Coronation doubles down at Ashbury

Construction of the $218 million Ashbury Terraces project started in December.

Joe Nahas’ Coronation Property has scooped up a 1.645 hectare permit-ready residential development site neighbouring its Ashbury Terraces project (artist’s impression, top), construction of which kicked off six months ago.

The Ashbury FMBM block (centre), beside the cleared Ashbury Terraces parcel.

The Surry Hills based group is paying Ashbury FMBM, a company led by local developers Michael Teplitsky, Felix Milgrom and Boris Markovsky, $45 million for 149-163 Milton Street.

The price is c10 per cent less than the (c$50m) guide when the land was previously for sale, in mid-2020.

Coincidentally, Coronation tipped its 1.49ha holding into that campaign as well – asking c$40m – before withdrawing.

Both blocks – former warehouses abutting the WH Wagener Oval – had just been rezoned for residential.

Ashbury is about 10 kilometres west of Sydney.

Still a windfall

Mr Teplitsky, Mr Milgrom and Mr Markovsky acquired 149-163 Milton St for $30.88m in 2014.

Coronation meanwhile outlaid $17.1m for its parcel, 165-171 Milton St, in late 2015 (story continues below).

The proposed third stage of Erskineville’s Park Sydney, with a build to rent component.

The first phase of the c$218m Ashley Terraces project will contain 59 two and three storey townhouses and three penthouses; these were priced off the plan last year at between $1.795-$3.2m, with most trading.

A second stage will add 74 apartments – from $695,000-$2.495m.

Coronation is expected to proceed with the permitted scheme for 149-163 Milton St, with 127 dwellings – 59 apartments and 68 townhouses.

The acquisition comes a year since Mr Nahas paid Greenland and Golden Horse Australia $315m for a five hectare high density development site at Erskineville, 4.5 kilometres south west of the CBD.

Also a former industrial site, once owned by Goodman, it is set to contain the third stage of the Park Sydney apartment project, with c1010 dwellings including build to rent, and a 5000 sqm Woolworths anchored shopping centre.

Colliers’ Michael Meynell and James Cowan with Ray White Commercial’s Peter Vines and Victor Sheu marketed 149-163 Milton St.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of