Daiwa House Australia and EG Developments have announced the completion of one of Sydney's most significant urban renewal projects, Flour Mill of Summer Hill. The development is tempting buyers in a unique way - with (temporarily) free mortgages.
The $340 million masterplanned community is a revitalisation of a former industrial site with the construction of 360 contemporary apartments and terraces, across 11 separate buildings, set around a central plaza and community park. There are now 750 residents living in the precinct.
In a unique effort to complete the Flour Mill of Summer Hill community, upon settlement Daiwa House Australia and EG will cover the cost of any new purchaser’s mortgage for the first six months.
“We are hoping this offer might make it easier for first home buyers to enter the market, or anyone struggling to commit to a new purchase, to get across the line and reap the rewards of this vibrant precinct for many years to come.”
Located between Smith Street, Edward Street and the light rail track in Summer Hill, the precinct was the former home of Allied Mills, which took over the original site developed by Mungo Scott, who commenced operations in 1922, and whose original mill still stands. The site’s remaining landmark silos appeared in the 1950s.
Milling ceased in 2009, but many of the site’s existing disused buildings have now been restored and re-purposed, with two separate silo buildings converted to apartments.
The Mungo Scott flour mill, the project’s final stage, is set to become a commercial warehouse-style creative hub for the inner west, with curated retail, boutique food and beverage operators, and office spaces leased by technology start-ups and design businesses.
“The Flour Mill of Summer Hill has provided a foundation for a new, dynamic and contemporary Inner West neighbourhood, where old meets new,” says Hidero Eto, director, Daiwa House Australia.
“It doesn’t hide the site’s history, but celebrates it, and we’ve honoured the retained heritage by giving residents the unique opportunity to actually live and work in it. Our residents really enjoy a unique lifestyle living in contemporary HASSELL-designed buildings, interspersed with stunningly repurposed heritage buildings set amongst beautifully landscaped communal gardens.”