Fusion Of Style

Market Insights
9 years ago
2 minutes

Another large-scale Chinese developer has entered the Sydney market, launching a $52-Million apartment complex at Ashfield. Surewin Australia Pty Ltd is the local offshoot of the Shunlide Group, a privately-owned property company in South China which has created more than 2,500 apartments, houses and one hotel over the past decade.

Renowned for its leafy streets and suburban sophistication, Ashfield is fast becoming Sydney's 'it' suburb. Only 19km from Sydney's CBD, and with majestic views of the Sydney skyline and Harbour Bridge, it is no wonder it hsa received a lot of attention.

One Victoria has been designed by the multi award-winning Nettleton Tribe and will raise the suburb’s architectural standards through its geometric-inspired design, variety of tactile materials, contemporary interiors, lavish landscaping and substantial communal space. The level 2,958sqm site at 1 Victoria Street is on land surplus to the needs of the successful Wests Ashfield Leagues Club. The location could hardly be safer – it is opposite the Ashfield Police Station and the Ashfield Fire Brigade headquarters. Apartments on upper levels of the six-storey building will gain expansive views east to the Sydney CBD, north to Chatswood, and district vistas over Allman Park.

“There will undoubtedly be great demand for the 62 apartments because this is the right style of product in the right location,” said the director of Ray White Erskineville, Peter Shield.

“Ashfield is a naturally beautiful suburb surrounded by parklands and recreational attractions, and very convenient to the Sydney CBD via rail, bus or car. Surprisingly though, Ashfield has been largely neglected by quality developers, and apartments here have been primarily built to a price for investors.”

Ray White research shows that this accounts for median prices in Ashfield of $590,000* being significantly lower than adjoining suburbs Summer Hill ($650,000*), Croydon ($667,000*), and Five Dock ($735,000*). “The apartments are 15% larger than Ashfield’s average, and all have at least one secure car space. One Victoria will be the ‘tipping point’ for this suburb, convincing developers that Ashfield is worthy of quality apartments, leading to an overall boost in property values for the area.”

One Victoria has: 

  • (3) studios (44sqm internally plus externals areas up to 19sqm) from $545,000
  • (14) One-bedroom apartments (52-58sqm internally plus externals up to 21sqm) from $595,000 
  • (33) Two bedrooms (81-95sqm internally plus externals up to 99sqm) from $755,000, and 
  • (12) Three-bedrooms (115-129sqm plus externals up to 96sqm) from $995,000

Each apartment has its own 5.5-metre storage cage in the basement where there will be 80 parking spaces.

One Victoria doesn’t have any expensive recreational amenities or high maintenance facilities, apart from the lifts, which means low Body Corporate levies. Strata Choice estimates them to be $600 per quarter for the one-bedrooms, $800 for the two-bedrooms and $1,100 for the three-bedroom apartments.