This article is from the Australian Property Journal archive
DEVELOPER Coronation Property has begun construction on the first stage of its $2 billion Erskineville masterplanned build-to-rent community project.
The Erskineville housing community is being built at a former industrial site at 155 Mitchell Road, around 4km out from the Sydney CBD, and will deliver more than 1,300 BTR residences, with the first approved stage of the project will see construction commence on six terrace houses.
The project will include communal amenities and rooftop communal spaces, an activated dining and wellness precinct, retail space, public art, shared pedestrian and cycling pathways and diverse green communal spaces, including the 7,500sqm McPherson Park.
“This is the first significant milestone to deliver our vision for this multi-stage urban development, we look forward to working closely with the City of Sydney to realise our plans for a vibrant, new neighbourhood, so close to the CBD,” said Joe Nahas, owner and managing director at Coronation Property.
200 of the 1,300 homes will be allocated to affordable housing for key workers including nurses, paramedics, teachers, and aged care workers, with Coronation partnering with community housing provider Evolve Housing.
“Today marks a significant step forward to increase the supply of new, affordable housing options for essential workers and lower to moderate income earners, who might otherwise find it difficult to afford a suitable rental property in Australia’s most expensive capital city,” said Lyall Gorman, CEO at Evolve Housing Group.
“Evolve Housing recognises its responsibility to play a role in increasing the supply of affordable housing and we look forward to working together with Coronation to achieve this.”
Coronation estimates that around 8,200 direct and indirect jobs will be created throughout the life cycle of the project, based on Housing Australia’s research that says $1 million in construction output supports nine jobs on average.
While back in March, Coronation commenced works on Stage 2 of Ashbury Terraces residential development in Sydney’s inner-west.
Nation, Coronation’s stand-alone subsidiary company, will operate the Erskineville Project, which is anticipated for a 2027 completion.
