Coronation Reveals 850-Home BtR Precinct in Sydney’s South

Coronation’s plans for a mega-scale build-to-rent project in the Danks Street South Precinct at Waterloo have gone on exhibition, showcasing 850 homes.

Across four parcels of a combined 2.15ha, the application proposes nine residential and mixed-use buildings, as well as a consolidated basement with below-ground links. The site is 4km south of the Sydney CBD.

A total gross floor area of 65,109sq m is proposed, with a floor space ratio of 3.05:1. The affordable housing component of 73 apartments would enable the 25 per cent uplift in GFA.

Coronation estimates the development cost of the project at just under half a billion dollars ($496,735,113). The land cost would add another $140 million.  

Non-residential floor space of 4450sq m would include a 2060sq m gym, a 300sq m bathhouse and 1700sq m of retail space. An artist-in-residence is also planned for the precinct and 390sq m has been dedicated to that use.

The site at 881-885 Bourke Street (with frontage to Young and Danks streets) is 1.1km from the Green Square train station, about 950m from the Waterloo metro station and 1.5km from the Redfern train station.

Early works are under way and the site cleared of structures. Remediation addressing contamination from historical landfill and dry-cleaning activities is ongoing.

After being placed on the Housing Delivery Authority fast-track in February, the project now aims for a completion date in late 2027 or early 2028. 

▲ Coronation’s build-to-rent operations arm, Nation, would manage the apartments.

The Coronation proposal neighbours the DASCO project under construction at 903-921 Bourke Street, also known as the Danks Street District. DASCO has approval for six mixed-use towers at that site, with a yield of 373 homes, but access to the HDA program (and further uplift) has been mooted.

A HAFF-funded project by City West is another neighbour. The Boronia complex has 74 apartments, all affordable. City West remains active in developing several other projects in the vicinity, including a new application for 111 affordable apartments in Alexandria, filed in October.

While the Danks Street South Precinct SLEP 2012 mandates a competitive design process be held, the Coronation application argues that the accelerated timeframes under the Housing Delivery Authority pathway make that impossible. Design excellence has been achieved nonetheless, according to the proposal.

Coronation’s build-to-rent and HDA spree continues elsewhere, with a $2.3-billion, 1075-home precinct at Erskineville approved in October.

In St Leonards, the developer is looking to double the yield of a proposal acquired from Jemalong Property, with an application for more than 500 apartments filed in July on advice from the HDA.