AVID Property Group has re-entered the apartment market, with construction beginning on its new luxury development in Surry Hills where it expects purchasers to be from the eastern suburbs and lower north shore.
Named The Rathbone, the project comprises 33 terrace style apartments – a mix of one, two and three-bedrooms – which have attracted pre commitments of more than 50%, including a “high end anchor” tenant for one of its two retail tenancies.
It is due for completion in mid-2022.
The residential developer has delivered more than 10,000 homes over the last 12 years.
AVID chief executive officer, Cameron Holt said the pre-commitments, coupled with very limited supply in Surry Hills had provided AVID renewed confidence in the city fringe apartment project and positioned them well to buck the trend in reduced apartment construction.
He said that since the onset of COVID-19, buyers had begun re-evaluating their needs as they spent an increasing amount of time in their homes.
“Buyers are still out there, but they are being highly selective – looking for a premium apartment with ample space, good local amenities and easy access to the city.”
The majority of purchasers will be owner occupiers from Surry Hills, the eastern suburbs and the lower north shore, he said.
AVID also announced it had secured Decon Australia as its delivery partner, and that the builders’ owners had committed to the purchase of the two ground floor retail tenancies, both of which will be leased to their associated business, renowned Italian restaurant group, Salt Meats Cheese.
“The fact that our construction partner will become an owner of the ground floor retail spaces is a sure sign that they too see the value in the project,” Holt said.
Ben Stewart of CBRE Residential Projects is marketing the development.
