New co-living development in Sydney’s Ashfield on the market

The property at 33 Ormond Street in Ashfield has 40 self-contained studios over three floors and two buildings, as well as a large common room and outdoor living area, a common laundry and nine basement car parks.

It is being taken to the market via an Expressions of Interest campaign run by Adam Droubi, Demi Carigliano and Anthony Pirrottina of Knight Frank.

Mr Droubi said the sale campaign was expected to generate strong buyer interest, given the quality of the development, which presents as new, having being built in 2023, as well as the location and property type.

“This is a high-quality block of units that has been finished to a very high standard with all the apartments equipped with double beds, kitchens, a generous bathroom and outdoor living spaces,” he said.

“The development is fully leased with current income of more than $877,000 per year but there is potential for significant upside potential, with estimations the total income could be more than $1.03 million if it was brought in line with current rents.

“Co-living sites – both those ready to be developed and completed developments – are in strong demand amongst investors due to the strong holding income and growth potential.

“Australia’s residential market has a well-documented shortage of supply, so there is strong demand from end users and hence, co-living developments make for a solid investment.”

Mr Carigliano said the Ashfield property was in a prime inner west Sydney location.

“It appeals to tenants due to its location in walking distance to public transport, with the Summer Hill train station just 650 metres away and several bus stops within 100 metres,” he said.

“In addition, the nearest WestConnex entry is just 450 metres away, providing immediate access to Sydney’s motorway network.

“The property has a leafy outlook, being situated across the road from Ashfield Park, and has diverse amenity, including dining options and shops.”

The Expressions of Interest campaign for the property will close at 4pm (AEST) on Tuesday, May 6.

View property here