Award-winning developer and builder Coronation Property has acquired two development sites in Sydney which are set to deliver over 750 new apartments to the market.
The two sites, at St Leonards and Waterloo, will be transformed into new mixed-use developments.
Both schemes will support the principles of the Minns Government’s policies in locating density and new homes close to transport, job opportunities, green open spaces, community services and cafes and restaurants.
Comprising over 350 Build to Rent apartments, ground-floor retail and community areas, Coronation’s first acquisition at 46-52 Nicholson Street, St Leonards, was purchased off-market and represents the developer’s foundation development on Sydney’s thriving lower north shore.
Situated within St Leonards and Crows Nest, the development sits nearby the recently opened Crows Metro Station, Royal North Shore Hospital (RNS), the St Leonards Commercial Centre and railway station.
Coronation stated that the St Leonards acquisition capitalised on the strong demand for rental apartments across the Sydney metropolitan area. The proposed development has an end value of $600m and has an expected completion date of Q1 2028, if approved.
“We’re excited to be unlocking this gateway site’s valuable development potential which incorporates a vibrant mixed-use space, within a walk of the new Crows Nest Metro, the St Leonards transport hub, Gore Hill Oval and the array of local cafés and restaurants.
“Given its proximity to RNS and local medical and research hubs, we’ll be exploring the use of the incentive provisions available under the Housing SEPP to be able to deliver 15% of the development as affordable, through our partnerships with Community Housing Providers.
“This means that eligible low to medium-income health and allied care staff at RNS and The Mater Hospitals, as well as other essential workers, will have the chance to finally secure new, affordable rental properties – and be able to live close to where they work without having to commute long distances.”
Joe Nahas, Managing Director, Coronation Property
Coronation’s second site at 207 Young Street Waterloo sits within the Waterloo urban renewal growth precinct. The development, on a former commercial site on the corner of Danks Street, will comprise over 400 Build to Rent apartments, 2,500 sqm of retail space, parkways and pedestrian access.
With an end value of $850m, the development is situated 4km from the CBD and will benefit from its proximity to the new Waterloo Metro, Green Square and transport networks, Royal Prince Alfred, St Vincent’s and Prince of Wales hospitals and the University of Sydney, University of NSW (UNSW), University of Technology Sydney (UTS) and Notre Dame universities.
The development has concept DA and VPA approvals and has an estimated completion date of Q4 2027 to Q1 2028.
“We’re excited that we’ve acquired one of the few remaining residential development opportunities in the thriving Waterloo urban renewal precinct.
“It’s a prime location for new housing, given its connectivity to transport networks, amenities, major hospitals and universities and the emerging tech and innovation employment hub around Botany Road.
“These two acquisitions demonstrate Coronation’s commitment to securing growth opportunities in well-serviced, well-connected urban areas of Sydney, so we can continue to build highly amenitised new communities.”
Joe Nahas, Managing Director, Coronation Property
Coronation’s stand-alone Build to Rent company Nation will operate the St Leonards and Waterloo schemes. Nation is set to operate around 3,500 apartments by 2028.
The developer has a $5.7bn pipeline of Build to Rent and Build to Sell developments already delivered, under construction or in planning.
