The property is located in Punchbowl, a well-established residential suburb in south-western Sydney. The property is situated 17 kilometres west of the Sydney CBD.
The suburb features a mixture of Federation, Art Deco and contemporary homes. More recently, parts of the suburb have been redeveloped, with apartments, townhouses and modern detached houses being built. Shopping facilities are located along the main retail strip of Punchbowl and major shopping centres are located at nearby Bankstown and Roselands.
The area is well serviced by a number of local and private schools as well as a number of parks and reserves. The M5 Southwestern motorway is located within close proximity. Punchbowl Railway Station is located 1.5 kilometres to the north east to the property and frequent bus services to the Sydney CBD and greater metropolitan area are available nearby.
The proposed six story development comprises three retail shops and 74 residential apartments including a common rooftop terrace area and a two level basement carpark. The residential component includes 12 studio apartments, 26 x one bedroom apartments, 12 x one bedroom + study apartments, eight x two bedroom + 1 bathroom apartments and 16 x two bedroom + two bathroom apartments.
Forty-one presales, comprising two retail and 39 apartments, have been achieved totalling approximately $17,433k (GST exclusive) and representing 74.15 percent peak debt cover. A further six pre sales (a total of forty-seven pre sales) are to be achieved no later than six months from initial drawdown.
Estimated development progress as at 27 August 2019