Traders In Purple today announced the acquisition of two premium residential development sites on Sydney’s north shore for a combined project value of $560 million, marking a significant expansion of its NSW portfolio.

The group is planning 80 luxury apartments for a consolidated 5,900sqm site at 46-50 Cowan Road, St Ives, fronting Pymble Golf Course. The site is zoned for R3 medium density residential and is within walking distance of St Ives Shopping Village.

It also this week finalised the acquisition of 8-24 Nicholson Street, Wollstonecraft, which was rezoned late last year to permit a 43-metre height limit allowing for residential development up to 12 storeys.

The acquisitions are in line with Traders In Purple’s strategic plan to expand its Sydney portfolio in locations with strong fundamentals, matching its solid track record of delivering luxury waterfront properties.

Traders In Purple Director George Geagea said both development sites were ideal locations to apply its expertise in designing well thought out homes for owner-occupiers and particularly downsizers.

“The St Ives site enjoys absolute golf course frontage with stunning views. It’s a large site that will permit us to create beautiful, spacious homes with generous landscaping that meet the needs of local residents who want to downsize and remain in the area they know and love,” said Mr Geagea.

“We expect Wollstonecraft to also appeal to locals wishing to downsize but given its proximity to Crows Nest Metro and shopping village, and St Leonards Train Station, there is likely to be significant demand from professionals seeking a luxury apartment lifestyle in a quiet and peaceful location yet still close to work, transport and a lively urban precinct.”

The 3,012sqm Wollstonecraft site is currently occupied by 10 semi-detached dwellings, with frontage to Nicholson and Oxley Streets, an easy 110 metre walk from Crows Nest Metro. Its elevated position offers spectacular views of the Sydney CBD skyline as well as bushland and harbour views.

Mr Geagea said the company would move quickly to develop plans for Wollstonecraft. Extensive planning and design work has already been undertaken for the St Ives site.

“Our concept plans for St Ives are well advanced and we are targeting DA lodgement for both projects this year. We look forward to working with council and the community to deliver the type of luxury homes for which we are renowned.

“Sydney has a critical need for more housing but it is not just about numbers; it’s diversity that is key to satisfying community need. As the baby boomer generation matures, the large home and high maintenance yard become less appealing for a couple who would happily downsize if there was housing suited to their needs and lifestyle.”

Both acquisitions, brokered by Colliers agent Guillaume Volz, align with Traders In Purple’s portfolio of luxury residential developments which have to date been concentrated in premium waterfront locations.

In Queensland, Traders In Purple lodged a DA application for a collection of 164 luxury homes on the Brisbane riverfront at West End earlier this year and is preparing to launch 132 waterfront apartments at Newport, moments from its award-winning Lasail project, completed in 2023.

Other projects under construction in its burgeoning $5 billion portfolio include waterfront projects Marin in Scarborough, and Orilla and Tydal, both in Woody Point on the Moreton Bay Peninsula.

Mr Geagea said the group’s integrated business model, with its own construction capability, had enabled it to navigate a challenging period in the construction industry and maintain its 100 per cent completion track record.

“Where a number of companies pressed pause on new developments, we have been able to secure off the plan sales and commence construction on some exceptional projects that reflect our commitment to creating beautiful homes with purpose,” said Mr Geagea.

“That is in large part due to the confidence our buyers have in the quality of work we deliver, many of them repeat purchasers. We are looking forward to bringing that same level of design and construction excellence to St Ives and Wollstonecraft.”

Read more in The Australian.