Aware Real Estate are pleased to announce the purchase of a major site in St Leonards on the Sydney’s North Shore and will build two new towers for essential workers, adding to its already growing portfolio.
This new transaction supports a long-term investment strategy in establishing a high-quality development and investment portfolio, seeking value and applying active management to deliver appropriate risk adjusted returns.
Aware Real Estate will undertake a mixed-use development at St Leonards comprising 145 high quality residential apartments, made up of two ten (10) storey buildings in a part-like setting between Berry Road and Holdsworth Avenue. Designed by award winning architects Silvester Fuller, the two buildings contain community space, a childcare centre and a diverse collection of apartment types. Separating the two buildings is the green spine and central courtyard – a defining precinct element used to create a collection of landscaped outdoor spaces supporting a range of public and private activities.
On completion, the apartments will support Aware’s Essential Worker Housing program, providing quality accommodation to qualifying essential workers at reduced rents. With limited affordable residential accommodation in St Leonards, this opportunity supports strong demand from workers in nearby health and educations facilities. The development is targeting a completion date of mid-2025.
This deal fits with Aware Real Estate’s focused investment theme targeting locations around existing and new infrastructure which will drive long-term demand underlying capital growth.
Michelle McNally, CEO Aware Real Estate said, ‘By investing in and delivering exceptional quality, sustainable real estate projects, we not only provide strong returns for Aware Super members, we create places that allow people and businesses to thrive.’
This off-market opportunity to acquire a mixed-use development site on Sydney’s Lower North Shore strategically located near one of Sydney’s largest hospitals, the Royal North Shore Hospital, and within walking distance to key transport infrastructure, aligns with Aware Real Estate’s residential strategy for providing essential worker affordable housing in key areas.
The Aware Real Estate property portfolio currently has 9 properties across Australia, providing around 500 affordable housing apartments to essential workers, and an active development pipeline of a further 6 projects with over 1,200 high quality apartments, with more to come.
For further details on this project, visit our project page.