Eastlakes

Crown Group has been announced the winner of the Urban Taskforce Australia 2022 Development Excellence Awards in the Mixed-Use Development category for its $1 billion master-planned project, The Grand Eastlakes, creating &ldquo;the new east&rdquo;.

Completed in January at the start of the year, Stage One of the development comprises 133 apartments, complete with a rooftop entertaining area and swimming pool, as well as a ground floor shopping centre which is home to 15 retailers, anchored by a large-format Aldi Supermarket, Woolworths Metro, Australia Post and a variety of speciality stores and services.

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Chair of the Urban Taskforce Judging Panel, Chris Johnson said The Grand Eastlakes by Crown Group represented an exemplar project in mixed use developments and urban renewal.

&ldquo;It will significantly revitalise this previously overlooked area of Sydney and create immeasurable benefits for the local community, allowing it to better meet the needs of the future forecast population growth,&rdquo; he added.

The entire purpose of The Grand Eastlakes was to breathe new life into an area of Sydney that has largely been missed in the development booms of the east in the past 10 years said Crown Group Chairman and Group CEO Iwan Sunito.

The project comprised a grand vision designed to embrace and enhance the already vibrant Eastlake&rsquo;s culture he added.

&ldquo;Once the entire precinct is complete, it will deliver new public realms for shopping, dining and lifestyle experiences. These will include a rejuvenated parkland adjoining and open-air dining strip, community services such as a medical centre and childcare centre and is positioned to become the new town centre for the area. The new east will be a destination for every convenience, enjoyment and celebration.&rdquo;

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&ldquo;Crown Group are in constant consultation with the surrounding community as to what their requirements are and attempt to ensure the retail element answers those needs, now and into the future.

&ldquo;Crown Group&rsquo;s investment into the area has seen once stagnant unit sales and prices in the surrounding areas steadily rise over the last six months, and interest in the area from investors has increased significantly also.&rdquo;

Developed on both sides of Evans Avenue in the heart of Eastlakes, the dual-staged master-planned urban renewal project comprises 490 apartments designed by acclaimed architecture practice,&nbsp;fjmt,&nbsp;with two retail precincts on both sides of the project.

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Stage Two, located on the south side of Evans Ave, is set to commence construction later in the year, consisting of 357 apartments positioned above a sprawling 13,000 sqm three storey ultra-modern shopping centre, designed by Buchan Group, featuring 80 high-end and convenient retail outlets including a full line Woolworths and a contemporary, community town centre including a medical centre and public library.

A new eat street will also offer an array of restaurant and dining options, alongside apartments set across five high-rise buildings.

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alisonwarters@gmail.com

Crown Group takes out Urban Taskforce award for mixed use Precinct The Grand Eastlakes

Landlord investors at Crown Group&rsquo;s latest master-planned community, The Grand Residences in Eastlakes, are achieving record high rental returns due to an unprecedented influx of renters into the area since the start of the year.

Crown Property Agency, Crown Group&rsquo;s property management division which manages all rental properties for investor purchasers, has found investors at The Grand Residences are reaping the rewards of achieving rental yields close to four per cent due to the tight rental market that Sydney is currently experiencing with ultra-low vacancy rates sitting under two per cent across the city.

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The developer completed stage one of the dual-staged development in January this year comprising 133 apartments and a 15-retail outlet shopping centre anchored by a larger format 1600 sqm ALDI and a Woolworths Metro.

Settlements are now complete and new tenants and apartment owners have moved into their new homes. Crown Property Agency Director, Anthony Caudullo noted the pent up demand for the rental properties, as The Grand Residences is the group&rsquo;s first brand new completed residential community in Eastlakes for sometime.

&ldquo;This is fantastic news for investors who are seeing rents returned to pre-Covid levels. Q1 2022 saw rents increase between eight per cent and 12 per cent across the apartments we manage in Sydney,&quot; Caudullo said.

Apartments at The Grand Residences are achieving rents of $580 per week for a one-bedroom plus study/media room, $775 per week for a two-bedroom and up to $1,080 per week for a three-bedroom apartment, which Caudullo thinks is a record for the suburb.

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&ldquo;Days on the rental market has dropped from six weeks during Covid down to 12 days on average this year; indicating the market in Sydney&rsquo;s eastern suburbs is particularly hot at the moment,&quot; Caudullo added.

&ldquo;The Grand Residences has attracted young professionals from outside the immediate area from areas such as Mascot, Rosebery, Waterloo and Zetland which is uncharacteristic for this area. They have been attracted to the premium quality of the apartments with car spaces, amazing amenities, a ground level shopping centre and location close the city as well as the eastern suburb beaches,&rdquo; he said.

