Crown Group announce new duel-staged property development in Sydney’s Eastlakes, where they plan to create 490 luxury apartments.
The Announcement:
Leading international property developer, Crown Group is in the midst of transforming one of the most little-known eastern suburbs, Eastlakes, creating what they’ve dubbed ‘the new east’ – a $1billion thriving, vibrant, sophisticated lifestyle precinct, developed in two stages, The Grand Eastlakes (formerly known as Eastlakes LIVE).
Crown Group Chair and CEO Iwan Sunito said we are dramatically transforming the suburb of Eastlakes building a modern, new urban village which will breathe much-needed new life and energy, optimism and renewal into this tired 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 One, located on the north side of Evans Ave and opening imminently in August, includes 133 apartments idyllic positioned above a 15-retail outlet shopping centre, anchored by a larger format 1600 sqm ALDI and a Woolworths Metro.
Stage Two, located on the south side of Evans Ave and commences construction in late 2022, consists of 357 apartments positioned above a sprawling 13,000 sqm 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.
Mr Sunito said Crown Group is creating a world-class urban village and destination in its own right at Eastlakes attracting a whole new community to live, work, shop, exercise and dine with their loved ones, friends and family.
This project will celebrate and showcase the work of architects as ‘placemakers and collaborators’ that goes beyond the design just of buildings and brings a new life and joy to a previously tired and uninviting urban setting, in much need of renewal and revitalisation.
“What it also brings is a flow-on effect of continued urban growth and renewal, more development, public infrastructure, transport, amenities and commercial activity to Eastlakes and surrounding areas,” Mr Sunito added.
East Lakes in five years will look dramatically different
Colliers Residential Managing Director Peter Chittenden, who is managing sales of Stage One at The Grand Residences, emphasised not only is Crown Group creating Sydney’s new east, a dynamic entertainment and lifestyle precinct but it is also an affordable alternative to other Eastern suburbs or inner-city neighbourhoods where property seekers are priced out.
“Ideal for owner-occupiers, families or downsizers wanting all of the convenience of living above a shopping centre, this project is attracting interest from young families and first home purchasers who are currently renting in the eastern suburbs, love the east but are priced out of nearby beachside suburbs. This is the next best option,” he said.
“The project will also attract healthy rental returns, being a brand new development with all of Crown Group’s spectacularly conceived resort-style facilities such as beautiful pools and rooftop dining areas, so it certainly is attractive to investors as well.”
“The Eastlakes Shopping Centre, which is currently operating, will be unrecognisable when the entire project is completed in late 2025,” Mr Chittenden said.
Enhanced value in buying above a shopping centre
Drawing on their expertise and resounding success of the award-winning $500 million Top Ryde City Living residential project, Crown Group will deliver another showstopping masterpiece at Eastlakes, anchored by extensive retail, showcasing distinctive architecture and strong placemaking. Top Ryde City Living won the prestigious President’s Award at the 2013 UDIA NSW Awards and saw 500 apartments built across seven high-rise towers above the Top Ryde City Shopping Centre.
“Property values at Top Ryde City Living increased by 33 per cent from the start to the completion of the project and continue to increase in value,” Mr Sunito remarked.
Mr Chittenden added that buying a property above a high-quality shopping centre is a great long-term investment which may increase the value of the property as well as attract tenants for rental properties.
“Property prices in the local area may also see a considerable uplift with the completion of The Grand precinct by late 2025 which makes buying now at the beginning of the project prudent. Given the extensive retail convenience, it’s a wonderful opportunity for families, downsizers, first home or next home purchasers,” he said.
“Crown Group is genuinely transforming Eastlakes which will be a game-changer for the local area. It’s tremendously exciting for this largely unknown pocket of Sydney’s east to be completely revitalised and reinvigorated with stunning new amenity and immaculately finished residences,” he said.
“Sydney is one of the most beautiful cities of the world. It only makes sense to redevelop pockets of the city such as Eastlakes which is primely located within 18 minutes’ drive to the CBD but also a stone’s throw the east’s stunning array of beaches.
“It also has three championship golf courses and a range of fantastic schools right on its doorstep,” he added.
Source: Crown Group
