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 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 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.
Subscribe to our newsletter at the bottom of this page.