A Sydney-based developer has broken ground on a $60-million apartment project in Marrickville, in the city’s inner west, after winning approval from the Inner West Council.
Astute Property Group, led by managing director Fady Rizk, has been granted approval to build a five-storey, boutique apartment project at 265-273 Illawarra Road.
The project will offer 43 apartments in a mix of one, two, and three-bedroom configurations at 265-273 Illawarra Road.
Construction has now begun on the 1500sq m site with half of the apartments launched to market for its backer to kick in the next tranche of funding. Construction is expected to be completed at the end of 2023.
“The main challenge will be the timing of the launch coinciding with current negative sentiment around interest rates, inflation and the like,” Rizk said. “However, we feel that we are launching a high-quality boutique development, located in the best position in Marrickville with limited competing supply. “These points, together with the local track record we have, will be the key drivers to this development’s success.”
Astute, established more than two decades ago in Sydney, specialises in the high-end multi-residential sector with the vast majority of its previous projects in the city’s inner west, city fringe and eastern suburbs.
Rizk said the group remained bullish in its approach to new sites and applications, supported by its business model—acting as both developer and builder—and specialising in high quality and technically difficult constructions.
Rizk said the model was designed to cope with difficult market conditions, including the current climate with many developers struggling to find affordable labour, materials and builders.
After delivering Kindred, a 40-apartment project on Marrickville Road, Astute doubled down with its latest project Mosaic—designed by the developer’s longstanding design team, Benson McCormack Architects and Axlund and Goldstein Interiors.
“We always strive to target the best sites in the best suburbs,” Rizk said.
“Proximity to transport, especially trains, is paramount. So too is proximity to amenities, shopping, education. With Mosaic Marrickville, we feel it ticks every one of our criteria. Additionally, targeting suburbs with limited supply ensures we do not compete within a saturated market.”
Rizk said it would target owner-occupiers and investors, with average prices within the development hovering around $1.3 million, with one-bedroom apartments expected to start from $820,000 and larger apartments priced from $1.8 million.
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