The property at 142-144 Lawrence Street is situated in the suburb of Alexandria, approximately 6 kilometres south from Sydney’s CBD.
The suburb is a well-established industrial commercial centre, however in recent years there has been increasing gentrification in the area as a result of residential rezoning of a significant amount of commercial and industrial land. The increased interest in the suburb, has seen warehouse conversions, new apartments, Art Deco and Victorian-style houses being bought and renovated.
The property is conveniently situated within walking distance of cafes, shops, a Woolworths supermarket and a Bunnings Warehouse. It is surrounded by recreational facilities including Sydney Park, Perry Park, Harry Noble Reserve, Erskineville Oval and Alexandria Park. The location also enjoys good access to public transport, situated between two train stations, Erskineville and Green Square and with bus services nearby. Nearby schools include Alexandria Park Community School, St Mary’s Catholic Primary School, Erskineville Public School, Green Square School and Newtown Public School.
The funding is for the development of a part three or four storey complex comprising 9 residential units and a rooftop garden. The complex will contain eight x 2 bedroom units and one x 1 bedroom unit.
Five presales have been achieved for a gross value of $6,600,000. This will provide peak debt cover of approximately 93 percent excluding GST. The syndicate loan is due to settle on 12 October 2018.
Estimated development progress as at 18 September 2020