Six-storey co-living development site in Allawah sold to Hong Kong investor for $5.18 million.
Colliers Charlie Gilmour and Steam Leung have successfully sold 5 Mona Street, Allawah, on behalf of Libra Property Unit Trust. The development site approved for a six-storey co-living asset has been acquired by a private investor from Hong Kong for $5.18 million, achieving a value uplift from the DA approval.
The property was initially offered via public auction on 12 June 2025, before being transitioned to a private treaty sale. Leveraging Colliers’ global network, the exclusive agents secured unconditional offers at the target price, culminating in the sale to the Hong Kong-based investor who intends to proceed with the approved development and operate the asset as a co-living residence.
Colliers Executive | Investment Services Charlie Gilmour said, “The competitive sales campaign attracted strong interest generating over 75 enquiries from a diverse mix of buyer profiles, including owner occupiers, high-net-worth investors (both local and offshore), developers and syndicates,”
“The DA approval for a 47-room co-living asset strongly resonated with offshore investors and developers who were drawn to this opportunity to reinvente this landmark,” Mr Gilmour added.
The site is underpinned by a Development Approval (DA2021/0465) granted in October 2022 for the construction of a 47-room co-living boarding house across six levels with a single basement level providing 10 car spaces. The approved development offers a total Gross Floor Area (GFA) of 1,659sqm and remains valid until October 2027.
Colliers National Director, Asia Markets | Investment Services Steam Leung, highlighted, “The DA, designed by award-winning architectural firm A+ Design Group, reflects growing demand for innovative housing solutions in Sydney’s high-density residential zones. The co-living model is particularly attractive to investors seeking to capitalise on evolving urban lifestyles and affordability pressures.”
“This transaction highlights the continued demand for well-located, DA-approved development sites, particularly those aligned with emerging housing trends like co-living. The Allawah site offers a rare combination of location, scale, and planning certainty, making it a compelling investment opportunity,” Mr Leung concluded.
Situated just 100 metres from Allawah Train Station and only a few minutes from key amenities including Westfield Hurstville and Sydney Airport, the 677.14sqm corner site is currently improved by a dual occupancy dwelling generating short-term rental income.
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