Coronation Property has acquired a major new inner-city development site, located at 56 Ashmore Street and 165-175 Mitchell Road, Erskineville.
Acquired for $315 million, the 50,000 square metre site comprises the future stages of the Park Sydney project, currently being developed by Greenland Golden Horse.
Coronation Property will deliver a further 1,010 residential apartments on the site, with the intent of combining a mix of build-to-sell and build-to-rent formats, as well as 5,000 square metres of retail.
The site is one of the last and largest unencumbered freehold parcels of land in the City of Sydney, situated just four kilometres from the CBD.
Coronation intends to progress site plans with the City of Sydney imminently, in order to accelerate the delivery of a prestigious mixed-use development that will incorporate a supermarket, as well as a highly curated selection of specialty boutique stores, cafés, restaurants, green spaces, and pedestrian pathways.
According to Joseph Nahas, Managing Director of Coronation Property, said they look forward to bringing a fresh perspective and an innovative take on urban renewal to Erskineville.
“We are excited to add to the existing fabric of this vibrant and leafy village. We believe strongly in the power of landscape as a neighbourhood connecter, and we intend to embrace and incorporate the areas’ natural surrounds into the development.
“The former industrial site is in an incredible location on the fringe of the rapidly transforming precincts of Alexandria and Waterloo, and is also close to Sydney Park, which is one of the city’s most loved green spaces.