Energy giant sells ex-substation to BTR developer
Build to rent developer and investor apt.Residential, backed by Dutch pension fund PGGM, has doubled the size of a prime inner-city Sydney site bought last June, following an off-market deal for the neighbouring block.
The heritage listed former electricity substation in Ultimo, 41-49 Mountain Street (pictured, top) – 1460 square metres zoned Mixed Use – is surplus to an Ausgrid subsidiary.
Records show the property previously traded to that entity for $72.8m in mid-2023; the current sale price is unknown.
The neighbouring 1379 sqm parcel, zoned the same but with a much larger ex-Grace Brothers warehouse, 1-3 Smail Street, cost apt.Residential $55m last June.
The developer had branded a BTR redevelopment – apt.Broadway.
Ultimo is about two kilometres from Sydney’s CBD.
Ausgrid, a partnership between the NSW government, AustralianSuper and IFM Investors, services about 1.7 million customers with 22,275 square kilometres of powerlines and cables across the Hunter Valley, Central Coast and Sydney.
Apt.Broadway upsized
Apt.Broadway will now contain 260 BTR dwellings – 100 on the new site.
Also with ground floor retail, completion is scheduled in late 2026.
“The acquisition would create a new precinct that transforms two underutilised inner-city assets into a connected residential and retail destination,” apt.Residential managing director Matt Carolan said.
“A portion of the apartments will be allocated to workers in the creative and performing arts sectors,” he added.
“Apartments will be fully furnished, with utilities and internet included,” according to the executive.
“Residents will have access to premium lifestyle amenities including a wellness centre, co-working hub, communal dining areas and a rooftop terrace”.
Apt.Residential is also behind a BTR-based project, apt.Meadowbank, at 1-20 Railway Parade, Meadowbank, 15 km north west of Sydney – a 7773 sqm plot set for a 2500 sqm Coles, 15 specialty retailers and four towers containing 291 apartments.
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