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Deal of the week: Erskineville warehouses net $315m

By Juliet Helmke
28 June 2022 | 1 minute read

A former warehouse facility in Sydney’s inner west is set to get a new life as part of an urban redevelopment project that will include 5,000 square metres of commercial space.

The site, located at 165-175 Mitchell Road, Erskineville, was formerly home to the warehouses of beauty brand Estee Lauder’s operations. A deal worth $315 million, which also included the purchase of 56 Ashmore Street, the project will complement the nearby Park Sydney precinct, which is under development by Greenland Golden Horse.

Sydney-based developer Coronation Property acquired the parcel and intends to pursue its plans for the site with the City of Sydney imminently, in order to accelerate the delivery of a mixed-use development that will incorporate a supermarket, as well as specialty boutique stores, cafés, restaurants, green spaces, and pedestrian pathways.

A residential complex is also part of the project plans, with over 1,010 apartments slated for the site.

According to Joseph Nahas, managing director of Coronation Property, the acquisition of the Erskineville parcel “aligns with Coronation’s strategy to secure well-located sites in established and high-performing markets”.

The firm appears to be making swift progress on that goal, having snapped up a 2,000-square metre site in Chatswood to the tune of $200 million for a mixed-use development earlier in the month.

The two properties join the firm’s substantial roster of projects already under development across Sydney, which includes Mason & Main in Merrylands, Ashbury Terraces in Ashbury, 8 Phillip Street in Parramatta, Charlie Parker in Harris Park and Moore Point in Liverpool. Together, Coronation puts its portfolio’s worth in the range of $7 billion.

“As a company, we are dedicated to transformative placemaking and delivering aspirational developments that serve both residents and the wider community through elevated design and well curated spaces. We look forward to bringing a fresh perspective and our innovative take on urban renewal to Erskineville,” Mr Nahas said.

He noted that the parcel was perfectly placed to undergo the type of transformation they have planned.

“The former industrial site is in an incredible location on the fringe of the rapidly transforming precincts of Alexandria and Waterloo, and is also close to Sydney Park, which is one of the city’s most loved green spaces.

“We are excited to add to the existing fabric of this vibrant and leafy village. We believe strongly in the power of landscape as a neighbourhood connecter, and we intend to embrace and incorporate the areas’ natural surrounds into the development,” he said.

Deal of the week: Erskineville warehouses net $315m
Park Sydney Erskineville reb
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ABOUT THE AUTHOR


Juliet Helmke

Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.

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