Landlord investors at Crown Group’s latest master-planned community, The Grand Residences in Eastlakes, have been achieving record high rental returns due to an unprecedented influx of renters into the area since the start of the year.
Crown Property Agency, Crown Group’s property management division which manages all rental properties for investor purchasers with Crown Group developments, has held back apartments for sale, instead renting them out to tenants and achieving rental yields of close to 4%.
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 larger format 1600sqm ALDI and a Woolworths Metro. New tenants and apartment owners have been moving in during recent weeks.
Crown Property Agency Director, Anthony Caudullo has said: “The Grand Residences is one of the first brand new completed residential communities in Eastlakes for some time, so there’s pent up demand for high quality rental properties.
“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 then apartment developments 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,” he said.
“Days on the rental market has 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 at the moment.”
“Demand in the area, driven primarily by returning international students before the universities opened and travel borders opening, is so high we actually have a waiting list of potential tenants to move into The Grand Residences.”
It’s quite apparent that The Grand Eastlakes precinct will significantly transform the suburb of Eastlakes, creating what is being dubbed ‘Sydney’s new east’ – a $1billion thriving, vibrant, sophisticated lifestyle precinct.
Crown Group Chairman and Group CEO Iwan Sunito 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 was 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 Ave, 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 Caudullo said tenants have also been attracted to Crown Group’s signature resort-style facilities including a swimming pool and rooftop dining area which has 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.”
Award-winning precinct for Concept Design
Among the strings of highly coveted industry awards that Crown Group has won for its slew of iconic mixed-use projects, The Grand Eastlakes was awarded the 2013 UDIA NSW & ACT Awards for Excellence for Concept Design.