AVID debuts in Sydney apartment market
AVID Property Group’s first foray into the Sydney market is underway, as its vision to transform a vacant block in Surry Hills gets the green light.
AVID plans to transform the disused 990 sqm block on Flinders Street into a luxury six-storey residential and retail complex and has just received development approval from the City of Sydney.
The first sod on the $60 million, terrace-style project will be turned in late 2018.
With four street frontages, the island site – a derelict service station – is a significant regeneration project for the area.
AVID Property Group’s chief executive officer Cameron Holt says the project will transform the area through a sensitive, innovative design that responds to the area’s heritage.
“The project will transform a very unattractive and disused site, at one of the key entry corridors to the city, into a thriving lifestyle site with a one-of-a-kind boutique apartment complex that will embody the terrace housing themes of the precinct,” Holt adds.
Just 1.6km from Sydney’s CBD, Surry Hills is evolving with an eclectic mix of cafes, bars, high-end restaurants, entertainment outlets and residential housing styles.
Located at 23-47 Flinders Street, the site is in the heart of the precinct – in between Surry Hills and Darlinghurst. It will consist of 28 apartments – a mix of one, two and three-bedrooms – and will include up to three retail sites on the ground floor.
“The Flinders Street site is positioned well with the urban renewal of the Bourke Street precinct and, being just a stone’s throw from the iconic Taylor Square in Darlinghurst, we expect it to be well received in the market,” Holt adds.
The design panel includes architecture firm Scott Carver, SJB Interiors and specialist branding agency, The Property Agency.
AVID will complete the project over the next two years, when it will be home to around 60 new residents.
“As well as its value as a standalone project, this new development gives us a foothold in the Sydney market in a locality with strong market fundamentals, low unemployment and strong economic performance,” Holt adds.
“All of these things play to our ambition to expand both our apartment portfolio and geographic footprint.”
AVID’s current pipeline of projects, valued at $3 billion, encompasses broad-acre and infill subdivisions, more than 8,0 residential lots and 640-plus hectares of industrial land.
Just last week, AVID announced a new $25 million, 205-lot residential project in the outer Melbourne suburb of Officer. The site will be AVID’s third residential community in Victoria, and forms part of AVID’s ambitious national growth strategy to triple the company’s size and value by 2021.