First look: Boutique Wollstonecraft townhouse development to meet market gap
A new townhouse development in Wollstonecraft on Sydney's Lower North Shore is expected to meet a large gap in the market for downsizers.
PBD Architects have put the plans together for a 10-townhouse development at 7-9 Selwyn Street, a 1,546 sqm site near the Wollstonecraft Train Station.
Each of the townhomes will have three-bedrooms across three levels, and a shared basement with parking for 16 cars.
Local agency Atlas provided advice on the project. They said there's a gap in the market for this type of product.
"Due to the nature of the area, there has been a shift over the past three years of local residents wanting to downsize but struggling to find the right accommodation, particularly older residents given most options in the area are limited to older homes with stairs or conservatively sized apartments," the submission by Atlas agent John Melville said.
He said the team has seen a 42 per cent increase in enquiry for clients looking for three bedroom townhomes.
"We find most people looking to downsize find a three bedroom home as the most suitable option," he said, noting that they see this development as an opportunity to fill a gap in the market for townhouses with an internal lift, that will have a wide appeal to a range of different buyer dynamics, but largely will suit older residents looking for a suitable downsizing option that don’t want to live in an apartment.
Ray White Lower North Shore Principal Tim Abbott shared the sentiment, suggesting the proposal will be highly sought after because of the townhouse configurations with additional family rooms and studies, and the generous sizing which ranges from 170 sqm to 173 sqm internally.
"These sizeable spaces are highly desired and are rare to find," Abbott's submission read.
"There is a high level of demand for high-quality three bedroom residences with additional amenities within the Wollstonecraft area and surrounding suburbs, this is driven by strong levels of enquires. The demand for this product generally comes from a high net-worth demographic of an aging population who is struggling to secure sizable, low maintenance residences within the Wollstonecraft region, and are not yet ready to transition into apartment living."
He said much of the existing stock within the market is apartments, restrictive in size, and does not include high levels of specifications.
"A low supply of high-quality stock is seeing many locals relocate to neighbouring regions to meet their needs and expectations and this is highlighting a clear gap within the market."
Their comparable sales list of new three-bedroom townhouses showed that only one other development within Wollstonecraft, The Greenwood Collection by Metro Properties, offered high-quality three-bedroom residences. The rest were in surrounding suburbs Crows Nest, Naremburn, Willoughby, Waverton, and Cremorne.
PBD said in their Design Verification Statement that the design of the development is focused on creating a cohesive and visually pleasing aesthetic that complements its surroundings.
"The use of natural materials and incorporation of greenery throughout the development creates a harmonious and inviting atmosphere.
"The design also takes advantage of the local climate to provide a comfortable and enjoyable living experience for residents.
They said the overall design ensures that visitors and residents feel welcomed and comfortable within a lush green environment, and the design takes into consideration current market demands and living patterns in the local area.
