apt.Residential has announced the acquisition of a prime urban infill site at 41–49 Mountain Street, Ultimo, directly adjoining its recently approved, heritage redevelopment at 1–3 Smail Street, Ultimo – apt.Broadway.
The acquisition consolidates apt.Residential’s position in the Sydney inner-urban location and sets the stage for a $240+ million residential and retail transformation.
Set in the heart of the Ultimo Heritage Conservation Area, the project will revitalise a former Grace Brothers warehouse and the adjoining heritage-listed electrical substation on Smail and Mountain Streets.
Spanning 2,840 sqm of land, the projects will deliver 260 rental dwellings, comprising 160 apartments at 1–3 Smail Street and a further ~100 apartments at the newly acquired Mountain Street site.
Affordable housing and new retail spaces fronting both Smail and Mountain Streets will be included and up to 225 jobs will be generated during construction and operation.
Matt Carolan, Managing Director, apt.Residential, said: “With this acquisition, we’re creating a new precinct that transforms two underutilised inner-city assets into a connected residential and retail destination. It’s a rare opportunity to deliver scale, sustainability and social value in a high-amenity, heritage-rich setting and we’re pleased to be providing much needed, new rental housing to the City of Sydney.”
apt.Residential recently received development approval to revitalise 1–3 Smail Street, Ultimo into a modern, sustainable urban living development.
A portion of the apartments will be allocated to workers in the creative and performing arts sectors, which will help artists and creatives continue to live and work in the city centre.
Apartments will be fully furnished with utilities and internet included. Residents will have access to premium lifestyle amenities including a wellness centre, co-working hub, communal dining areas and a rooftop terrace.
Juey Thanyakittikul, Development Director, apt.Residential, said: “apt.Broadway will offer an inclusive, modern housing solution that celebrates its heritage and reflects the needs of a vibrant, evolving neighbourhood. The robust design and materials of the building will enable us to create character-rich apartments that blend historic charm and material authenticity with modern design, functionality, and technology.”
The development prioritises sustainability and is targeting a 5 Star Green Star and Gold WELL rating.
It will operate on 100 per cent renewable energy in operation and achieve an estimated 80 per cent reduction in embodied carbon compared to new construction — avoiding approximately 2,700 tonnes of CO₂e.
Construction is expected to commence later this year, with completion targeted for late 2026.