Third release planned for $230m Erko development

The third release of the $230 million residential development Erko will comprise of 16 torrens title terrace houses priced from $1.575 million.

The joint venture between Leighton Properties and LaSalle Investment Management will be known as Ashmore Terraces.

Built on the northern boundary of the 1.6-hectare development in Erskineville, the three-storey terrace houses of 185 square metres will feature three bedrooms and interiors by SJB.

“We engaged SJB, Prineas and TRIBE Studio to take the finest features of a Victorian terrace, modernised them, and then integrate principles of thoughtful, sustainable design,” says managing director of Leighton Properties Mark Gray.

Apartments feature marble ensuites with freestanding baths and large stone benchtops in the kitchens with miele appliances.

“Most of the time we are working within the confines of an existing building, however this was an opportunity to design a classic architectural style with modern living in mind,” says Hannah Tribe of TRIBE Studio.

Gray says Erskineville is synonymous with terrace living and expects the third release to be well received by owner-occupiers.

Tim Rees of CBRE says the beauty of the Erko terraces are that they’re brand new.

“You are not buying a property in need of repair nor suffering from maintenance issues which is practically unheard of in a suburb so close to the city, especially one like Erskineville which is in such high demand,” says Rees.

The first stage of Erko was released in November 2012 and the second stage was released in 2013, totally 263 apartments priced from $400,000 to $1.3 million - only three apartments remain.

Construction on Erko began in June this year and is on track for a late 2014, early 2015 completion.

The fourth and final stage will have approximately 40 apartments.

The median house price in Erskineville is $825,000, a 25% change in the past five years, according to RP Data.