A residential development in Wollongong’s city-fringe has been listed for sale.
The ‘Aura Apartments’ are being developed by Hanna and Co Pty Ltd, and are due for completion at the end of 2018.
Located at 22-26 Flinders Street, the 2022sqm site will comprise 50 apartments featuring a communal rooftop space, about 430sqm of commercial/retail space and 61 car spaces.
Read more: Flinders Street on the rise
Knight Frank’s director Illawarra Matt Borg said they expected strong interest from investors seeking to capitalise on the growing number of Sydneysiders looking for housing in Wollongong.
He said apartments would range in price from one-bedrooms for $460,000 to three-bedrooms for $950,000.
“Construction on the Aura Apartments is now under way and we’ve already been receiving inquiries,” Mr Borg said.
“The apartment block will comprise of a mix of one, two and three-bedroom units, which buyers will be able to secure with an initial $2000 deposit and five per cent on exchange.
“As Sydney’s housing prices continue to break records, more people are discovering the attractive lifestyle that Wollongong has to offer, with around 20,0000 residents choosing to live in Wollongong and commute to Sydney each day.
“Astute investors are starting to take note of this and the number of inquiries from investors for residential property in Wollongong has increased significantly in recent times.”
Units in the Aura Apartments will feature tiled bathrooms and kitchens, ensuites to the main bedroom, carpeted living areas and bedrooms and an open plan design.
“With the resurgence of the Wollongong CBD and impressive expansion of the University of Wollongong through the Innovation Campus, this very apparent boom in population is seeking good quality, affordable housing close to transport networks,” Hannah and Co Pty Ltd Developer Sam Hanna said.
“The site is perfectly positioned between the Wollongong CBD and Innovation Campus… and North Wollongong train station (is) within easy walking distance.”