Final opportunity to buy in The Grand Residences, Eastlakes
Eastern Suburbs property seekers have been given one of the best opportunities to buy into the priciest region in Australia at prices not seen in years, with the release of the final apartments in Crown Group's award-winning development, The Grand Residences, Eastlakes.
Due to a shareholder dispute, Crown Group was placed into provisional liquidation in August 2023. The apartments are now being released to the market in an ordinary wind-down of the Group.
The first stage of the project was developed over a five-year period. Beneath the apartments there is a vibrant retail precinct with 15 retailers. Anchored by a large-format Aldi Supermarket, there is also a Woolworths Metro, Australia Post and a variety of speciality stores and services.
Completed to much fanfare at the beginning of 2022, the first stage won the Urban Taskforce Australia Development Excellence Awards in the Mixed-Use Development category, one of the most prestigious awards a development can get in Australia.
Chair of the Urban Taskforce Judging Panel, Chris Johnson, said The Grand Residences by Crown Group represented an exemplary project in mixed-use developments and urban renewal.
“It will significantly revitalise this previously overlooked area of Sydney and create immeasurable benefits for the local community, allowing it to better meet the needs of the future forecast population growth,” Johnson said.
Everything Crown Group has done well over the past decade is on show at The Grand Residences. Their commitment to producing larger apartments than the norm is apparent immediately, even with the one-bedroom units which span nearly 60 sqm and have a balcony off the open-plan kitchen, living and dining area. Every apartment within the complex has at least one car space.
Crown Group’s signature high-end amenity is also a key feature at The Grand Residences. On offer for residents is a 25-metre heated pool, gym, landscaped gardens, BBQ facilities, and rooftop deck with panoramic views.
The Grand Residences offers a gateway into the Eastern Suburbs in terms of both affordability and location. The Evans Avenue address puts residents beside the growing inner-east suburbs of Alexandria and Rosebery. Rosebery has become a hotbed for creative business and coffee culture due to the popular retail and hospitality hub, the Cannery. As well as the thriving cafe scene, residents are also just a 10-minute drive to some of Sydney’s best beaches, the closest being Coogee.
The provisional liquidators have appointed McGrath Projects and Crown Property Agency to assist with the sell-down of the development.
McGrath Projects and Crown Property Agency have already held a highly successful weekend launch of the apartments, which was attended by a mix of first home buyers, “rightsizers”, investors and owner-occupiers who see the value this Eastern Suburbs address provides.
McGrath Projects Director, Adam Sparkes, says the building offers incredible value for every cohort of buyers looking at the Eastern Suburbs.
“The building is achieving strong rental yields for the area, and since completion two years ago properties have been tightly held. The opportunity to buy at this price point and in this location isn’t likely to come around again.”
