Much-needed affordable housing in inner Sydney will be developed following City West Housing’s recent purchase of a site on Wyndham Street, Alexandria.
The corner site in the Botany Road precinct will provide some 100 rental apartments (subject to planning approval) that are affordable for people on very low to moderate incomes.
To be known as Bangalay Apartments, the development aligns with the City of Sydney’s vision for the precinct “as an opportunity to increase the amount of affordable housing close to jobs, services and public transport”.
City West Housing CEO Leonie King said that with high land prices and limited supply, the challenges for building affordable housing in inner Sydney are significant.
“We have managed to purchase this property from our own cash reserves with the help of City of Sydney affordable housing developer contributions. It is an investment that will pay dividends in the uplift in value delivered by the precinct revitalisation plan and in social outcomes transforming people’s lives,” Leonie said.
This acquisition adds to our current identified pipeline of affordable housing in the City of Sydney to four projects providing around 550 apartments over the next five years.