Sydney's Lane Cove proves an apartment construction hotspot
Lane Cove is proving to be a development hotspot with $388 million worth of construction underway and more than $37 million yet to come.
Located 10 kilometres from the Sydney CBD, Lane Cove currently has 19 sites in the works, 1601 units under construction and 182 pending areas.
Lane Cove was rezoned in 2010 in preparation for housing a 30% rise in population over the next 25 years.
A major drawcard for the area is the $1.1 billion Lane Cove tunnel, which connects the M2 motorway with the Gore Hill Freeway.
“Before the rezoning it was an undiscovered gem,” director of developer HYECORP Stephen Abolakian told Fairfax Media.
Lane Cove received little development in over 30 years.
It has now been separated into three distinct locations including the village location, which is the area immediately surrounding the Lane Cove Village area – comprising more than 200 shops, services and dining options.
Walsh says Lane Cove has been undervalued for some time and the unique features of the village offer a relaxed and boutique feel.
Property Observer recently reported on Botanic, a $60 million project located in the village.
The 79-apartment project (pictured below) is a joint venture between White Private, Icon Construction and the Greenbush Group.
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Botanic offers one-, two- and three-bedroom apartments as well as seven penthouses.
Also located in the village is Aurora, which offers 56 one-, two- and three-bedroom apartments over five levels.
Located on Finlayson Street, Aurora (pictured below) is designed by Candalepas Architects and developed by MV Projects.
Eddie Mansour of Ray White Lane Cove told Fairfax Media he expects Aurora to do extremely well due to its location in the heart of the village.
The second location is adjacent to Mowbray Road in Lane Cove North and was recently rezoned for higher density apartment living.
Peter Walsh of Greenbush Group says many developers have taken advantage of these changes to the zoning laws and are producing a well-priced product aimed at the investor market.
This location currently has Northwoods, Serene, Eleeza and Acacia under development.
The third location is located off Burns Bay Road in Lane Cove West, and includes projects such as Delve and Emerant Lane.
Delve is a six level complex by JSN Hannah offering 38 single and double-storey apartments.
One-bedroom apartments start from $479,000, two-bedroom apartments start from $619,000 and three-bedroom apartments start from $750,000.
“I find the suburb has multiple personalities, in a good way,” says general manager of JSN Hannah Edward Hannah.
“Bushland and river activities, coupled with some great little restaurants, a quaint shopping village yet only minutes from Chatswood, Nth Sydney, Ryde and not too far from Parramatta and the CBD.”
Emerant Lane (pictured below) is due for completion mid 2013 and is developed by SAKKARA with designs by dKO Architects.
It will boast 85 one-, two- and three-bedroom apartments.
To date, the development is 94% sold.
Two-bedroom apartments are still available and range in price from $680,000 to $813,000.
Curtis Field from Colliers International says they anticipate the remaining apartments will be sold by completion in July this year.
Walsh says this precinct has been well supported by the investor market due to its good proximity to Lane Cove River.
“The council has been smart about opening up the three distinct locations and therefore not overdeveloping any one of the areas so as to maintain the area's character.”
“This will ensure the future values continue to rise in the future and the suburb does not become overdone,” says Walsh.
The median sale price for a house in Lane Cove is $1,125,000 and the median price for a unit is $522,500 – offering a rental yield of 3.9%.
