New Affordable housing units in Woolooware Bay mixed-use development up for sale

It is one of the first times a selection of affordable housing units in a development have been put up for sale in one line, marking what could be the emergence of a new asset class.

The well-appointed and spacious apartments, which are located on the top two floors (levels 8 and 9) of NOVM’s and Capital Corporation’s award winning mixed-use development at 455E Captain Cook Drive in Woolooware, must be managed for 10 years under an affordable housing scheme.

The offering is being taken to the market via an Expressions of Interest (EOI) campaign via Knight Frank agents Tim Holtsbaum, Anthony Pirrottina and Luke Shackleton in conjunction with Arland Domingo of One Commercial on behalf of the developer NOVM and Capital Corporation.

Price expectations are north of $12 million.

The Woolooware Bay precinct, centred around the Cronulla Sharks home ground and leagues club, is arguably the most significant development to take place in the Sutherland Shire in the past 20 years.

The development has recently achieved practical completion and includes a total of 245 residential apartments, as well as the Quest Hotel Cronulla, an 18,000sq m retail precinct with two full-line supermarkets, 15,000sq m of waterfront parklands, the Cronulla Sharks new leagues club and Pointsbet Stadium, the Cronulla Sharks home ground.

The 15 units offered for sale total 1,008sq m of total net sellable area, comprising a mix of one and two-bedrooms, each with a parking space.

Knight Frank’s Tim Holtsbaum said the offering was a rare opportunity to secure 15 newly completed, premium apartments at a significant discount to their market value.

“The units are ready for immediate occupation upon settlement, providing purchasers with the certainty of a finished product in a highly sought-after Sutherland Shire location,” he said.

“They must be rented at no more than 80% of the market rent, however this means they are also for sale at a discounted rate to normal market value.

“With housing demand continuing to outweigh supply in Sydney – and set to remain that way for the foreseeable future – there is strong demand from investors for residential property.

“We expect this offering will stimulate significant buyer enquiry.”

Mr Pirrottina said the apartments were in a highly sought after and vibrant lifestyle and retail destination.

“There will be strong rental demand for the units given the undersupply of housing in Sydney, as well as the fact they will be offered at a discounted rental,” he said.

“However, these units are also in a supreme location in the Woolooware Bay precinct, only five minutes from Cronulla Beach, and with amenity and public transport nearby, including bus stops at the property’s doorstep and the Woolooware train station being just a short walk away.

“All of the apartments in the offering, which are located on the top floors of the building, benefit from balconies with impressive ocean or parkland views and have access to the precinct’s pool areas.”

The EOI campaign for the offering will close at 4pm on Thursday, September 25.

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