Urban Property Group has bought up a site in Sydney’s inner west approved for a 145-unit development.
The site was offloaded by Piety Group, with development approval attached, another example of a growing wave of DA-approved sites on the market as developers reassess their portfolios.
Construction, which is projected to have an end value of $150 million, was due to commence in the first half of 2023, ahead of completion in late 2024.
Its first site in North Strathfield, 15km west of the CBD, Urban said it marked a growth in opportunities in the market for well-capitalised developers.
The project will deliver three buildings between four and six storeys, with apartments—a mix of one, two and three bedroom units—from $614,000.
The 7500sq m Halston, a collaboration between FUSE Architects and Jackson Teece, will also have a communal kitchen and communal vegetable garden.
An Urban spokesperson told The Urban Developer that as a “shovel ready” project, The Halston was “a great fit”.
“The Halston was attractive to Urban mainly due its location—excellently positioned close to great schools, retail stores and new infrastructure,” they said.
“The apartment layouts offer a flexible living space that caters to the needs of residents at all stages of life, while the communal area spaces reinforce functional community-based living.
“This aligns well with our project profile and we are excited to deliver it.”
