Sydney-based developer Coonara Developments has lodged plans for a $60 million mixed-use development in Bondi Junction.
The 2,070sq m site, located at 47-55 Grafton Street, is currently occupied by an eight-storey building which would be subject to demolition pending council approval.
The proposed 21-storey, designed by architecture firm Koichi Takada, will include a 6-storey podium to house double height retail tenancies and the residential lobby.
The residential building will consist of studio, one, two and three-bedroom apartment types totalling 106 dwellings, as well as 116 car parking spaces and 23 motorbike spaces.
One bedrooms will provide a minimum of 60sq m with split level luxury apartments reaching up to 287sq m.
Bondi Junction has been a hive of activity for new apartment development and has seen a spate of residential towers being lodged with council within the last 12 months.
Late 2017, Stargate Property Group launched its $124 million BONDI CENTRAL, billed for completion is mid-2019.
Iris Capital's $70 million residential development, GRAND BONDI JUNCTION, designed by architects Bates Smart launched August 2017.
Project completion is expected for 2019.
Furthermore, TWT Property's $40 million residential development, NEW LIFE BONDI JUNCTION, will create 70 apartments across 12-storeys.
Prices are expected to start at $774,000 for 47 sq m studios, while 192sq m penthouses are selling for more than $4.5 million.
Wee Hur Appoints Partner for $700m Student Accommodation Investment
Singapore-listed developer Wee Hur Holdings has moved one step closer to realising its Australian student accommodation ambitions, appointing Intergen Property Group to manage a $700 million Purpose Built Student Accommodation fund.
Sydney funds management advisory Intergen has been given the mandate to invest $700 million in developing 3250 beds across Melbourne, Adelaide and Brisbane.
Wee Hur is also acquiring sites in Perth and Sydney and expects the local fund will reach 5000 beds, with a portfolio value of more than $1 billion.
The company said it realises the best approach is to partner with an experienced local partner.
"We are very strong believers in the future of student accommodation in Australia and have mandated Intergen Property Group to work with us," executive chairman Goh Yeow Lian said.
Related reading: EDUCATION REPORT
Wee Hur Holdings started out in construction, moving into development and the Australian property market in the last five years.