St Peters development The Terraces secures 80% in pre-sales

The latest development offering new terrace-style living in inner Sydney city happens to be called The Terraces, a 34-terrace development offering torrens title homes at St Peters.

Located on Grove Street, The Terraces are 80% pre-sold.

The Environa Studio-designed development offers three-and four-bedroom double-storey homes without strata fees.

Three-bedroom terraces are 148 square metres in size and start from $895,000.

Four-bedroom terraces are 170 square metres in size and start from $995,000.

The cheapest home at $875,000 was the display home, which is currently under contract.

Each home comes with a courtyard and landscaped garden.

Bill Kalimnios of McGrath says the main buying demographic have been young professionals.

Domain Holdings, a syndicate headed by Albert Bonansea, bought the 7,339-square-metre former pioneer concrete site in 2004 for $5.7 million.

The first marketing stage began in early 2011 through Liberty Property Services, with prices starting from $825,000.

However the first building company appointed to the development, Cosmopolitan Constructions, went into liquidation, causing some buyers with contracts to withdraw due a lengthier construction timetable.

The Terraces are now listed through Steven Chen and Elizabeth Brunton from McGrath with a December 2013 completion date.

The median house price in St Peters is $684,000, according to RP Data.

Mirvac's Harold Park Glebe development has had strong terrace sales too. Prices of around $1.895 million have been paid for the Harold Park four-bedroom terraces.