How The Grand Residences in Eastlakes offers the Eastern Suburbs lifestyle without the pricetag
Gateway suburbs have often provided home buyers with a more affordable entry to some of the more premium suburbs in Australia.
The Eastern Suburbs in Sydney is one of the most exclusive regions of real estate in the country and often dominates sales prices both nationally and even on the world stage, with the likes of Bondi Beach and Point Piper seeing prices on par with New York and Tokyo.
The aspirational suburbs in the east located on the water, whether that be the harbour or the ocean, are closed off to most prospective buyers, however there are pockets for those to live in the Eastern Suburbs without the inflated price tag. These suburbs tend to be known as gateway suburbs, those that have all of the lifestyle benefits of being in one of the premium suburbs but are significantly more affordable.
A suburb growing in popularity as a gateway suburb is Eastlakes, a 10-minute drive from the beaches at Coogee and Maroubra, but close enough to the inner-city for the growing cafe culture scene in Rosebery and Alexandria.
Eastlakes boomed in the 1960s, when it was officially designated as its own suburb having previously been part of the Botany Bay area. Significant development ensued, with buyers quick to jump on its ideal location between the beach, the city, and the airport.
What has been missing in the suburb is a push for new apartment living. The majority of apartments in Eastlakes date back decades, in low-rise buildings with no facilities and outdated floorplans.
It's this which makes The Grand Eastlakes, the final development by Crown Group before they were placed into provisional liquidation after a shareholder dispute, all the more rare.
Crown Group completed The Grand Eastlakes in 2022, but kept a significant portion of the 133 apartments that were developed. Those apartments, which have not previously been available to purchase before, have recently been released to the market.
The one, two and three-bedroom apartments have proven popular with everyone from first home buyers to downsizers, as well as investors who are well aware of the value proposition on offer.
McGrath Projects Director, Adam Sparkes, says the opportunity to buy an apartment of this calibre in Eastlakes, and at this price point, isn't likely to come around again.
"Any future apartment development in Eastlakes will have to command higher prices due to the drastic increase in construction costs in recent years," Sparkes says.
"The Grand Residences really does represent great buying in the Eastern Suburbs."
The most recent sales have seen a price per square metre at around $12,000, a rarity in the new apartment market in the Eastern Suburbs.
The Grand Residences, located above The Grand Shopping Centre that is home to 16 retailers including a full-line Woolworths, also features a 25-metre heated swimming pool, a gym, and a resident rooftop space with a TV, alfresco dining and lounge areas, and a built-in barbecue with 270-degree views back to the Sydney CBD.
