Wollongong site set for nine-storey student tower
Wollongong is set for more high-rise development following a DA approved site on Crown Ln coming up for sale.
Located at the junction of Rawson St and Crown Ln, the vacant 1194sqm lot is currently on the market with a $4.25 million guide ahead of its auction next month.
The site at 9 Crown Ln has approval to construct a nine-storey mixed use, student accommodation/boarding house with 95 studios and a basement car park for 25 cars.
JLL’s directors Dylan McEvoy and Gordon McFadyen have been appointed to sell the lot, and McEvoy says the offering is a rare opportunity for eager buyers.
Artist impression of what the site might look like.
“There is very little opportunity like it in this part of Wollongong to buy a block that comes with the zoning,” he says.
Since coming up for sale in the past week, McEvoy says the property is already attracting strong interest from private developers, accommodation providers and vertical retirement firms.
While the DA is for student accommodation, the B3 Commercial zoning also permits buyers to construct a hotel, office tower, education facilities and shop top housing.
The vacant landholding is on 1194sqm.
The approved nine-storey tower could scrap into the top 10 tallest buildings in Wollongong if constructed.
McFadyen says the project has the potential to cater towards a range of groups including professionals, local residents and the 37,000 enrolled students at The University of Wollongong.
“New generation boarding houses of today … are smartly designed, modern and critically very convenient, attracting and catering to a diverse range of clientele,” he says.
The property is near Wollongong train station.
The Wollongong CBD has seen a huge increase in the number of newly built apartment blocks in recent years, which comes at a time when vacancy rates for rental properties have grown.
This article from the Illawarra Star originally appeared as “Vacant Wollongong landholding with DA for nine-storey tower is on the market”.
