Ara on Sydney Park development already selling prior to weekend pre release
Almost a third of apartments in the seven-level Ara on Sydney Park development in Erskineville have already sold, prior to the VIP pre release this weekend and the public launch next month.
The $20 million development with designs by Baker Kavanagh architects will comprise of 36 apartments starting from $540,000.
One-bedroom apartments have an internal area of 55 square metres, two bed-room apartments range in size from 80 square metres to 85 square metres and three-bedroom apartments have an internal area of 102 square metres.
Two-bedroom apartments start from $785,000 and three-bedroom apartments start from $925,000.
Apartments will feature natural stone and timber, European miele appliances and caestarstone benchtops.
“The opportunity to secure an apartment in a vibrant community with the CBD on your doorstep will be a huge drawing card for buyers,” says Peter Coulton of Savills Residential Projects.
Coulton says he expects the development to be a sell out at this weekend’s pre release.
“We expect most buyers to be locals with a good mix of owner occupiers and investors, Erskineville has an average rental return of 6% which is a good return for investors,” says Coulton.
The developers, Newtown Constructions, purchased the site at 241 to 245 Sydney Park Road in late 2011 for $4.25 million.