Property consultancy Knight Frank has announced that the UKO Newtown Village co-living scheme in Sydney’s Newtown is up for sale. Located at 10-12 Egan Street, the development is widely regarded as Sydney’s leading co-living asset, comprising 19 modern, self-contained studios operated by co-living operator UKO.
The building is considered ‘rich in character in history’, having formerly being the Sydney Confectionary Warehouse. It was transformed with a full reconstruction from a warehouse to a highly efficient and contemporary living and working environment in 2019.
“UKO Newtown Village is a landmark asset in Sydney’s west and is widely regarded as Sydney’s leading co-living asset. Its heritage and character will appeal to buyers, as will its secure and predictable cash flow and bluechip Newtown positioning.
“The property has exceptional connectivity, being just a short walk from the Newtown train station and major bus links, and is just 80 metres from King Street, Newtown’s vibrant dining, retail and cultural hub. It is also operated by a reputable co-living brand, with UKO known for its strong community engagement and high resident satisfaction.”
Adam Droubi, Knight Frank
This is the first time the scheme is being offered to the market in its current co-living configuration. It is being taken to the market via an Expressions of Interest (EOI) campaign run by James Masselos and Adam Droubi of Knight Frank on behalf of the vendor 10 Egan Street Pty Ltd. Price expectations are over $10m.
UKO Newtown, which consists of a 474.7 sqm building on a 382.9 sqm site, is 100% leased with a strong gross income of $632,333 per year. The studios in UKO Newtown Village have private ensuites and kitchenettes, while 40% also have courtyards.
“Last year we sold $155m in apartment blocks and groups of townhouses across 19 transactions in Sydney, with this property type in high demand.
“We anticipate ongoing investor interest this year, with buyer enquiry remaining high, underpinned by strong fundamentals in the residential market including solid rental growth, record low vacancy levels and scarcity of stock.”
James Masselos, Knight Frank
The building also has a communal lounge and games room, dedicated co-working space, onsite laundry facilities, 24/7 security surveillance and an outdoor BBQ area. Adam said the property was expected to appeal to a wide range of buyers, with co-living assets, along with residential unit blocks in general, highly sought after in the current market.
