Traders In Purple development firm buys two Sydney sites
The private developer is expanding its Sydney holdings with two luxury projects in one of the country’s most lucrative markets.
Property developer Traders In Purple has bought two premium residential development sites on Sydney’s north shore where it plans to roll out projects worth $560m.
The move comes as analysts tip more buoyant conditions for housing as stimulatory election policies flow through the system.
Traders In Purple is planning 80 luxury apartments on a consolidated 5900sq m site at 46-50 Cowan Road, St Ives, fronting Pymble Golf Club. The site was picked from a venture between developer Metro Property Group and real estate firm MaxCap Group. It is zoned for R3 medium-density residential and is close to St Ives Shopping Village.
Traders in Purple also finalised the acquisition of 8-24 Nicholson Street, Wollstonecraft, which was rezoned late last year to allow for residential development up to 12 storeys. The purchases are in keeping with Traders In Purple’s plans to expand its Sydney portfolio in areas with strong fundamentals, matching its solid track record of delivering luxury waterfront properties.
Traders In Purple director George Geagea said both development sites were ideal locations given its expertise in designing for owner-occupiers, particularly downsizers.
“The St Ives site enjoys absolute golf course frontage with stunning views. It’s a large site that will permit us to create beautiful, spacious homes with generous landscaping that meet the needs of local residents who want to downsize and remain in the area they know and love,” Mr Geagea said.
“We expect Wollstonecraft to also appeal to locals wishing to downsize, but given its proximity to Crows Nest Metro and shopping village, and St Leonards train station, there is likely to be significant demand from professionals seeking a luxury apartment lifestyle in a quiet and peaceful location yet still close to work, transport and a lively urban precinct.”
The 3012sq m Wollstonecraft site is now occupied by 10 semi-detached homes, with frontage to Nicholson and Oxley streets, near Crows Nest Metro. It sports views of the Sydney CBD skyline as well as bushland and harbour views.
Mr Geagea said the company would move quickly to develop plans for Wollstonecraft. Extensive planning and design work has already been undertaken for the St Ives site.
Both acquisitions were brokered by Colliers agent Guillaume Volz.
In Queensland, Traders In Purple lodged a development application for 164 luxury homes on the Brisbane riverfront at West End earlier this year and is preparing to launch 132 waterfront apartments at Newport.
Other projects under construction in its burgeoning $5bn portfolio include waterfront projects Marin in Scarborough, and Orilla and Tydal, both in Woody Point on the Moreton Bay peninsula.
“Where a number of companies pressed pause on new developments, we have been able to secure off-the-plan sales and commence construction on some exceptional projects that reflect our commitment to creating beautiful homes with purpose,” Mr Geagea said.
Originally published as Traders In Purple development firm buys two Sydney sites
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