Exclusive: Urban Property Group buy The Halston, North Strathfield apartment project
Urban Property Group (Urban) have expanded their $2.5 billion residential apartment pipeline, purchasing The Halston, the North Strathfield apartment project.
The development approved, 145-unit project will be Urban's first project in North Strathfield. It has a forecasted end value of $150 million.
The Australian-owned development company, who operate all over Sydney with projects from Little Bay to Penrith, bought the George Street development from Piety Group.
Laver Residential Projects Director Dennis Vertzayias says Urban's one-stop-shop as a developer builder breeds confidence in the off the plan market.
"It gives us as agents, and the prospective buyers, assurances that the project is going to get built, which is particularly important in this current environment of high labour and construction costs," Vertzayias says.
"There's a certainty behind the time frame, as well as quality control, when the developer is also in charge of the build."
Vertzayias says there's not a lot of brand new apartment stock in the area.
"The Halston is the only project under construction, and is the only choice for brand new living, in a precinct close to transport, retail, and with all of the Olympic Park amenity also close by."
Demolition on site has commenced, with completion slated for the end of 2024. Laver Residential Projects Project Director Sam Elbanna is handling the sales at The Halston.
Designed by FUSE Architects and Sydney-based architecture studio Jackson Teece, The Halston offers a range of one, two and three-bedroom apartments across three buildings.
The site occupies a well-serviced area referred to as “the triangle of hubs” between Rhodes, Olympic Park and Burwood with proximity to Sydney’s CBD, as well as restaurants, parks, schools and Westfield Burwood.
Urban Property Group Chief Operating Officer Mark Elias, said the team are excited with the acquisition and to continue to expand their development pipeline.
"The opportunity to acquire a site as strategically located as the Halston, inclusive of its development approval, was one we couldn’t pass up," Elias said.
"With units already selling, we are aiming to deliver the project on an accelerated timeline with construction commencing in April 2023 and expected completion at the end of 2024.
“We are proud to continue to expand Urban’s residential portfolio of developments with market-leading design and amenity, while also catering to those across the socio-economic spectrum with an affordable housing offering.”
About the developer
Urban is a progressive, family-owned property company with a passion for market-leading design and has a proud legacy of development in Western Sydney.
As a family business with over three decades of experience, Urban has grown into a multi-disciplinary organisation with the capacity to fund, design, develop, and build its own projects, and brings this unique set of experience and values to the project.