Rezone to Rehome - how Redfern is transforming into Sydney’s newest place to be

The result is a precinct just 3km south of the Sydney CBD offering a true mix of uses including high end residential, social housing, purpose built student accommodation (PBSA) and commercial office and retail hubs all mixed in with heritage terraces and retail strips featuring art galleries, trendy food and drink outlets and long standing small businesses.

Following a state led Urban Renewal strategy, initially undertaken by the former Redfern Waterloo Authority (RWA), the corridor was rezoned in the early 2000’s to accommodate more density and is also set to become a major benefactor of Australia’s largest public transport infrastructure project, the Sydney Metro, which will deliver 31 metro stations and more than 66 kilometres of railway.

The service will run from Cudgegong Road in Rouse Hill, through Sydney’s Northern CBDs, under the Sydney Harbour into Sydney CBD, through Waterloo and along the Sydenham to Bankstown corridor. Services will commence from Waterloo upon project completion in 2024 and will run every 4 minutes during peak hours.

According to Stuart Cox, Director, Residential Site Sales at Savills Australia, there are approximately 7,000* dwellings earmarked for the Waterloo/Redfern area (Under construction, DA stage or early planning) as well as strong demand for Purpose-Built Student Accommodation with approximately 2,000* beds earmarked for the area (Under construction, DA stage or early planning).

“Redfern also offers its own commercial space, making up one of the CBD’s fringe market suburbs which is said to include over 400,000sq m* of NLA.

“The Australian Technology Park is already home for Channel 7, and Commonwealth Bank in 93,000sq m* across two newly constructed state of the art buildings” he said.

Despite the global pandemic, demand for development opportunities is on the rise, with two significant DA Approved sites set to hit the market through Stuart Cox, Neil Cooke and Johnathon Broome of Savills Australia.

104-116 Regent Street, Redfern (currently a BP Petrol Station), has the potential for 9,576sq m* of GFA based on FSR of 7:1 (11,491sq m* with 20% PBSA bonus) - an 18 storey building height control and a ‘Business Zone – Commercial Core’ land zoning which permits a large variety of uses including retail, commercial, tourist and visitor accommodation, student accommodation, residential flat buildings or a combination of these permitted uses.

The existing BP Petrol Station incorporates an extensive undercover hardstand area and a well-presented two storey rendered brick retail/commercial office building to the northern elevation of the site.

The property boasts two extensive street frontages, being Margaret Street to the south, Gibbons Street to the east as well as rear lane access to the north-western corner of the site off William Lane.

Mr Cox said the land use zone is equivalent to Zone B4 Mixed Use under the Standard Instrument – Principal Local Environmental Plan (SI-PLEP) as the land use objectives and permitted uses are similar.

“The AH SEPP provides a ‘bonus’ 20% FSR for land within a zone in which residential flat buildings are permitted and a base FSR of 2.5 or greater. Accordingly, a maximum potential FSR of 8.4:1 would apply to the subject site (i.e. current 7:1 under SSP SEPP + 20%) making it the ideal student accommodation opportunity.

“Panoramic CBD and district views from the future project will underpin the Gross Realisation potential” he continued.

According to Neil Cooke, Director, Residential Site Sales at Savills Australia, student accommodation looks like a hot contender for the site due to its close proximity to some of Australia’s best Universities.

“The site is a short 1km* level stroll from two of Australia’s highest performing and most prestigious universities being the University of Sydney and the University of Technology Sydney and just 3.5km* to the east is the University of New South Wales.

“Total Full Time enrolments across these three Universities represents a staggering 120,000* students or over 11.5% of full time enrolments in Australia. The latest data indicates steady growth in student numbers of 2-3% per annum” he said.

“There is certainly strong demand for Student Accommodation in the area with approximately 2,000 beds earmarked for the area. As well as residential developments with approximately 7,000 dwellings earmarked for the Waterloo/Redfern area (Under construction, DA stage, early planning)” he continued. (See charts below)

175-177 Cleveland St and 1-5 Woodburn St, Redfern is also within close proximity to these Universities and is DA Approved for a 45 room Hotel as well as 20 apartments and a Café on a 1,060sq m* corner-block development site.

Ideally located between Redfern Railway Station and Central Station, the site boasts three street frontages and development approval allows for the construction of 3,725sq m* of Gross Floor Area (Hotel – 1,739sq m*, Residential – 1,268sq m*, Retail – 325sq m* and a Wine Bar 393sq m*).

Current improvements include two existing two (2) storey commercial/ industrial buildings providing 1,269sq m* of NLA and associated on grade parking, generating a gross income of $323,029* per annum.

Mr Cooke said through a redevelopment of this site, upper level apartments will benefit from expansive city views to the north and ocean views to the east, lending itself to be a premium mixed use development.

According to Johnathon Broome, Executive, Residential Site Sales at Savills Australia, Redfern is revered for its distinctive lifestyle yet still maintains its unique village charm. The suburb boasts an endless list of bars and restaurants, a short level stroll from Sydney Entertainment Quarter and unmatched proximity to the Sydney CBD and Darling Harbour.

“These immeasurable conveniences and associated lifestyle are what keeps Redfern residents so captivated through an exciting period of transformation and are beginning to capture the attention of local and offshore developers and investors.”

Student Accommodation in Redfern 

Residential Developments in Redfern 

175-177 Cleveland St and 1-5 Woodburn St, Redfern will be sold by way of Expressions of Interest exclusively through Savills (NSW) Pty Limited.