Kensington

New South Wales property developer Anson Group has filed plans to create a near 200-apartment, four-building project in Sydney's Kensington.

Anson Group, who also have a high-rise apartment tower planned for St Leonards, are behind the $103 million mini-masterplan project across&nbsp;77-103 Anzac Parade and 59A-71 Boronia Street.

The four buildings vary in height from four levels on Boronia Lane to nine levels fronting Anzac Parade and will be anchored by a supermarket and further retail lining&nbsp;a new through-site access between Anzac Parade and Boronia Street.

<a href="https://www.urban.com.au/new-apartments/77-103-anzac-parade--59a-71-boronia-street-kensington"><img alt="" data-entity-type="" data-entity-uuid="" height="462" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/screen_shot_2022-08-09_at_8.51.47_pm.png" width="700" /></a> 
The view from Anzac Parade south toward Building D. Image credit: BVN Architects

The scale, density and design of the proposal is consistent with the vision of the Randwick DCP to transform the Anzac Parade corridor, within which the site is identified as an ‘opportunity site’ adjacent the Kensington Town Centre, architecture firm BVN noted in their design statement submitted to the Randwick Council.

BVN have used brick for the striking facade for the buildings, but with one of the buildings a lighter brick colour.

The majority of the development will be two-bedrooms, with 140 (71%) the owner-occupier, first home buyer and investor friendly type of stock. There will be 33 one-bedroom apartments (17%) and 24 three-bedroom apartments (12%),

<a href="https://www.urban.com.au/new-apartments/77-103-anzac-parade--59a-71-boronia-street-kensington"><img alt="" data-entity-type="" data-entity-uuid="" height="515" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/screen_shot_2022-08-09_at_8.51.55_pm.png" width="1048" /></a> 
A view east of the through-site link from Boronia Street. Image credit: BVN Architects

Due to the site's sloped topography and deep footprint, the architectural response was to design four&nbsp;duplex units along the north-west corner of Boronia Street.

The lower courtyards provide privacy and a large private open space for the bedrooms on the lower levels, while the living spaces above maintain visual connection with Boronia Street.

The integrated developer and builder TOGA are currently selling their Anzac Parade, Kensington project down the road nearer Randwick Race Course.

They've seen early success at the project, aptly named The Kensington, which will deliver&nbsp;142 apartments above a mix of commercial and retail at street level.

Turner Studio has designed the $59 million project at 137-151 Anzac Parade, having handled TOGA's popular mixed-use Marrickville precinct, Wicks Place, which is around 50 per cent sold.

&nbsp;

Anson Group, who also have a high-rise apartment tower planned for St Leonards, are behind the $103 million mini-masterplan project across 77-103 Anzac Parade and 59A-71 Boronia Street

Joel Robinson

First look: Anson Group plot mixed-use Kensington development

Australian owned and operated property developers, TOGA, and joint-investment partner Qualitas, one of Australia&rsquo;s largest alternative real estate investment managers, have received development approval for their mixed-use residential project.

The project, located in Randwick Council&rsquo;s Kensington to Kingsford (K2K) rejuvenation corridor along Anzac Parade, has been dubbed the Kensington due to its location within the suburb at 137 Anzac Parade.

[smartcode_project:default project_id=110959 project_image_fid=199276]

Comprising 142 one, two and three-bedroom apartments, The Kensington will also be home to a selection of unique small office/home offfive (SOHO) terrace properties along the ground floor, which will benefit from private entrances.

Crowning The Kensington will be a communal rooftop garden, overlooking Randwick Racecourse and the surrounding parklands, along with a shared resident&rsquo;s lounge. The development is also set to include retail space, providing opportunity for a range of services, and food and beverage options for the growing number of local residents and the neighbouring communities.

As one of the first developments to be approved within the K2K revitalisation corridor, TOGA worked closely with the Council to contribute to the vibrant, boulevard-style vision for Anzac Parade.

