Our team had the opportunity last week to tour Stockland’s $160M brownfield development The Residences Cardinal Freeman at Ashfield in Sydney’s inner west.
Commenced in August 2014 when there were 181 units at the village, the final development will feature 350 homes including 240 new apartments across seven buildings when complete in 2019.
Joined by Anna Learmonth, Stockland Retirement Living, General Manager Sales and Legal; Alison McDonagh, Senior Development Manager; and Mark Maybury, The Residences’ Village Manager, we got a look into the new apartments and community facilities, which include a village green, on-site clubhouse, Wi-Fi enabled lounge, pool and gym, bar, theatre, billiard room and hairdressing salon.
Ms McDonagh tells us average prices for the units have increased over time – in the first stage release, apartments sold from $495,000. Since then, they have grown by around 12% per year.
The location, less than 10km from the Sydney CBD, has also proved a strong selling point. “Many of our new residents have moved from the neighbouring suburbs of Strathfield and Haberfield allowing them to stay close to friends and family,” she says.