&ldquo;Demand in the area was initially driven by returning international students before the universities opened up. Now interest remains so high, we actually have a list of tenants wanting to move into The Grand Residences.&rdquo;

The $1 billion community is set to transform the suburb, adding residential relief in Sydney&rsquo;s continuing housing demand.

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&ldquo;We are dramatically transforming the suburb of Eastlakes building a modern, new urban village which will breathe new life, energy, optimism and renewal into this sleepy yet brilliantly located suburb in Sydney&rsquo;s highly coveted east,&rdquo; said Crown Group Chairman and Group CEO Iwan Sunito.

Developed on both sides of Evans Avenue in the heart of Eastlakes, the dual-staged masterplanned urban renewal project comprises 490 world-class luxury apartments designed by acclaimed tier one architecture practice, FJMT with two retail precincts on both sides of the project.

Stage Two, located on the south side of Evans Avenue, consists of 357 apartments positioned above a 13,000 sqm three storey shopping centre, designed by Buchan Group, set to feature 80&nbsp;retail outlets including a full line Woolworths and a contemporary, community town centre including a medical centre and public library.

A new eat street will offer an array of restaurant and dining options alongside apartments set across five high-rise buildings.

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Caudullo said tenants have also been attracted to Crown Group&rsquo;s signature resort-style facilities including a swimming pool and rooftop dining area which benefits from views of the CBD and Botany Bay.

&ldquo;Buyers are attracted as well to the convenience of living right above a brand new shopping centre and only minutes from Sydney&rsquo;s Maroubra and Coogee beaches,&rdquo; he added.

Among the string of highly coveted industry awards that Crown Group has won for its slew of mixed-use projects, The Grand Eastlakes was awarded the 2013 UDIA NSW &amp; ACT Awards for Excellence for Concept Design.

The group are expected to release the final offering of apartments from Stage One soon.

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Landlords achieving rental returns up to 60% higher than other properties in the area

 

Crown Group's The Grand Residences sets new rental record for Sydney's Eastlakes

Crown Group,&nbsp;the soon-to-be national apartment developer,&nbsp; are changing the face of Sydney&#39;s inner eastern suburb Eastlakes&nbsp;with their $1 billion lifestyle precinct, The Grand Eastlakes.

Formerly known as Eastlakes LIVE, the multi-stage development has been dubbed &#39;the new east&#39; by the team at Crown and will home nearly 500 apartments across five buildings, a new eat street, and a two retail precincts, set on both sides of the project.

Stage one, located on the north side of Evans Ave and opening imminently, includes 133 apartments located&nbsp;above a 15-retail outlet shopping centre, anchored by a larger format 1600 sqm ALDI and a Woolworths Metro.

Stage Two, located on the south side of Evans Ave, which will&nbsp;commence&nbsp;construction in late 2022, will see a further&nbsp;357 apartments built, located above their own&nbsp;13,000 sqm, three-storey shopping centre, designed by Buchan Group. That will feature&nbsp;80&nbsp;retail outlets including a full line Woolworths and a&nbsp;community town centre including a medical centre and public library.

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Crown Group Chair &amp; Group CEO Iwan Sunito said Crown Group is creating a world-class urban village and destination in its own right at Eastlakes attracting a whole new community to live, work, shop, exercise and dine with their loved ones, friends and family.

&quot;This project will celebrate and showcase the work of architects as &lsquo;placemakers and collaborators&rsquo; that goes beyond the design just of buildings and brings a new life and joy to a previously tired and uninviting urban setting, in much need of renewal and revitalisation,&quot; Sunito said.

&ldquo;What it also brings is a flow-on effect of continued urban growth and renewal, more development, public infrastructure, transport, amenities and commercial activity to Eastlakes and surrounding areas.

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Colliers Residential Managing Director Peter Chittenden, who is managing sales of stage one at The Grand Residences, said that not only is Crown Group creating Sydney&rsquo;s new east, a dynamic entertainment and lifestyle precinct but it is also an affordable alternative to other eastern suburbs or inner-city neighbourhoods where property seekers are priced out.

&ldquo;Ideal for owner-occupiers, families or downsizers wanting all of the convenience of living above a shopping centre, this project is attracting interest from young families and first home purchasers who are currently renting in the eastern suburbs, love the east but are priced out of nearby beachside suburbs. This is the next best option,&rdquo; he said.

