LEIGHTON Holdings has teamed with property fund manager LaSalle Investment Management to build a new housing estate in Sydney’s Erskineville.
The project will include 300 apartments and townhouses, and be developed on a former light industrial site, set to be rezoned to Mixed Use under the City of Sydney’s Draft Local Environment Plan (LEP).
The project is earmarked for a 1.6 hectare site at 36 Coulson Street, a site which also has frontage to MacDonald and Bridge streets. The development consortium paid Investa Property group’s Investa Enhanced Fund $21 million for the site.
It’s part of the Ashmore Precinct, identified by both the NSW state government and council as a precinct set for residential development.
One bedroom units in the new complex are expected to start at about $450,000, according to the AFR.