New Sydney City Fringe Project Approved

By Rick Montrone

We’re pleased to announce that 159 Allen Street, Leichhardt has received planning approval from Inner West Council for its new 46 residential apartments project in the Sydney city fringe suburb of Leichhardt.

The 2,782m2 property is located 5 kilometres from Sydney’s CBD and 200m from the Light Rail Station at Hawthorne.  The property is a short distance to local schools, amenities and other public services including the University of Sydney and the Royal Prince Alfred Hospital at Camperdown.

The design of the project includes a 4‐storey apartment block and a 5‐storey apartment block, comprising of 46 residential apartments with technology that caters to individual lifestyle needs. The Sydney city fringe is an area that is attractive to people who are socially mobile and also want lifestyle choice.

The planning approval of the project will allow Desane to move forward with its program of increasing its income value‐add investment and development property portfolio. We’re currently undertaking due diligence for approximately $100 million of investment property acquisitions. On completion, the Allen Street Leichhardt project will have an end value of more than $50 million.