Lane Cove on Sydney’s lower north shore takes in picturesque harbour and river views – which are shared between residents and industrial businesses.
It is an odd mix which has begun to shift as the industrial landholders move out and gentrification moves in.
Set nine kilometres north-west of Sydney, its location near the Lane Cove River and national park has enticed developers wanting to capitalise on underdeveloped land.
Retailers and restaurateurs are responding to the influx of residents and the shopping and coffee quality is undergoing a boost.
Market overviewAfter years of under-building, Sydney’s apartment supply is on the up with new off-the-plan projects launched this year.
Lane Cove is benefiting from the rise in construction, and Curtis Field of Colliers International says there has been an overwhelming response to expressions of interest campaigns.
The suburb is one of the lower north shore’s more affordable areas, but still slips under the radar for many Sydneysiders.
Colliers International is gearing up to launch Bay Pavilions, a new project between Burns Bay and Lane Cove River, and has already received more than 1700 inquiries ahead of its launch at the end of November.
“A lot of people look at pictures of the views and can’t figure out where it is,” Field says. “A lot of the area has been semi-industrial for the past 40 or 50 years but that’s been changing since land was rezoned about five years ago.”
Lane Cove’s median price is $1.38 million as of October, RP Data says. The median unit price is $597,000.
Who buysField said the rise in apartment numbers has attracted a new stream of owner-occupiers to the area.
“We’re seeing a lot of existing apartment owners who want to upgrade, as well as downgraders who don’t want to live in the CBD but still want to be central and in an urban environment,” he says.
Investors are also taking advantage of the rise in apartments.
The area is close to the employment and student hubs of Macquarie University and the UTS Kuring-gai campus, meaning there is consistent rental demand.
“The investor market is buoyant across Sydney at the moment, and we’re seeing that in Lane Cove, but the real strength is coming from owner-occupiers,” Field says.
In focusPiety Developments is building a $210 million Bay Pavilions apartment project near the Lane Cove River.
Designed by architects Marchese Partners, Bay Pavilions will have one, two and three-bedroom apartments and penthouses.
The blue-grey tones were inspired by native flora and rock formations. Finishes include pure wool carpets, stone benchtops and French oak flooring.
There will be 270 apartments in five buildings. Stage one, which includes 146 apartments, will be released in late November and is likely to sell out.
Prices range from $540,000 for a one-bedroom apartment to $1.5 million for a three-bedroom unit plus study.
The project will be launched at the end of the month and construction is expected to be completed in November 2015.