Designed by award-winning Turner Studio architects, with interiors by Richards Stanisich, The Kensington brings together luxury, comfort, and quality in generously sized open plan apartments with seamless indoor and outdoor living, with many featuring separate study areas.

[smartcode_project:default project_id=110959 project_image_fid=199277]

The building&rsquo;s fa&ccedil;ade integrates traditional brickwork, referencing the heritage of the surrounding local area, while the rooftop and ground plane landscaping brings to life a stylish and contemporary urban community.

Turner Studio&rsquo;s Principal, Nick Turner said the unique architectural of the project blends the charm and heritage of Kensington with contemporary architectural design, through the use of face brickwork and detailing that is warm in colour, textural in appearance, and bold in composition.

&ldquo;The Kensington is really three boutique buildings with one main address which is how the architecture of the building is expressed. Internally, three sets of lifts mean less waiting times, shorter corridors, and less apartments off each lobby for a more exclusive experience.&rdquo;

TOGA&rsquo;s CEO of Development and Construction, Fabrizio Perilli said the project had been designed to appeal to a wider audience, seeking to attract a broader and more mixed market.

&ldquo;The Kensington has focused on a larger product type than typical that&rsquo;s really appealing to the market. We&#39;ve developed apartments that evolve with your lifestyle with generously proportioned spaces, most offering dedicated study areas for flexible working and study arrangements as we navigate a post-covid world,&rdquo; Perilli said.

[smartcode_project:default project_id=110959 project_image_fid=202108]

Creating the unique offering within The Kensington is the collection of SOHOs, opening up the project to small business and entrepreneurs alike.

Investors and businesses are also snapping up the retail spaces fronting Anzac Parade as they recognize the opportunity to be at the forefront of this key transformation corridor with increased residential and employment opportunities.

Future residents will benefit from the significant investment planned for the renewal of the Kensington town centre around Todman Avenue, with improvements to the area including new plazas, an Innovation Centre, public art, increased greenery and landscaping, pedestrian-focused urban planning and cycleways.

Situated less than 200 metres from the Kensington light rail stop and just 10 minutes from the CBD and Coogee Beach, the location offers residents a uniquely Sydney coastal-city lifestyle, and one of the few remaining chances to buy something new in the sought-after eastern suburbs.

&ldquo;While there are well advertised headwinds in the development and building sectors, a tightening rental market with historic low vacancy rates continue to provide solid fundamentals for projects,&rdquo; said Perilli.

[smartcode_project:default project_id=110959 project_image_fid=199275]

&ldquo;TOGA&rsquo;s role as both developer and builder allows it to better manage the risks in the market, whilst delivering excellent product. Smart buyers are out there looking for reliable long-standing developers with quality product, and we are seeing evidence of this through the strong interest in our Kensington Project,&rdquo; he added.

&ldquo;The rejuvenation and transformation of the Anzac Parade corridor will create a new vibrant eastern suburbs precinct, along with The Kensington development being the only major residential apartment building in the Todman Square precinct expected to be completed by the end of calendar year 2024,&rdquo; Perilli concluded.

Construction is expected to commence late 2022 with completion due end of 2024.

[smartcode_project_cta: project_id=110959]

Comprising 142 one, two and three-bedroom apartments, The Kensington will also be home to a selection of unique small office/home offfive (SOHO) terrace properties along the ground floor, which will benefit from private entrances.



alisonwarters@gmail.com

TOGA and Qualitas receive planning approval for mixed-use residential development, The Kensington

The prominent Sydney building development firm TOGA has quietly seen success at its recently launched eastern suburbs apartment project, The Kensington.

Having launched earlier this year, TOGA has sold around 25 per cent of the building, without a big song and dance of the project launching.

TOGA&#39;s General Manager of Sales Anthony Falas says the days of long lines of prospective buyers queuing up outside the display suite to get the first chance to buy an apartment might be gone, but that&#39;s not to say sales success isn&#39;t being secured.

The majority of buyers have been locals, either those looking to downsize and stay in the area, or professionals at nearby hospitals or universities.

