Sydney-based developer Stockland Corporation has been given the green light for a $1.4 billion, 51-storey office tower in flourishing North Sydney, making it the tallest building in the lower north shore.
North Sydney Council approved the development application for Affinity Place, which will be across three sites on Walker Street, between the Pacific Highway and the Warringah Freeway.
Stockland has owned one of those sites for about 20 years. The other two were acquired at the end of 2019.
Stockland commercial property chief executive Louise Mason said it was a priority of Stockland’s strategy to increase their portfolio of quality workplace assets, capitalising on long-term trends in urbanisation and urban renewal.
When completed it will boast about 59,000sq m of commercial office and retail space and depending upon the type of tenants and the fit-out configuration, could house up to 6000 office workers.
The building, designed by Hassell architects, will take about four years to complete, but it is not clear when the developers will break ground.
“That’s probably the $6-million question,” Stockland’s executive general manager of development for commercial property Gavin Boswarva said. “It is certainly going to be a few years yet.
“There is a five-year lapse on the DA so, I would like to think mid-to late 2024 but that is purely a target date at this stage, and we can’t definitively give any date.”
He said the challenge with a $1-billion-plus investment in property was the long gestation period.
“So for us the documentation necessary to enable a builder to go and build it is probably a good 12 months and that is just one element,” he said.
“There is obviously the tenant side of it, we need to ensure we have got the right product for the tenants, and we have strong engagement with a number of tenants going at the moment.”
The development will include a sky garden at the top of the building—open to the public—with views of Sydney Harbour. There will be a pedestrian link from Walker Street to Little Spring Street. The building is about 200m from the new Victoria Cross Metro Station.
The latest approval by North Sydney Council underscores the continued interest in North Sydney across office and residential projects.
