Traders in Purple line-up new Padstow development
National property and construction group Traders in Purple has lodged a State Significant Development Application to develop a prime residential site in Sydney's Padstow.
The corner 2,992 sqm site, previously occupied by just two houses, would home 113 new apartments, 21 of which would be reserved as social affordable units, as well as six commercial and retail units.
The land is owned by Homes NSW under its Communities Plus program which aims to increase the pool of social and affordable housing throughout the State.
The plans come following the finalisation of the new Local Environment Plan and rezoning by Canterbury Bankstown Council.
Read more: First look exclusive: Traders in Purple plan large apartments on West End megasite
Traders in Purple Director Charles Daoud said the mixed tenure model that blends community and private housing would help to alleviate some of the pressure in the housing market and kickstart a new and exciting chapter for Padstow.
“We have real stress across the entire housing market, not only in social housing but brand new quality homes that enable first home buyers to enter the market and families to settle in a quality development,” Daoud said.
“Padstow is set for an exciting new era which will see the commercial and retail centre reinvigorated and the introduction of new well-located apartments that take advantage of the existing amenities within the immediate town centre.
“Where there were just two homes on this large well-located site, we will be adding 92 new one, two and three-bedroom homes to the private market and 21 homes for social and affordable housing.
“This is a much more efficient use of land in a middle ring Sydney suburb where there is a high demand for new housing within walking distance of established infrastructure and amenity.”
The eight-level development, adjacent to the retail precinct, is located just 250 metres from Padstow train station and bus interchange and 100 metres from Padstow Park Public School, making it ideal for families and city workers.
In a move that will future-proof residents from rising costs, solar rooftop panels will offset grid demand and reduce electricity costs for communal areas with the potential for any excess generated to be sold back to the grid. The 149 car spaces will be provisioned for EV charging.
Daoud said Padstow’s relative affordability and proximity to amenities and public transport had put it on the radar for a wider demographic of Sydney buyers.
“There is a very limited supply of new apartments for sale in Padstow despite it having all the essential ingredients for a range of households, from young singles and couples to families and downsizers,” said Mr Daoud.
“Like all of Sydney, house prices have risen dramatically over the past five years. Padstow’s median house price in 2019 was $900,000 making it attainable for young families. Today it is more than $1.4 million.
“Over the years there has been very little apartment development. This project will add to the diversity of housing choices that is so desperately needed.
“Future residents will only have to walk 250 metres to the train station and can be in the city in approximately 30 minutes. There’s a lively dining and shopping precinct with a range of cafes and restaurants and with the local primary school only a block away this makes the family juggle easier to manage. Parents can walk children to school and be on the train and in the office without having to stress.
“This benefits both our private buyers and community housing tenants making it easier to manage the competing pressures of modern life.”
