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Landlord investors at Crown Group’s latest master-planned community, The Grand Residences in Eastlakes, are achieving record-high rental returns due to an unprecedented influx of renters into the area.
Crown Property Agency, Crown Group’s property management division which manages all rental properties for investor purchasers has found investors at The Grand Residences are reaping the rewards of achieving rental yields close to 4% due to the tight rental market that Sydney is currently experiencing with ultra-low vacancy rates sitting under 2% across the city.
The developer completed stage one of the dual-staged development in January this year, comprising 133 apartments and a 15-retail outlet shopping centre anchored by a large format 1,600sqm Aldi and a Woolworths Metro. Settlements are now complete, and new tenants and apartment owners have moved into their new homes.
“The Grand Residences is one of the first brand new completed residential communities in Eastlankes for some time, so there’s pent up demand for high-quality rental properties,” said Anthony Caudullo, Director of Crown Property Agency.
“This is fantastic news for investors who are seeing rents returned to pre-Covid levels. Q1 2022 saw rents increase between 8% and 12% across the apartments we manage in Sydney. Apartments at The Grand Residences are achieving rents of $580 per week for a one-bedroom plus study/media room, $775 per week for a two-bedroom and up to $1,080 per week for a three-bedroom apartment, which we believe is a record for the suburb.”
Days on the rental market have dropped from six weeks during Covid down to 12 days on average this year, indicating the market in Sydney’s eastern suburbs is particularly hot.
“The Grand Residences has attracted young professionals from outside the immediate area from areas such as mascot, Rosebery, Waterloo and Zetland, which is uncharacteristic for this area. They have been attracted to the premium quality of the apartments with car spaces, amazing amenities, a ground-level shopping centre and location close to the city as well as the eastern suburb beaches,” Caudullo explained.
“Demand in the area was initially driven by returning international students before universities opened up. Now interest remains so high, we actually have a list of tenants wanting to move into The Grand Residences.”
The Grand Eastlakes precinct is set to significantly transform the suburb of Eastlakes, creating what is being dubbed ‘Sydney’s new east’ - a $1 billion thriving, vibrant, sophisticated lifestyle precinct.
Iwan Sunito, Crown Group Chairman and Group CEO, said, “We are dramatically transforming the suburb of Eastlakes building a modern, new urban village which will breathe new life, energy, optimism and renewal into this sleepy yet brilliantly located suburb in Sydney’s highly coveted east.”
Developed on both sides of Evans Avenue in the heart of Eastlakes, the dual-staged master-planned urban renewal project comprises 490 world-class luxury apartments designed by acclaimed tier-one architecture practice, fjmt with two retail precincts on both sides of the project.
Stage two, located on the south side of Evans Avenue, consists of 357 apartments positioned above a sprawling 13,000sqm three-storey ultra-modern shopping centre, designed by Buchan Group, featuring 80 high-end and convenient retail outlets including a full-line Woolworths and a contemporary, community town centre including a medical centre and public library. A new eat street will offer an array of exciting restaurant and dining options alongside apartments set across five high-rise buildings.
Caudullo said tenants have also been attracted to Crown Group’s signature resort-style facilities including a swimming pool and rooftop dining area which was spectacular views of the CBD and Botany Bay; as well as the convenience of living right above a brand new shopping centre and only minutes from Sydney’s Maroubra and Coogee beaches.
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