Be on the lookout, Sydneysiders: The upbeat suburb of Alexandria—with its famous cafes and plush park—is about to undergo yet another bit of gentrification. Or should we say, “Gentry”-fication?
Renowned developer Thirdi Group has laid claim to a 3,300 sq m plot in the sought-after Alexandria district and has recently announced plans for a permit-approved, multi-townhouse venture that, once completed, will be referred to as simply “The Gentry.” It’s a fitting name for a luxury project that will be reconstructed from the bones of an old Alexandrian industry warehouse and will include 37 standalone units, each with a rooftop garden and a projected asking price of around $2.2 million. But, then again, this type of transformation is nothing new. Realestate.com.au even reports that such warehouse conversions have become an integral part of the suburb’s landscape.
No, the real news here is that The Gentry’s townhouses will be Torrens-titled homes, which means buyers will classify as the sole proprietors of their respective units and of any accompanying land. Instead of shelling out maintenance fees and sharing common facilities, residents of The Gentry will have total sovereignty over their own slice of heaven. This opportunity is seldom offered so close to Sydney CBD and would represent a definite coup for any house hunter.
Still, Thirdi Director of Sales and Marketing, Luke Berry, speculates the novelty may wear off soon. Indeed, as the current influx of apartment complexes gives way to a decrease in demand for housing, real estate shoppers may be less desperate to rent and more inclined to buy. And Thirdi’s competitors know this. The Australian Financial Review cites Sotheby’s International and Metro Property Development as two firms with Torrens-titled projects in the research and/or development stages.