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News release

Sydney

Canterbury is transforming from an industrial to a high-density residential precinct, becoming the “new inner west”: Jones Lang LaSalle

Canterbury’s first residential development to be built at 4 Charles Street


SYDNEY, 10 July, 2013 – With council plans to transform Canterbury into a community-friendly precinct and redevelopments already in action, the area is transforming from a largely industrial space into a residential hub.

Canterbury’s first residential development, Serenity Apartments, expected to be completed by the end of 2014, is announced to market at 4 Charles Street, Canterbury. The block is comprised of 52 one, two and three-bedroom apartments priced from $420,000 to $735,000.

Jones Lang LaSalle Directors, Residential Project Marketing Jason Soulos and Aaron Hatch are managing the sales, and say the area is set to become the “new inner west.”

Mr Soulos said the area is traditionally an Industrial precinct, but Canterbury City Council’s plans to redevelop the town centre into a residential neighbourhood and community hub has paved the way for new residential developments.

“The council’s Canterbury Town Centre Public Domain Strategy is creating new demand in the precinct as a sought-after residential neighbourhood. Canterbury will have a lot more to offer residents with new developments at the waterfront, linking streets and lanes to the waterfront and Canterbury Road, new retail offerings and the station transport interchange.

“The residential development at 4 Charles Street is the first to come to the market, but it certainly won’t be the last,” said Mr Soulos.

Mr Hatch said they have received much interest in the offering, with five apartments speculatively purchased to date. “We have had strong interest from owner-occupiers and investors realising the enormous upside potential of the area,” said Mr Hatch.

Canterbury is paving a similar path to South Sydney, which over the last 20 years has been evolving from an industrial precinct to residential area, with high-density residential precincts centred on train and retail hubs replacing traditional warehouse space. The council’s Local Environment Plan (LEP) changes have prompted the emergence of high-density suburbs like Wolli Creek and Mascot.

According to Jones Lang LaSalle Research, demand for sites from residential developers is strong in South Sydney, with enquiry levels in the rezoned area high and speculative purchasing of industrial stock by developers within the proposed rezone having already commenced.

“We expect a similar level of ongoing interest in residential developments in Canterbury,” concluded Mr Hatch.

The residential development at 4 Charles Street, Canterbury is being developed by Calibre Construction Corp Pty Ltd. The properties are for sale now.