is from the Australian Property Journal archive
NORTH of $20 million is expected for one of the newest and largest co-living assets in metropolitan Sydney.
The brand new five-level co-living building at 465-467 President Avenue in the southern suburb of Kirrawee has 62 studio apartments with common areas, including outdoor gardens, as well as a 27-space car park basement.
Each studio, ranging in size from 22 sqm to 35 sqm internally, is equipped with a double bed, kitchen, bathroom and outdoor living spaces.
It is being taken to the market via an Expressions of Interest campaign run by Knight Frank agents Adam Droubi and Anthony Pirrottina in conjunction with Stefan Jones of 365 Property Group on behalf developer Dallad.
The asset is expected to generate $1.8 million per year in gross income.
Droubi said it is a high-quality and modern residential investment. It is located within 300 metres of a light rail station and walking distance from Kirrawee shopping village.
“The building has never been lived in and presents a highly cost-efficient design which provides the successful purchaser with the potential to own an innovative co-living asset, with few competing properties of this quality within southern Sydney,” he said.
He said the building’s architectural design maximises natural light and maintains a comfortable ambient temperature, minimising running costs.
With construction having just been month, investors will have seven years of depreciation benefits.
Pirrottina said that as a sector, co-living was gaining a lot of momentum.
“Co-living development sites that we have taken to the market in recent months have been snapped up by buyers very quickly, demonstrating the strong buyer demand in this space,” he said.
Recent sales of development sites with co-living project approvals include a 430 sqm property at 14 Dudley Street in Marrickville selling for $3.43 million after being on the market for only 10 days, and an 831 sqm property at 266 Railway Street in Guildford sold for more than $2 million.
Expressions of interest for the Kirrawee property close Thursday, 25th July.
