Inner West residential development ‘98 per cent complete’ hits market
An “approximately 98 per cent complete” inner west residential complex has come to market after the builders entered liquidation in December 2023.
The near complete boutique building includes 38 new apartments, two retail shops and two basement levels of parking for 38 cars, situated in the established inner west suburb of Lewisham.
With construction reported to be about 98 per cent complete, the builder Decon Australia Pty Ltd was placed into liquidation in December 2023 before the completion of the development, according to Colliers, the group now selling the property.
The Lewisham residential project is near complete and on the market.
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Listed with Colliers agents Matthew Meynell and James Cowan, a release from Colliers labelled the development one of Sydney’s “most exciting value add opportunities to satisfy the hungry demand for residential accommodation in a constrained market”.
Located only a short walk to Lewisham West Light Rail Station, both Lewisham and Summer Hill train stations, the project is 7km west of Sydney’s CBD.
The property also sits among other established apartment complexes including Flour Mill Development by EG Funds, Luna by Meriton, Elite by Level 33 and Society by Denwol.
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The near complete Lewisham residential complex.
The Building Commision NSW has specified 14 items that require rectification prior to the occupation certificate being provided, according to Colliers.
Colliers managing director investment services Australia, Matthew Meynell, said with net overseas migration forecast to reach a record high this demonstrates the “sharp supply cliff we have already reached.”
“Until meaningful stock is delivered to the market we will continue to see strong rental and price growth,” Mr Meynell said.
The median apartment price in Lewisham is currently $836,250 with a house median price of $1.93m, according to PropTrack data.
Other apartment complexes in the Lewisham area.
“There is an alarming under supply of apartment stock in this location which is a concern due to the affordability crisis that freehold dwelling prices have created,” national director at Colliers James Cowan said.
“We expect investors will take this into consideration when conducting their due diligence on this opportunity.”
Mr Meynell said the project gives opportunity to an incoming buyer to work with Building Commission NSW to verify works and remedy all issues.
“This will be sure to deliver confidence to any future tenants or purchasers,” he said.
The property is being sold through Colliers via an expression of interest campaign closing in August 2024.
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