[smartcode_project:default project_id=110959 project_image_fid=199276]

TOGA has seen exactly what they thought they&#39;d see pre-launch, which Falas says is a testament to the team and the research they undertook while in the design and development phase.

And a testament to TOGA&#39;s research in the design and development phase, having spoken with the team when the project application was lodged back in January, TOGA have seen&nbsp;exactly what they&#39;d expected in terms of sales and demographics.

&quot;It means we&#39;ve done our research and understand the audience of the market we&#39;re entering,&quot; Falas says.

&quot;We&#39;ve dedicated over 75 per cent of the building to the two and three-bedroom product, offering something that is rare for&nbsp;the area.&quot;

[smartcode_project:default project_id=110959 project_image_fid=199277]

Falas added that TOGA wanted to cater for a different market than the area is used to, going away from the more common developments which are targeted at the&nbsp;student accomodation given the proximity to the UNSW Randwick Campus.

They changed the mix slightly knowing there were a number of student accomodation buildings in the local area both established and soon to be under construction.

What did surprise Falas&nbsp;however was at how much of the top-end stock in the development went first.

[smartcode_project:default project_id=110959 project_image_fid=199278]

&quot;The sales of the bigger apartments, upward of around $1.9 million and $2 million, have been among some of the most popular, which is a sign that the current interest rate climate isn&#39;t dampening buyer demand at the top end of the off the plan market if you&#39;re a reputable developer where buyers have confidence in your product.&quot;

On interest rates, Falas says buyers haven&#39;t been overly concerned with rate rises. The off the plan market offers a different prospect to buyers compared&nbsp;the established market, given purchasers are not&nbsp;beholden&nbsp;to starting mortgage repayments until the project is completed. And for Kensington, that&#39;s expected to be over two and a half years away.

&quot;We&#39;re not expecting The Kensington to be completed until the end of 2024, so the current interest rate movements won&#39;t affect an off the plan purchaser until they settle, and by that time forecasts suggest rates won&#39;t be rising as sharply as they are now,&quot; Falas says.

&quot;Remember, we&#39;re still in an incredibly low interest rate environment, and while current home owners or buyers on variable rates will be seeing their rates go up to repayments they haven&#39;t seen before, we are still at a very low base. New mortgage holders won&#39;t quite&nbsp;feel that&nbsp;same impact as current mortgage holders who have been living in the lowest interest rate environment&nbsp;Australia has seen.&quot;

[smartcode_project:default project_id=110959 project_image_fid=199275]

TOGA has managed to swerve some of the construction pitfalls which have been damaging the development industry given they also build their project, although Falas says there were, and still are, a few hurdles to overcome.

&ldquo;Labour costs, costs to procure, they&rsquo;ve all risen, but we&rsquo;ve pulled a few levers to help ease the rising rates such as direct sourcing our materials,&quot; Falas noted.

But he stressed there&#39;s no cutting corners in the development, and certainly not in the finishes on offer.

The Kensington features full marble kitchens and marble and stone bathrooms, with the interiors designed by Richards Stanisich, who worked in collaboration with&nbsp;architects&nbsp;Turner Studio, who also designed TOGA&#39;s Wicks Place in Marrickville.&nbsp;

[smartcode_project_cta: project_id=110959]

The majority of buyers have been locals, either those looking to downsize and stay in the area, or workers at the nearby hospitals or university

TOGA see success following The Kensington apartment launch

Assemble, the developer on a mission to make thoughtfully designed homes, more accessible to more people, starts construction on its next Kensington apartment project.&nbsp;

Apartments will be offered via Assemble Futures, where residents can rent securely for five years, and then take up the option to buy their home.&nbsp;

MAKE - Assemble&#39;s parent company,&nbsp;spent $30 million on the site, which is the third project by the group in Kensington.&nbsp;

[smartcode_project:default project_id=28968 project_image_fid=194524]

The project seeks to meet the needs of the local community, through the provision of accessible, sustainable, thoughtfully designed homes.&nbsp;

Designed by Hayball Architects, 15 Thompson St comprises of studio, one-bedroom, two-bedroom and three-bedroom apartments across eight levels.

