Developer sells new co-living investment
A six storey co-living investment built in place of a commission house, on Sydney’s Lower North Shore, has sold.
Botanic Suites at 47 Mindarie Street, Lane Cove North, found favour with a private investor for $13.7 million.
Daoud Investments was the developer and seller.
Branded Botanic Suites, there are 27 self-contained fully furnished units, a communal rooftop lounge and basement car park with 12 bays.
The project was completed this year.
Daoud paid the New South Wales Land and Housing Corporation $2.94m for the 566 square metre site in 2021.
It was represented for the sale by Colliers’ Hary Bui, Andrew Bui and James Mullin who closed an expressions of interest campaign July.
Botanic Suites
The Mindarie St site is surrounded by other high density residential developments.
“As Australia’s housing landscape transforms, co-living stands out as a strategic investment aligned with modern living preferences,” Harry Bui said.
“With its ability to combine affordability, community and convenience, co-living is not just a trend; it represents a structural shift in how we think about residential real estate,” he added.
“Co-living is rapidly gaining traction as one of Australia’s most promising emerging investment asset classes, offering investors strong yields and stable income streams,” according to the executive.
“As housing affordability challenges persist and lifestyle preferences evolve, co-living provides a flexible, community-driven solution that resonates with young professionals and families seeking convenience and affordability”.
Supply isn’t keeping up with demand on the North Shore, Mr Mullin said.
“Lane Cove exemplifies the market dynamics driving this trend,” he added
“The suburb has experienced strong rental growth and heightened demand for housing, particularly from professionals and young families seeking proximity to employment hubs and lifestyle amenities,” according to the executive.
“This surge highlights the opportunity for co-living and BTR developments to address evolving housing needs while delivering long-term value for investors”.
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