Marrickville set for rare new apartment development
It's not often an off the plan buying opportunity comes up in Marrickville, Sydney's popular inner west suburb.
Following their success of Kindred apartments nearby, Astute Property Developments are soon to launch their latest development in the area which has become popular for its breweries and eclectic dining scene.
The new project, Mosaic, will see 43 apartments created on Illawarra Road, the heart of Marrickville. The name Mosaic pays homage to the mosaic artworks dotted around Marrickville, as well as the diverse mix of architectural styles and its buzzing music and foodie scene.
Astute Property, led by managing director Fady Rizk, are developing and building the eight-level project, which is coming up for sale through McGrath Projects.
“We spent the last 12 months modifying the existing DA, focusing on reducing the number of apartments to increase study and living space and accommodating people who continue to work from home,“ Rizk says.
“This site is a rare find in Marrickville and we’re excited to transform a previously derelict building and revamp the strip that is fast establishing itself as the ‘eat street’ of Marrickville.”
The project includes a mix of one, two and three-bedroom apartments with prices starting from $820,000 for a one-bedroom apartment which range in size from 50 to 55 sqm internally, with a further 12 to 25 sqm of internal space.
The two-bedders will start from $1,195,000, and range in size from 75 to 89 sqm internal and a further 10 to 40 sqm external.
The largest apartments, with three bedrooms, have 100 sqm of internal space and 15 to 20 sqm external.
Colin Griffin, Associate Director for McGrath Projects, says the team has created a unique premium offering for Marrickville which he believes will appeal to both investors and owner occupiers.
“‘Mosaic’ provides a great opportunity for investors to secure a premium product, at a desirable price point, that is in limited supply in Marrickville," Griffin says.
"Tenants are looking for quality properties in an area that has all the elements you want in a desirable lifestyle close to transport, schools and parks, plus – great dining options, cafes even live music and are happy pay a premium for all this at their doorstep. As a result, Investors are always looking to purchase where tenants want to be.
“We also expect strong interest from young families and young professionals who understand the vibe of Marrickville, looking to upgrade their home and live in an area that they already love.”
Benson McCormack Architects and interior design studio Axlund & Goldstein Interiors have collaborated on the project, which includes 200 sqm of private residential space on level four which will feature a communal garden.
“The open space with communal intimate zones enables a number of groups to use the area and enjoy the city views, with a little sense of privacy,” Rizk added.
Fast Facts
Mosaic is expected to be completed at the end of 2023.
Product mix: 16 x 1 bedroom; 25 x 2 bedroom; 2 x 3 bedroom apartments.
4 x Ground Floor retail tenancies totalling 410m2.
One-bedroom apartments range in size from 50-55 sqm internal and 12-25 sqm external and are priced from $820,000 to $940,000.
Two-bedroom apartments range in size from 75-89 sqm internal and 10-40 sqm external and are priced from $1,195,000 to $1,495,000.
Three-bedroom apartments range are each approximately 100sqm internal with 15-20 sqm external and are priced at approximately $1,800,000.