Coronation fills BTR tower
Coronation Property and its build to rent division, Nation, have filled a major investment in Sydney’s west Parramatta.
The Charlie Parker project at 12A Parkes Street, Harris Park, with 123 units over 25 levels, reached practical completion last April.
The diversified developer and investor applied for the project in 2017 – replacing a 22 floor scheme with 102 build to sell dwellings.
Coronation is also building Parramatta’s tallest tower – rising 63 storeys at 8 Phillip St – containing 314 BTS apartments and a 250 key QT Hotel.
Earlier this week we reported Melbourne-based Local acquired the Gold Coast’s former Athlete’s Village, with 19 high density towers, now a BTR investment, Smith Collective.
That deal, with USB, believed to be representing the Abu Dhabi Investment Corporation, and Grocon, doubled Local’s portfolio to c2543 dwellings, making it the country’s biggest Australian BTR manager.
Coronation, which established Nation in late 2023, Mirvac and Home – Grocon’s BTR arm – are other significant players.
Elsewhere in Parramatta, Gurner and Qualitas have been sitting on a site permit-ready for a 61 level BTR with 385 dwellings for three years.
BTR portfolio takes flight
Coronation managing director Joe Nahas said another Sydney BTR asset opened year, Mason & Main in Merrylands, is 85pc full after units were put to the market June.
“The strong demand for…apartments clearly reflects the growing appetite for high-quality, community driven BTR living in Sydney,” he added.
“The team at National has successfully delivered a rental offering that meets the expectations of today’s renters – high quality, fully furnished apartments in a prime western Sydney location,” according to the executive (story continues below).
“As a privately owned operator, we have the flexibility to quickly adapt to resident needs, ensuring we provide an unmatched living experience”.
Amenity in Sydney’s second city
Charlie Parker residents will have access to a pool, wellness facilities and dedicated social and co-work spaces.
Nation head of leasing Sally Picot said its projects promise a lifestyle.
“Our approach to BTR is focused on creating vibrant, connected communities where residents enjoy premium amenities, flexible lease terms and professional management,” she added.
“The success of these projects proves that when you offer the right product, renters respond,” according to the executive.
“We have several more Sydney BTR projects in the pipeline, in Erskineville…and St Peters, reinforcing our commitment to addressing Sydney’s housing challenges and shaping the future of rental living”.
In February, we reported the group acquired two more blocks for assets of this type, in Waterloo and St Leonards.
Considered Sydney’s second city (a title agents are now tagging the proposed Bradfield, near Western Sydney Airport), with substantial office, retail and residential, Parramatta is 20 kilometres from the CBD.
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