A prestigious new co-living development in Sydney’s inner west is up for sale. 

The property at 33 Ormond Street in Ashfield has 40 self-contained studios over three floors and two  buildings, as well as a large common room and outdoor living area, a common laundry and nine  basement car parks. 

It is being taken to the market via an Expressions of Interest campaign run by Adam Droubi, Demi  Carigliano and Anthony Pirrottina of Knight Frank. 

Mr Droubi said the sale campaign was expected to generate strong buyer interest, given the quality of  the development, which presents as new, having being built in 2023, as well as the location and  property type. 

“This is a high-quality block of units that has been finished to a very high standard with all the  apartments equipped with double beds, kitchens, a generous bathroom and outdoor living spaces,” he  said. 

“The development is fully leased with current income of more than $877,000 per year but there is potential for significant upside potential, with estimations the total income could be more than $1.03  million if it was brought in line with current rents. 

“Co-living sites – both those ready to be developed and completed developments – are in strong  demand amongst investors due to the strong holding income and growth potential. 

“Australia’s residential market has a well-documented shortage of supply, so there is strong demand  from end users and hence, co-living developments make for a solid investment.” 

Mr Carigliano said the Ashfield property was in a prime inner west Sydney location. 

“It appeals to tenants due to its location in walking distance to public transport, with the Summer Hill  train station just 650 metres away and several bus stops within 100 metres,” he said. 

“In addition, the nearest WestConnex entry is just 450 metres away, providing immediate access to  Sydney’s motorway network. 

“The property has a leafy outlook, being situated across the road from Ashfield Park, and has diverse  amenity, including dining options and shops.” 

The Expressions of Interest campaign for the property will close at 4pm (AEST) on Tuesday, May 6.