Coronation spends $220m on BTR sites
Coronation Property has outlaid a speculated $220 million on two inner-city Sydney build to rent development sites.
In the biggest deal, the group is outlaying $140m for a 2.14 hectare Waterloo amalgamation, 207-229 Young Street and 881-887 Bourke.
Within the suburb’s Danks Street precinct, an $850m village with c400 dwellings and 2500 square metres of retail is planned.
Completion is expected within three years.
Colliers Guillaume Volz and Michael Crombie represented the vendors including companies associated with Dr Jeffery Eisman and Cheryl Saluck.
Remediated, part was marketed as the Forever Young block.
Waterloo is four kilometres from the CBD.
St Leonards office set for repurpose
Meanwhile Coronation is speculated to be paying close to $80m for a St Leonards site, also for a BTR project (story continues below).
The seller of 46-52 Nicholson St is the agriculture executive John Kahlbetzer’s Twynam Group, which had earmarked replacing an on-site office with a bigger one, before proposing a 29 level BTR asset.
Some 350 dwellings, retail and community spaces are now planned.
The proposed project carries a c$600m end value.
St Leonards is about seven kilometres north west of town.
Upon completion of Nicholson St and Waterloo, Coronation will hold c3500 local BTR assets worth a total of nearly $7b.
In 2023, the company, established by Joe Nahas, outlaid $45m for a major residential development site in Sydney’s Ashbury.
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