JOINT venture partners Third.i Group and Phoenix Property Investors are launching Stage One of their Elevate residential project at Hume Place Metro Station.
Elevate Hume Place is located directly above the recently opened Crows Nest Metro Station and comprises 130 Woods Bagot-designed one-, two- and three-bedroom apartments.
The development will target first time home buyers, investors and downsizers looking to live within close proximity of Crows Nest Village.
“Elevate at Hume Place is set to redefine urban living in this part of Sydney. It’s not only going to offer some of the best apartments ever released, Elevate is also a one-of-a-kind development in terms of the value the Metro will bring long term to its owners,” said Luke Berry, co-founder and director at Third.i.
“There are plenty of projects claiming close links to the Crow’s Nest Metro, but there is only one project getting built above it all. Having Elevate built directly over the station is why this project will outperform any other local projects in the future.”
Third.i has appointed JLL Residential Project Sales to market and sell Elevate.
“We are excited to be partnering with Thirdi and Phoenix Property Investors on this groundbreaking project,” said Luke Billiau, head of capital markets – Australia and New Zealand at JLL.
“Elevate represents the future of integrated transport-oriented development, and we’re confident it will attract significant interest from both local and international buyers.”
Last October, Third.i and Phoenix Property Investors announced they had reworked their Crows Nest Metro over-station project plans to provide frontline Sydney healthcare workers working at and around the Royal North Shore Hospital.
Metro stations have on residential property “on” or “directly next” to metro stations demand premiums ranging from 20% to 30% higher in value than neighbouring properties, according to a recent global study.
With investors in this type of property able to secure a 15% to 20% premium in rents compared to similar properties in the area.
While data from CBRE and PropTrack revealed suburbs along Sydney’s Metro line have experienced a 49% increase in capital value over the last 10 years, outperforming comparative suburbs by 5% on average.