Boutique Surry Hills development East Central almost 80% sold

A boutique development aimed at Sydney’s young professionals in Surry Hills is about 80% sold as construction commences.

East Central, located on Elizabeth Street, features 42 apartments across eight levels.

Developed by Samadi Group, some 32 apartments have already been snapped up.

A selection of one-bedroom apartments are still available priced from $575,000 to $670,000 and a three-bedroom apartment is available from $1.3 million.

Apartments feature terraces, natural stone floors, dark timber joinery and marble bathrooms.

“It’s 170 meters away from Central Station, with restaurants, cafes and bars everywhere,” says selling agent Sam Elbanna of CPM Realty.

“It is already in an in demand area and the young up and comers are looking for spaces where they spend their nights.

“Majority of buyers are owner occupiers, aged between 25 to 45,” says Elbanna.

Architecturally designed by Brenchley Architects, East Central will feature ‘Eat Street’, a ground floor culinary precinct boasting gourmet providers and restaurant spaces.

Elbanna says the development is a great investor opportunity, with the units having a guaranteed return of 5.5% for five years, with annual increases.

The development is the first of two East Central developments being undertaken by Samadi Group.

East Central is expected to be completed by late 2014.

The median apartment price in Surry Hills is $515,000, a 28.8% change in the past five years, according to RP Data.