Deicorp is taking advantage of new planning provisions for infill affordable housing to expand an existing North Sydney project.
It is upping the height of an approved DA by five storeys to develop a 21-storey Crows Nest tower with a capital investment value of $88 million.
A plan for the smaller tower at the ‘Five Ways Triangle’—an island site in North Sydney—was submitted in 2021 and approved in December 2023.
However, State Environmental Planning Policy (Planning Systems) 2021 amendments came into effect in December 2023 and the proposed development fits into the new pathway as an infill development with 15 per cent of its floor space dedicated to affordable housing.
The SEPP changes were made to “encourage private developers to boost affordable housing and deliver more market housing” and offer floor space ratio and height bonuses of up to 30 per cent if conditions are met.
Deicorp is using these changes to propose an expansion to the original planning proposal for the site which proposed a 16-storey tower with 129 apartments.
The proposals seek to demolish existing structures onsite and excavate for seven basement levels of parking.
The 21-storey building planned for the site will consist of 191 apartments; 40 one-bed, 114 two-bed and 37 three-bed units.
There will also be 8000sq m of non-residential gross floor area (GFA) at the Turner Architects-designed building.
Deicorp executive manager Robert Furolo said that NSW Premier Chris Minns and Planning Minister Scully had been “explicit in calling for an appropriate increase of housing and, in particular, affordable housing, in areas close to key transport infrastructure”.
“Our latest proposal responds to this call and uses the provisions of the new Affordable Housing code to deliver both more housing and dedicated affordable housing for essential workers in a mixed-use site less than 300m from the new Crows Nest Metro Station,” he told The Urban Developer.
The proposed Crows Nest Metro Station is considered a “vital station” on the $12.5-billion Sydney Metro City and Southwest project.
The upcoming transport infrastructure changes have made Crows Nest a hotspot for developers.
In the past year, a contentious 18-storey development on Pacific Highway requiring planning amendments has been approved, $164-million office plans have been lodged by a consortium and work began on an over-station development at the new transport hub.
