Ara on Sydney Park development already selling prior to weekend pre release

Ara on Sydney Park development already selling prior to weekend pre release
Ara on Sydney Park development already selling prior to weekend pre release

Almost a third of apartments in the seven-level Ara on Sydney Park development in Erskineville have already sold, prior to the VIP pre release this weekend and the public launch next month.

The $20 million development with designs by Baker Kavanagh architects will comprise of 36 apartments starting from $540,000.

One-bedroom apartments have an internal area of 55 square metres, two bed-room apartments range in size from 80 square metres to 85 square metres and three-bedroom apartments have an internal area of 102 square metres.

Two-bedroom apartments start from $785,000 and three-bedroom apartments start from $925,000.

Apartments will feature natural stone and timber, European miele appliances and caestarstone benchtops.

“The opportunity to secure an apartment in a vibrant community with the CBD on your doorstep will be a huge drawing card for buyers,” says Peter Coulton of Savills Residential Projects.

Coulton says he expects the development to be a sell out at this weekend’s pre release.

“We expect most buyers to be locals with a good mix of owner occupiers and investors, Erskineville has an average rental return of 6% which is a good return for investors,” says Coulton.

The developers, Newtown Constructions, purchased the site at 241 to 245 Sydney Park Road in late 2011 for $4.25 million.

ntrotman@propertyobserver.com.au

Nicola Trotman

Nicola Trotman

With a penchant for the written word, Nicola has built a career doing just this – now Creative Director at thriving Melbourne-based PR agency, Greenpoint Media.

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