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&ldquo;The project will also attract healthy rental returns, being a brand new development with all of Crown Group&rsquo;s spectacularly conceived resort-style facilities such as beautiful pools and rooftop dining areas, so it certainly is attractive to investors as well.&rdquo;

&ldquo;The Eastlakes Shopping Centre, which is currently operating, will be unrecognisable when the entire project is completed in late 2025,&rdquo; Chittenden added.

Crown have a solid reputation for delivering mixed-use precincts, and buyers have too benefitted in previous projects.

Property values at Top Ryde City Living, Crown&#39;s&nbsp;award-winning residential project north of the bridge which also saw 500 apartments across seven high-rise towers, saw prices increase&nbsp;33 per cent from the start of the project through to the completion.

Chittenden suggested that buying a property above a high-quality shopping centre is a great long-term investment which may increase the value of the property as well as attract tenants for rental properties.

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&ldquo;Property prices in the local area may also see a considerable uplift with the completion of The Grand precinct by late 2025 which makes buying now at the beginning of the project prudent. Given the extensive retail convenience, it&rsquo;s a wonderful opportunity for families, downsizers, first home or next home purchasers,&rdquo; Chittenden said.

&ldquo;Crown Group is genuinely transforming Eastlakes which will be a game-changer for the local area. It&rsquo;s tremendously exciting for this largely unknown pocket of Sydney&rsquo;s east to be completely revitalised and reinvigorated with stunning new amenity and immaculately finished residences,&rdquo; he said.

Among the string of highly coveted industry awards that Crown Group has won for its slew of iconic mixed-use projects, The Grand Eastlakes was awarded the 2013 UDIA NSW &amp;&nbsp;ACT Awards for Excellence for Concept Design.

Apartments are for sale from $740,000 for a one-bedroom apartment with car space, and rise to $1,520,500 for a three-bedroom apartment with car space.

Crown Group Chair & Group CEO Iwan Sunito said Crown Group is creating a world-class urban village and destination in its own right

Joel Robinson

How Crown Group are changing the face of Sydney's Eastlakes with The Grand

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Crown Group has secured ALDI as a tenant of its Eastlakes Live residential precinct which it is developing on the Eastlakes Shopping Centre site.
The supermarket will re-open with nearly 20% more retail space and a fresh new look when stage one nears completion.
The new Eastlakes Live lifestyle precinct will offer more than 500 luxury apartments and an array of new retail and dining offerings that will transform the area into a destination in itself.
Stage one of Eastlakes Live by Crown Group was launched in May 2018.
Construction is underway on stage one, which will comprise three buildings with a total 133 one, two and three-bedroom apartments and four penthouses.
It will also have a 2800 sqm retail area below offering 12 outlets including the new ALDI store, a second supermarket, bakery, butcher and chemist.
Residents will have access to sophisticated resort-style health and fitness facilities including a 25 m swimming pool and gym. They will also have a rooftop lounge, barbeque facilities, function room and landscaped gardens.
Crown Group Chief Operating Officer Pierre Abrahamse said having a new, bigger ALDI supermarket was a major milestone in creating the new town centre, which would become a drawcard attraction for residents.
Amended plans for Eastlakes Live stage two are pending council approval and include 399 new apartments across five buildings and a concept for a new town centre, with a retail and restaurant precinct that includes a full-line supermarket and eat street offering various restaurant and dining options.
Apartments are for sale from $680,000 to $1,755,000.
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Crown Group secure ALDI as Eastlakes Shopping Centre tenant

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Eastlakes Live has taken top gong for development marketing at the 2019 Asia Pacific Property Awards. 
Crown Group won the prestigious international industry award in the Five Star Development Marketing Australia category, up against competitors from all around the globe. 
Marketing launched last year for the landmark project, which is set to create an exciting new lifestyle destination close to Sydney’s best beaches and the eastern suburbs.
Eastlakes Live by Crown Group will transform the area into an urban village with a new retail and dining precinct.  
The development aims to set a new standard for retail excellence with two major supermarkets offering fresh food that reflects the cultural diversity of the neighbourhood.
There will also be a restaurant promenade, street cafes, a medical centre and landscaped gardens and children’s play areas. 
Stage one of Eastlakes Live will include 133 luxury apartments ranging from one-bedroom apartments to penthouses and 12 retail outlets below.
Resort-style health and fitness facilities include a 25 metre swimming pool, gym, barbeque facilities, function rooms, water feature, landscaped gardens, rooftop lounge and entertainment facilities.
Stage two will complete the new town centre with a mix of residential and retail components.  
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/5/21/Eastlakes%20Live%20by%20Crown%20Group_S040_EXT_POOL_FINAL2000-2.jpg" alt="">
Crown Group’s Marketing &amp; Communications Director, Ellie Cashman, said the award recognised the marketing team’s ability to think outside the box. 
“Crown Group is proud to have been the award winner in the 2019 Asia Pacific Property Awards for Five Star Development Marketing Australia category,” Cashman said. 
“The strategic use of digital marketing, guerrilla signage, social media and glamorous unveiling events have showcased this unique world-class development which captured the attention of people from around the world.” 
Designed by architects Francis-Jones Morehen Thorp (fjmt), Eastlakes Live by Crown Group has also won the DRIVENxDESIGN 2018 Melbourne Design Awards in the “Graphic Design – Identity and Branding – Lifestyle” category.  
The 2019 Asia Pacific Property Awards are open to residential and commercial property professionals from around the globe. 
A premium range of apartments is now available for sale at Eastlakes Live by Crown Group, from $679,400 to $1,948,000.
Penthouses are priced from $2,520,220 to $2,713,000.
Construction started in 2018.  
The display centre is now open daily from 10am to 4pm, located at 19a Evans Avenue, Eastlakes. 
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Eastlakes Live by Crown Group wins international marketing award