The building form is delivered across two conjoined buildings to enhance community connectedness.

&ldquo;Wrapped in fluted textured pre-cast concrete fa&ccedil;ade, the built form celebrates the neighbourhood&rsquo;s industrial past. Intricate brickwork, vertical steelwork and tactile materials create layers of textural detail to express the suburb&rsquo;s rich history,&rdquo; Hayball outlined.

[smartcode_project:default project_id=28968 project_image_fid=194522]

The interior design of each apartment is focused on durability, functionality, and longevity, utilising high-quality materials that will last and wear well, as well as reducing the environmental impact.

&ldquo;The outcome is driven by fundamental principles including an emphasis on internal amenity, privacy, light and air access, cross-ventilation to apartments, landscaped green spaces and with direct engagement between public and private space,&rdquo; said Hayball.

15 Thompson Street is designed to encourage informal neighbourly connections with open-air walkways and stepped entries, along with a parcel room with cool store, an Amsterdam-inspired ramped bike storage facility, a lending library and a workshop.

The entire community will be connected through communal spaces located on both the ground level, as well as the rooftop, which also features a herb garden, sports courts, a dog park, a kid&#39;s play area, and a dining area with barbecues&nbsp;and a pizza oven.&nbsp;

Oculus contributed its landscaping expertise to the internal courtyard that will connect the project back to the wider Kensington community, which will include dedicated vegetable and edible gardens.

[smartcode_project:default project_id=28968 project_image_fid=194523]

&quot;Our focus centres around increasing ground plane permeability and amenity, providing borrowed views and creating seasonal change through planting for residents, neighbours and visitors,&rdquo; Oculus noted.

Located only three kilometres from Melbourne&rsquo;s CBD, the Kensington development offers the convenience of village shopping, with Macaulay station and Kensington station only a five-minute walk down the road, connecting residents to the city.

15 Thompson St. is the second Assemble Futures community to be developed in Kensington, following the success of 393 Macaulay Rd, which is due to open in the coming weeks.&nbsp;

[smartcode_project_cta: project_id=28968]

The project will support home buyers onto the property ladder by offering "a rent with the option to buy" model. 

Assemble's Kensington's apartment development, 15 Thompson St. commences construction

The innovative Melbourne property developer, Assemble Communities, whose unique pathway to home ownership has already helped thousands get on the property ladder,&nbsp;has secured planning approval for its 199-apartment Build to Rent to Own development, 15 Thompson Street in Kensington.

Australian superannuation fund, AustralianSuper, will invest in the project, providing a pathway to home ownership for moderate-income buyers.

The super company purchased a 25 per cent share in Assemble Communities in June 2020 and has an option to invest in Assemble&rsquo;s future pipeline of projects that encourage home ownership through the developer&rsquo;s innovative Assemble Futures (or Build to Rent to Own) housing model.

[smartcode_project:default project_id=28968 project_image_fid=80125]

Construction firm, Hacer Group has been awarded the contract to deliver the Kensington project valued at $190m, designed by Hayball with landscaping by Oculus.

Assemble Managing Director, Kris Daff said the support by the government, planning authorities and its cornerstone investor demonstrates confidence in offering Australian&rsquo;s diverse affordable housing choices.

&ldquo;Kensington is a highly prized inner-city location, and this approval unlocks access to design-driven, sustainable and community-oriented apartment living for Melbournians,&rdquo; said Daff.

Demolition is now complete at 15 Thompson St, Kensington and construction is scheduled to commence by April this year.

[smartcode_project:default project_id=28968 project_image_fid=80128]

The approval cements Assemble as an impact-focused Australian housing development business which holds a significant $3 billion privately funded social and affordable rental housing portfolio&mdash;the largest of its kind in Australia.

Its existing pipeline with 5,000 dwellings will inject $1 billion of construction activity into Victoria&rsquo;s economy alone and create 8,000 construction jobs.

