A building in Lidcombe bordering the Sydney Olympic Park and Carter Street precincts with approval for a dual-use hotel and co-living scheme is being offered to the market for sale.
The seven-storey building comprising 3,731sqm at 5 Uhrig Road Lidcombe is approved for two levels of hotel accommodation and five levels of co-living accommodation, with this accommodation set to meet demand in the fast-growing area.
Completed recently, the building currently comprises six levels of commercial accommodation above ground floor retail, however it is approved for a change of use, with the demolition of the existing internal fitout to make way for 33 hotel rooms and 43 co-living units, while 43 existing basement car parks and 22 bicycle spaces will be retained.
The property, which is part of JQZ’s Vivacity development, is being taken to the market via an Expressions of Interest campaign run by Jeff Moxham, Tim Holtsbaum and Luke Shackleton of Knight Frank.
The assumed Gross Sales Value for the complete stabilised scheme is $37,000,000.
Mr Holtsbaum said the EOI campaign was expected to generate interest from institutional and private capital, as well as international buyers.
“In addition to living sector purchasers, we also expect investor interest, which we would seek to pair up with asset managers. Given the growth of the short-term accommodation market, we are seeing the emergence of new asset managers eager to partner with capital.
“The Co-Living sector is currently experiencing sustained growth and has emerged as one of the more
compelling residential asset classes.
“Investor appetite continues to strengthen as groups look to establish a presence or expand their existing pipelines, capitalising on the strong underlying occupancy fundamentals.
“Co-Living assets are demonstrating consistently high occupancy levels, implicit rental growth and resilient demand from a diverse tenant base including young professionals, students and key workers.”
Mr Moxham said the new development was set within one of Sydney’s major growth hubs and would benefit from the area’s exciting transformation.
“Sydney Olympic Park has evolved into a fast-growing, vibrant economic centre thanks to its excellent infrastructure, transport, dining and entertainment facilities,” he said.
“5 Uhrig Road has ease of access to all major centres in Sydney including the CBD and Parramatta with impressive connectivity via light rail, train and bus.
“Combined with the strong operational performance of this asset class, the relatively limited supply is driving increased competition for well-located development opportunities, particularly in Sydney.
“Given these dynamics around strong demand, constrained supply and growing investor interest, we expect strong buyer interest for this well-positioned co-living development opportunity at 5 Uhrig Road.
“With 60,000 residents and workers expected in Sydney Olympic Park by 2030, this hotel and co-living development will cater for ever-growing accommodation demand.”
5 Uhrig Road is just 750 metres from the Sydney Olympic Park train station, 900 metres to proposed Sydney Olympic Park metro station and is next door to the Sydney Olympic Park and Carter Street Precincts, with its new town centre.
JQZ is an award-winning Sydney-based developer with a strong track record of delivering high-density, mixed-use projects. Over the past 17 years, JQZ has completed more than 20 developments, delivering over 7,600 apartments and 34,800sqm of retail and commercial space across Sydney.
Notable projects include 88 by JQZ in St Leonards, Vivacity Stages 1 and 2 in Lidcombe , Prime in Macquarie Park, Emblem in Waterloo, and Origami Residences in Bondi Junction, marking JQZ’s expansion into Sydney’s Eastern Suburbs. In collaboration with Marriott, JQZ is also delivering the Sydney Marriott Hotel Parramatta — a landmark five-star destination currently under construction in the heart of Sydney’s second CBD.
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