Sun Property Group secure Chatswood apartment development site, plan two towers
Sun Property Group, the prominent developer in Sydney's Lower North Shore, is set to take on one of its highest density projects to date.
They've secured a vast development site in Chatswood, which will be their first in the suburb, and are embarking on creating two towers, with around 180 apartments, across the block at 1-17 Bowen Street.
Sun Property Group's General Manager, Cameron Johnson, says there's a lot of growth potential in the Chatswood area.
"Naturally as we foresee net migration rising substantially, and workers continue to look for somewhere near employment, we believe Chatswood market has a lot of potential growth," Johnson told Urban.
While pivoting away from their more traditional boutique developments, some of which offer just a handful of apartments, Johnson believes they will still be able to attract a similar customer demographic to what they're used to.
"While we're not producing the size of the boutique residential apartments that we usually offer, we'll still be looking to include products that over oversized," Johnson says.
"We'll be doing two-bedroom apartments at around 85 sqm to 90 sqm, rather than the more traditional 70 sqm size of a regular two-bed."
Johnson says naturally there will be more investors given Chatswood's solid transport infrastructure and employment opportunities, but there will be stock to suit every buyer.
Where the Bowen Street site sits in proximity to Chatswood. Image credit: CoreLogic
"The three-bedders will be designed for those who either have children or are looking to start a young family, and the two-bedders will be suiting young buyers who want work from home space and on site recreation."
Construction on the site is expected to commence in early 2024, with the development to be released in stages. There should be around 70 apartments developed in the first stage, at the start of the Bowen Street site.
Tony Leung at A+ Design Group is currently working on the plans, with development application lodgement expected later this year.
The site was secured alongside SPG's funding and equity partner, Qualitas, and will add $250 million revenue to SPG's pipeline.
SPG recently broke into the Melbourne market, where they have launched Euroka, a boutique collection of apartments in the heart of Toorak, one of Melbourne's blue chip suburbs.
Euroka is inspired by Melbourne’s iconic Roy Grounds House – once home to one of Victoria’s most influential modern architects.
The renowned architect and design firm, Carr Design, has created the 10 luxury apartments, which includes two ultra-luxury penthouses.