One of the largest co-living assets in metropolitan Sydney is expected to be met with strong buyer demand as it hits the market this week.

The brand new five-level co-living building at 465 – 467 President Avenue in Kirrawee has 62 high-quality studio apartments with generous common areas, including outdoor gardens, as well as a 27- car park basement.

Each studio, ranging in size from 22sq m to 35sq m internally, is equipped with a double bed – suitable for two occupants – with its own generous kitchen, premium bathroom and outdoor living spaces.

It is being taken to the market via an Expressions of Interest campaign run by Knight Frank agents Adam Droubi and Anthony Pirrottina in conjunction with Stefan Jones of 365 Property Group on behalf of the vendor, Dallad. 

With the asset expected to generate $1.8 million per annum in gross income, price expectations are north of $20 million.

Mr Droubi said the Kirrawee asset was a high-quality and modern residential investment situated in southern Sydney, within 300 metres of a light rail station and walking distance from Kirrawee shopping village.

“The building has never been lived in and presets a highly cost-efficient design which provides the successful purchaser with the potential to own an innovative co-living asset, with few competing properties of this quality within Southern Sydney,” he said.

“The building’s architectural design maximises natural light and maintains a comfortable ambient temperature, minimising running costs whilst maintaining a premium living environment.

“With construction completed this month, investors will have a full seven years of depreciation potential for the incoming purchaser.”

Mr Pirrottina said as a sector, co-living was gaining a lot of momentum.

“Co-living development sites that we have taken to the market in recent months have been snapped up by buyers very quickly, demonstrating the strong buyer demand in this space,” he said.

“We have sold two recent development sites with development approvals in place, including a 430sq m property at 14 Dudley Street in Marrickville selling for $3.43 million after being on the market for only 10 days.

“Meanwhile an 831.4sq m property at 266 Railway Street in Guildford sold for more than $2 million.

“It’s rare to have a finished co-living building available to purchase, especially on the scale of this Kirrawee property, and we expect strong buyer demand during the campaign.”

The Expressions of Interest campaign for the property closes at 4pm on Thursday 25th July 2024.