Hacer Group Director General Manager, Mark Lewis spoke on the significance of the milestone and the impact it has on the future of affordable housing.

[smartcode_project:default project_id=28968 project_image_fid=80126]

&ldquo;We are eager to break ground on this project and bring the Assemble vision to life by giving more people the chance to live sustainably&rdquo; he said.

Assemble has several Build to Rent to Own projects underway with 393 Macaulay Road, Kensington scheduled for completion by May this year&nbsp;and 4 Ballarat Street, Brunswick to commence construction as soon as a planning permit is secured.

The developer also acquired the site at 402 Macaulay Road, Kensington in early 2021 which will be transformed into a 370-apartment Build to Rent community.

[smartcode_project_cta: project_id=28968]

Australian superannuation fund, AustralianSuper, will invest in the project, providing a pathway to home ownership for moderate-income buyers.



Assemble Communities secures approval of Kensington apartment project

The prominent Sydney developer, TOGA, has lodged plans for their next residential apartment development.

They&#39;ll be developing for the first time in Kensington, where they&#39;ve submitted a development application for 142 apartments above a mix of commercial and retail at street level. The expectation is approval and sales launch will occur around April time.

Turner Studio has designed the $59 million project at 137-151 Anzac Parade, having handled TOGA&#39;s popular mixed-use Marrickville precinct, Wicks Place, which is around 50 per cent sold.

<img alt="" height="843" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/toga_kensington_2.jpg" width="1200" />

TOGA&#39;s GM of sales, Anthony Falas, says the Kensington development is&nbsp;targeting the higher end owner-occupier.

&quot;The two-bedders are 80, 85 sqm, at the larger end of the scale for a typical two-bedroom apartments,&quot; Falas told Urban.

&quot;We&#39;ve dedicated over 75 per cent of the building to the two and three-bedroom product, offering something that is rare for&nbsp;the area&quot;

Falas added that TOGA wanted to cater for a different market than the area is used to, going away from the more common developments which are targeted at the&nbsp;student accomodation given the proximity to the UNSW Randwick Campus.

TOGA are also offering a range of unique apartments in the project. The SoHo apartments, spread across two levels, give owners the opportunity to have a separate work from home space downstairs, with a studio-style apartment upstairs, accessed by an external staircase.

Falas suggests there may well be buyers of those apartments who will lease out the ground level office space.

Turner Studio Director Kevin Driver, who directed the development application design and documentation, noted in the application that the proposed development will provide a built environment suited to the context that responds to the desired future characteristics of the area, while taking cues from the existing context in terms of streetscape, material and landscaping.

<img alt="" height="826" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/toga_kensington_3.jpg" width="1200" />

&quot;This will be achieved by well-designed building and public realm offering good amenity for the resident population and the visitors to the site,&quot; Driver said.

&quot;By integrating and responding to features unique to its locality the development will provide a higher quality of contextually relevant spatial experience.

&quot;The context is undergoing change following the emergence of the Kensington and Kingsford Town Centres Development Control Plan.&quot;

The development will feature&nbsp;rooftop communal open space with an&nbsp;outdoor dining barbecue area, flexible activity zones, a study and recreation area,&nbsp;and communal gardens, all with the aim to improve wellness of the residents.

There will be further communal open space at street level, with a future laneway proposed.

Turner advise that&nbsp;apartment layouts have been developed to maximise the number of north, west and east facing living spaces to ensure each building meets solar access requirements.

<img alt="" height="905" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/toga_kensington_4.jpg" width="1200" />

Some&nbsp;20 per cent&nbsp;of the apartments will be adaptable&nbsp;in order to provide variety to potential purchasers.

&quot;The site and its environs are undergoing change from a lower-scale residential suburb/retail strip to a higher density residential/mixed-use precinct, incorporating new open space and laneways,&quot; Driver added.

&quot;The architecture and materiality of the proposal draws on the local vernacular, while responding to precinct.

