A $700 million apartment development in Sydney’s south includes a Woolworths, restaurants and yoga facilities
A MAJOR residential development in Sydney will create a new urban precinct with its own retail plaza and a massive Woolworths supermarket.
A MAJOR $700 million residential development project in Sydney’s south will create a new urban precinct, including a 5000sqm retail plaza and a 3500sqm Woolworths supermarket.
The Beyond project, located at 93 Forest Road, Hurstville, will have a mix of 556 one, two and three bedroom apartments across four buildings that vary from eight to 20 levels across the 13,927sqm site. It will have 600 resident car parks, 80 visitor parking spaces and 200 retail parking spaces.
The 5000sqm retail plaza will feature specialty stores, cafes and restaurants, and residents will have access to the new Woolworths.
“Beyond will bring a fresh and sophisticated urban precinct to Hurstville,” Nicholas Byrne,
director at DKO Architecture and the project’s lead architect said.
The one-bedroom apartments will range from 50 to 61 square metres and will be priced from $565,000 to $825,000.
Two-bedroom apartments range from 75 to 92 square metres and will be priced from $840,000 to $1.140 million.
Three bedrooms will range from 95 to 107 square metres and will be priced from $1.23 million to $1.67 million.
The development will also feature resident-only communal areas. The 4000sqm of recreational space will include facilities for yoga, badminton and reading pods, as well as barbecue and dining areas.
The chief executive of Fridcorp, the developer behind Beyond, told news.com.au there had been “phenomenal” interest in the project so far — and surprisingly not from foreign investors.
“The interest has been phenomenal. We’ve had a very varied group of buyers,” Fridcorp co-founder and CEO Nigel Givoni said.
“We haven’t had too many foreign buyers. We have largely seemed to be attracting people from within three to four kilometres of Hurstville. We believe that is an owner-occupier that has been attracted to living within a village-type environment.”
He said this also may indicate lots of first-home buyer or second-home buyer interest, rather than just seasoned investors.
“We feel that from the people that are coming through, we are not only getting the first- and second-home buyers — which tend to be the Australian-born Chinese and second and third-generation European buyers,” Mr Givoni told news.com.au.
“We are getting a really wide variety and I can’t figure out a specific demographic. It is quite broad.”
Mr Givoni said the project was deemed a “premium” development at the higher end of the median price range, but affordability was driving the demand for these types of high density apartment developments.
“No doubt the shift towards apartment living is part of the attraction. I think obviously affordability is another driver.
“The cost of a buying a house is very difficult for the younger generation. Whether they are looking for their first home or second home, apartment living is an obvious option.”
The construction is due for completion in July 2019 and Mr Givoni said he expected “substantial amount” of apartments to be purchased off-the-plan before commencement in August 2017.
Fridcorp’s first Sydney-based project, Eve in Erskineville, sold $100 million in stock within two hours of launching in May 2014.
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