Coronation Property nabs $315m site in Sydney’s inner-city as Chinese developers back away from Australian market

Coronation Property has acquired a significant site in Sydney’s inner-city as offshore companies sell off a series of projects.

Coronation Property has purchased a major inner-city Sydney development site, the latest acquisiton by a local company in a series of sell-offs by Chinese interests.

Coronation acquired the 50,000 sqm site, located at 56 Ashmore Street and 165-175 Mitchell Road in Erskineville in Sydney’s inner west, for $315m. It includes the future stages of the Park Sydney project, currently being developed by Greenland Golden Horse.

The acquisition is the latest in a series of development sites being nabbed by Australian developers as Chinese companies wind back some of their more ambitious schemes in the capital cities. Last year, The Australian reported that China’s state-backed Greenland had offered several stages of the Park Sydney venture included in Coronation’s latest purchase.

A joint venture between Greenland Australia and GH Australia, more than 330 apartments had been completed in the site’s early stages before the remaining 6.9 hectares, accommodating about 1400 apartments, were quietly put on the block.

Concept images showing what Park Sydney would have look like. The development was being undertaken by Chinese-backed Greenland before being sold to Coronation.

Other Chinese developers, including Poly Group and Yuhu, have also rolled back major projects in Sydney and Melbourne.

In addition to the Park Sydney site, Coronation property will deliver a further 1,010 residential apartments in an intended mix of build-to-sell and build-to-rent formats, as well as 5000 sqm of retail. Four kilometres from the CBD, the mixed-use development will incorporate a supermarket, boutique stores, cafes and restaurants, green spaces and pedestrian walkways, Coronation Property said in a statement on Wednesday.

Site plans will be lodged with the City of Sydney imminently to accelerate the development, the firm said.

The acquisition is the latest expansion of Coronation’s development pipeline after its recent purchase of a mixed-use residential site in Chatswood as the company sets its sights on the Sydney CBD. The company currently oversees more than $7bn worth of major mixed-use projects across the city, including Mason & Main in Merrylands and Ashbury Terraces in Ashbury.

Merrylands Court at McFarlane St and Merrylands Rd. There are 790 units proposed for five buildings for the Coronation Property project.

Just 650 metres from Erskineville station, the former Erskineville industrial site is on the fringes of Alexandria and Waterloo and close to Sydney Park, “one of the city’s most loved green spaces”, Coronation managing director Joseph Nahas said.

“We expect that our focus on delivering quality design and premium amenity at Erskineville, along with its prime location, proximity to Sydney CBD, parks and other key infrastructure, will elevate the living experience of our residents,” Mr Nahas added.

Coronation Property made headlines earlier this month after former NSW deputy premier John Barilaro resigned from his position as an executive director, just five months after joining the firm and days before accepting a controversial $500,000 posting as a trade commissioner to the Americas.