Developers have the opportunity to set a new benchmark for Co-Living in the fringe of Sydney CBD
News release
21 August 2024
Rare Co-living development site in inner city Sydney
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JLL has listed for sale a scarce DA-approved Co-living development site in Sydney’s Alexandria. The development site in Alexandria has DA approval for a five-level building with 66 studios and two ground-floor retail outlets.
JLL’s Gordon McFadyen and Dylan McEvoy are the selling agents for the 846 sqm site to be known as Thornton on Chapel at 22-32 Botany Road.
JLL Joint Head of Metropolitan Sales & Investments – NSW Mr McFadyen said the Alexandria site features a valuable DA approval, limiting planning risk and reducing the project timeline. In addition, the DA has been strategically designed to ensure it is targeted to the right market.
He said the Co-living development opportunity incorporates existing building features without requiring a basement or parking therefore reducing construction costs and improving overall feasibility.
He said the Alexandria development is in a premium city fringe location bordering Alexandria, Redfern, Eveleigh, and Waterloo. The site is surrounded by key amenities: Redfern Station, University of Sydney, UTS, Royal Prince Alfred Hospital, Eveleigh business centres, and Sydney CBD with direct access to extensive transport networks being 150m from the new Waterloo Metro Station opening this month.
Mr McEvoy said the proposed development is perfectly positioned to capture the ideal demographic for this project, with 38% of the area's population aged between 20 and 34 and 53% of dwellings rented.
The development site - located at 22-32 Botany Road, Alexandria is being sold via an Expressions of Interest campaign, closing at 2pm AEST, 12th of September.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 110,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.