Coronation Property acquires $200 million Chatswood development site, expect 130-apartment tower
Prominent Australian developer and builders, Coronation Property has announced its continued expansion into Sydney’s inner-city ring with the acquisition of a $200 million mixed-use development site in Chatswood.
Located at 57-61 Archer Street, the site sits in the centre of the suburb and across the road from key amenities including Westfield Chatswood and Chatswood Chase. It's also just a 10-minute walk to Chatswood Station.
Coronation Property will utilise the connected site to deliver a mixed-use precinct with around 2,000 sqm of retail space and 130 residential dwellings.
Head of Urban Transformations at Coronation Property, Aras Labutis said the acquisition represents an important milestone for the company as they continue to focus on mixed-use sites around Sydney.
“The Chatswood site presented a unique opportunity for Corontion Property to contribute to what we see as one of Sydney’s fastest-growing precincts. With the State and Willoughby Councils committed to further developing Chatswood as a major employment and residential hub, we are excited to respond to the demand for more housing in the area and build upon an already highly sought-after community.”
“The site is in an ideal location, in a blue-chip area that is currently experiencing extensive investment into its town centre and the surrounding infrastructure. These factors will drive further growth in the area and make Chatswood an excellent opportunity for owner-occupiers and investors,” Labutis added.
Over the last five years, the Council has been in talks with the Chatswood community, developing a strategy to grow the town centre as a major employment hub and a vibrant residential precinct.
Coronation Property’s project will tie into the overarching vision to enhance Chatswood’s evolving growth strategy, with the group intending to work closely with both the State and Willoughby Council throughout the citywide rezoning process.
“The new development represents a continuation of Coronation Property’s strategy to focus on transformative placemaking and aspirational inner-city residential projects,” said Labutis.
The Chatswood project further solidifies the group’s already robust development pipeline, which currently has over $5.2 billion in major mixed-use projects, including the underway 8 Phillip Street in Paramatta development, Charlie Parker in Harris Park, Mason & Main in Merrylands, Ashbury Terraces in Ashbury and Moore Point in Liverpool.
Construction for the Chatswood site is set to commence in 12 to 18 months, pending development approval.