Co-living development sites continue to be snapped up quickly after coming to the market, with another sale negotiated by Knight Frank demonstrating further evidence of the strong demand. 

A property at 14 Dudley Street in Marrickville, almost directly across the road from the Dulwich Hill train station and light rail station, has been sold for $3.43 million to a local developer from Foxcorp Group.

The 430sq m site has development approval for 29 self-contained studio apartments, as well as four large common living areas, a rooftop courtyard and single-level basement car park for eight vehicles.

It was sold within 10 days of hitting the market in a deal negotiated by Adam Droubi and Anthony Pirrottina of Knight Frank.

The sale follows another recently reported sale by Knight Frank of a co-living development site at 266 Railway Terrace in Guildford, taking the total sales value to more than $5 million for both sites.

The Guildford site was sold within just seven days of being on the market for over $2 million to a local developer from Morehouse Investments in a deal negotiated by Knight Frank agents Anthony Pirrottina and Demi Carigliano.

The 831.4sq m property, which is situated within 350 metres of Guildford train station and retail village, has approval for 33 self-contained co-living studio apartments, three large common living areas and a single-level basement car park for seven vehicles and three motorcycles.

Mr Pirrottina said the demand for co-living sites was only strengthening in the current market.

“It is one of the most sought after asset types in Living Sectors at the moment as it is one of the highest returning developments to undertake,” he said.

“Rents have been rising in Australia, and in Marrickville, we expect the approved development would achieve $600 per week for a studio apartment, with a total estimated gross income upon completion of the project of $1 million-plus.

“We had strong buyer demand for the Marrickville property, with 78 enquiries and four buyers vying to be the winning bidder, and it led to a strong sales result, with the property changing hands in just 10 days.”

Mr Droubi said the Marrickville property was ideally located to attract tenants for a co-living development.

“It is situated almost directly across the road from Dulwich Hill Train Station and the Light Rail train station, providing excellent access to public transport,” he said.

“The property also has great access to Sydney’s key arterial road networks via the nearby Hume Highway and the M4.

“All of the units in the approved development have been architecturally designed to maximise returns for a buyer, with minimal construction costs.”

Another co-living site has just hit the market at 89 Balmain Road in Leichhardt via an Expressions of Interest campaign run by James Masselos, Adam Droubi and Anthony Pirrottina.

The 544sq m property is approved for a 24 self-contained studio apartments and a common room, as well as 12 car parks, in a prime inner West location.

The estimated total rental for the property is up to $811,200 per annum gross, with rents for each apartment expected to be $600 to $650 per week.

“We expect to again see strong buyer demand for this property, with co-living sites being snapped up very quickly after hitting the market,” Mr Pirrottina said.

89 Balmain Road in Leichhardt for sale via an Expressions of Interest campaign run by James Masselos, Adam Droubi and Anthony Pirrottina.