&quot;The architectural design intent and principles are based on a series of articulated volumes to both Anzac Parade and the future laneway to the west. These are given a series of familial characterisations through the use of brick frames/blades and expressed slab edges.&quot;

FAST FACTS:

- 142 apartments

- 19 one beds

- 78 two beds

- 31 three beds

- 14 SOHO apartments

- 691 sqm of commercial, 724 sqm of retail

Turner Studio has designed the $59 million project at 137-151 Anzac Parade, having handled TOGA's popular mixed-use Marrickville precinct, Wicks Place, which is around 50 per cent sold

TOGA lodge Kensington apartment plans

The socially-conscious property developer&nbsp;Assemble are offering rental concessions for key workers in their Kensington project 393 Macaulay Road.

Seven apartments have been reserved exclusively for key workers as part of the Key Worker Program, which will offer a 20 per cent rental concession for those on a moderate income&nbsp;and work within the City of Melbourne or in surrounding suburbs.

The likes of school teachers, medical professionals, carers, social workers, emergency services, arts and culture, and hospitality and service industry workers fall in to the key worker category.

[smartcode_project:default project_id=8415 project_image_fid=81527]

Eligible key worker applicants will lease their apartments under the developer&rsquo;s innovative&nbsp;Assemble&nbsp;Futures housing concept and will receive a 20% rent concession&nbsp;for the total lease period of five years. At the end of the lease, applicants will have the option to purchase the property at an agreed price.

Assemble&nbsp;Managing Director, Kris Daff said&nbsp;that last year highlighted the vital role that key workers play in our society.

&quot;This is our opportunity to give back in a meaningful way,&quot; Daff said.

&quot;This includes frontline workers, such as our health and emergency services personnel, but also our local barista and the team working at the news agency.

[smartcode_project:default project_id=8415 project_image_fid=81536]

&ldquo;We have been collaborating with the City of Melbourne over the past three years to design our Key Worker Program that ensures our most essential workers have access to quality housing near their place of employment at a reasonable rental price,&rdquo; said Mr Daff.

Designed by Fieldwork, the apartment development comprises 73 apartments over eight levels and is located three kilometres north-west of Melbourne&rsquo;s CBD in Kensington.

The project topped out in March and will welcome residents toward the end of the year.

[smartcode_project:default project_id=8415 project_image_fid=27091]

393 Macauley Road was identified as one of Resilient Melbourne&rsquo;s&nbsp;Resilient Communities&nbsp;(an initiative of 100 Resilient Cities &ndash; pioneered by the Rockefeller Foundation).

Assemble are also developing a rent-to-buy apartment block in Brunswick.

[smartcode_project:default project_id=94542 project_image_fid=160734]

The current factory site at 4 Ballarat Street, Brunswick will be converted by architecture firm Fieldwork to home 171 studio, one, two and three bedroom apartments.

The built form takes inspiration from the Brunswick streetscape, with Fieldwork&rsquo;s design integrating raw materials such as corrugated iron, blue stone paving and concrete to create a timeless ribbed-textured &lsquo;patina&rsquo; exterior.&nbsp;

"This is our opportunity to give back in a meaningful way," Assemble Managing Director Kris Daff said.



Assemble reserve apartments for key workers and offer rental deductions at Kensington project

55 Hardiman Street is the latest development from Urban Inc in Melbourne&rsquo;s north-west, gaining development approval for five townhouses and a six-storey apartment building.

Comprising a total of 28 residential apartments in one, two and three-bedroom configurations, the apartments will include a carpark, bicycle spaces and a rooftop terrace.

[smartcode_project:default project_id=25891 project_image_fid=58299]

Designed by Plus Architecture, each apartment has been designed for liveability, combining Kensington&rsquo;s industrial edge with contemporary comfort.

<blockquote>
&ldquo;This is where an industrial past meets a modern community &ndash; an urban village with pride, heart and soul&rdquo;, said Plus Architecture&rsquo;s Ian Briggs.
</blockquote>

Plus Architecture is an award-winning, integrated architecture and interior design practice, which prides itself on the ability to create projects that contribute positively to Australia&rsquo;s urban landscapes.