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Crown Group have revealed its new Eastlakes town centre development.
The image shows the modern retail and restaurant area which will be in the first stage of the $1 billion redevelopment.
Dubbed Eastlakes Live, the fjmt-designed project will comprise modern residential apartments and a new restaurant and retail precinct. 
Stage one of the development will include 134 apartments.
They will range from one-bedroom apartments to penthouses.
There will also be 12 retail outlets.
Stage two of Eastlakes Live will include a mix of residential and retail components, with details still to come, completing the modern new town centre.   The development site adjoins Eastlakes Reserve and is located eight kilometres from Sydney’s CBD and three kilometres from the University of South Wales, Sydney Airport and Green Square.
There will be two major supermarkets fresh food offerings, a restaurant promenade, street cafes, a medical centre, as well as densely landscaped gardens and children’s play areas.
Crown Group chairman and group CEO Iwan Sunito said the development was designed to "create a new entertainment and lifestyle precinct for Sydney."
“This is the first stage of our concept of creating a thriving and modern urban village - anchored by a residential component and filled with dynamic retail, entertainment and outdoor recreation opportunities.
The new development draws on the success of Crown Group’s multi-award-winning Top Ryde City Living project which successfully integrated 653 residential apartments within seven towers above a modern shopping centre. 
Crown Group will begin sales of 134 luxury apartments in the first stage of Eastlakes Live in June 2018, with completion slated for 2020.
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jrobinson-rf4aSBido9

Crown Group reveal Eastlakes' $1 billion redevelopment

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While overall Sydney unit prices could rise a 1 to 2 per cent, many apartments in areas such as Parramatta, the Hills area, and Botany Bay suburbs like Banksmeadow, Botany, Eastlakes and Mascot could be cheaper in 2017.
<div>
Prices in Hornsby, Cherrybrook, Pennant Hills and Berowra, Ryde and Canterbury could also fall, the Australian Financial Review reported.
The median price of apartments in Melbourne and Brisbane apartment median prices will fall higher next year, BIS Shrapnel's latest Apartments 2016 to 2022 report says.
<div>
Apartment prices in Melbourne were likely to fall by up to 2 per cent and in Brisbane by up to 3.5 per cent.
Inner to middle-ring Sydney suburbs where the number of apartments under construction are higher than their current share of apartment stock were the weakest localities, BIS Shrapnel residential senior manager Angie Zigomanis said.
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</div>
<div>"At first pass, the greatest risks would be in Botany Bay local government area, Ryde LGA, Canterbury LGA, Auburn LGA, Parramatta LGA, Hornsby LGA and Hills Shire LGA," he said.</div>
<div>
"However, we'd then have to overlay whether local factors, such as increased employment in Parramatta and Macquarie Park can justify the extra stock or whether the North West rail under construction will attract more occupants around the proposed stations in the Hills Shire LGA."
"Nevertheless, each of these LGAs are likely to experience softer markets than Sydney overall."
</div>
<div>
"It won't be that big, 5 to 10 per cent tops," Mr Zigomanis said of any fall.
"At the end of the day, Sydney is still undersupplied...but landlords will have a lot of competing stock so they would need to sharpen their pencils to attract tenants."
For houses, BIS Shrapnel said forecast rises in all capital cities except Perth and Darwin.
Sydney and Melbourne house prices could rise by up to 4 per cent.
It suggests Brisbane house prices could gain 2 to 3 per cent.
</div>
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