Coronation Property expands its Ashbury Terraces site with $45 million purchase
Sydney developer Coronation Property has expanded its presence in the heritage-conservation suburb of Ashbury in Inner West Sydney.
They've secured the neighbouring development site to their current project, Ashbury Terraces, spending $45 million on the 1.64 hectare site that was listed by Michael Teplitsky, Felix Milgrom and Boris Markovsky.
The shovel-ready project at 149-163 Milton Street has plans for 59 apartments and 68 multi-level townhouses designed by SJB.
Coronation's Managing Director Joe Nahas called the acquisition a "no brainer."
Render of Coronation's new Ashbury development site. Credit: SJB
“Off the back of the incredible sales success at Ashbury Terraces with more than 50 percent of the terraces and over 50 percent of apartment sales, it was a no brainer for us to acquire the adjacent site to offer additional quality housing stock to our purchasers," Nahas said.
“SJB’s early engagement, coupled with the existing involvement of our in-house design team, dedicated development, construction, and sales and marketing teams working on Ashbury Terraces, it will be a seamless and efficient progression for us to extend our efforts next door."
The original Ashbury development was a shortlisted finalist in the 2022 World Architecture Festival (awards) for Future Projects. That too features a mix of apartments and terraces. They recently announced they've sold out 80 per cent of stage two of the project, with the final release of residences expected hit the market at the beginning of next year.
Ashbury Terraces is on track for completion by the end of 2024.
NSW Premier Chris Minns recently announced plans to help tackle the existing housing crisis by streamlining and accelerating the approval process, given the population of New South Wales estimated to increase by 85,000 residents per year until 2041, meaning there is an urgent need for 314,000 new dwellings over the next five-year period.
To expedite new housing supply, the Premier’s proposal will provide developers access to a fasttrack approval process through a ‘state significant development’ pathway for projects exceeding $75 million and comprising a minimum 15 percent affordable housing.
Nahas welcomed Minns’ announcement, saying it’s encouraging to see the Premier taking significant steps to facilitate an increase in affordable housing availability in the market and an overall boost in the number of new homes for the residents of New South Wales.
"As a company, we value our capacity to offer highly sought-after, quality residences. With this new initiative, we firmly believe that we can efficiently deliver a balanced combination of quality off-the-plan, build-to-rent, and key worker dwellings within a reduced timeframe," Nahas said.
"This will not only provide a broad range of housing options but importantly will make a significant contribution to meeting the escalating demand for new homes across Sydney in particular.”