55 Hardiman is no different, with a simple-meets-sophisticated design philosophy that blends clean lines and fine textures with spacious rooms and plenty of storage.

[smartcode_project:default project_id=25891 project_image_fid=58296]

&ldquo;Your home is a haven in the heart of the inner-city; each space is crafted to create a sanctuary with everything considered for a modern life&rdquo;, the project marketing reads.

The project is inspired by the industrial districts of New York City with the goal to create a place of character, the architects said.

<blockquote>
&ldquo;We wanted to capture the materiality of Kensington, from the industrial warehouses to the terrace houses. In that way the architecture is authentic, local and proud.&rdquo;
</blockquote>

Natural stone, integrated joinery and light-filled spaces set the scene, ready to receive your personal touch.

The design is restrained and raw, to offer a blank canvas for residents to make their new property their own.

[smartcode_project:default project_id=25891 project_image_fid=58298]

One-bedroom apartments in the complex begin from just $455,000, while two-bedroom apartments start at $599,000.

55 Hardiman Street is the latest development from Urban Inc in Melbourne’s north-west, gaining development approval for five townhouses and a six-storey apartment building

max.kwok_55688

The design inspiration behind Kensington’s 55 Hardiman Street development

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Bidding stopped short of the vendor expectations when 124 Doncaster Avenue, Kensington went to auction Monday.

The top bid was $5.8 million.

There were five bidders competing after the $5 million opening bid.

The 124 Doncaster Avenue, Kensington has is a level 613sqm block trackside to Royal Randwick.

<img alt="" height="526" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/kensington_unit_block2.jpg" width="790">

The two-storey complex comprises four three bedroom apartments at 97sqm each.

There were six double lock up garages plus two visitor parking spaces.

"There is incredible scope to renew, refurbish, add a storey, redevelop completely (STCA) or simply retain as is," the marketing by Bradfield Cleary agent William Tsagaris said.

[smartcode_project:default project_id=6201]

Its GAR was advised as $117,843 pa with potential to increase.

It has R3 Zoning - Medium Density Residential, 0.9:1 FSR with a 551sqm buildable area and 12m height restriction.

The council rates are $1,572 per quarter.
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The complex had four apartments at 124 Doncaster Avenue, Kensington.

jchancellor

Trackside Kensington apartment block passed in at $5.8 million

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MAKE, the parent company to the property development firm Assemble, has spent $30 million on its third site in Kensington, which they will develop in to a build to rent community with over 400 apartments dedicated to affordable housing.

Some 20 per cent of the building will be committed to social housing delivered in partnership with a community housing provider.

Kerstin Thompson Architects and Hayball are currently preparing designs to lodge to the local council.

The project will span four buildings, with Assemble committing one of the buildings to Cross Laminated Timber construction, as it continues to focus on reduction in embodied carbon across its projects.

The purchase of 402 Macaulay Road means Assemble are now developing 650 dwellings in the Kensington area, collectively valued in excess of $500 million.

They own the neighbouring 393 Macauley Road (below), and 15 Thompson Street, which are both currently either in their demolition phase or under construction.

<img alt="" height="1091" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/assemble_kensington.jpg" width="1200">

These two buildings are being delivered under Assemble's ‘rent-with-the-option-to-buy’ model. 

Assemble managing director Kris Daff said that MAKE will continue to privately acquire well located development properties which can then be made available to its institutional investment partners under its housing mandates, once those acquisitions are appropriately out of risk.

“We have been executing our strategy over the past five years of a growth-centric approach," Daff said.

"As a result of such a large, committed pipeline of projects, we continue to attract the attention of key institutional players and construction partners that value our commitment to build to rent, particularly focused on households with essential worker incomes and below.”
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The purchase of 402 Macaulay Road means Assemble are now developing 650 dwellings in the Kensington area, collectively valued in excess of $500 million.



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