GPT Moves 43-Storey Walker Street Tower Up to LEC

The General Property Trust Group has moved its application for a 43-storey Walker Street commercial development up to the Land and Environment Court.

Plans for the building at 153 and 157 Walker Street were lodged in December 2022 and forwarded to the Sydney North Planning Panel.

A Design Excellence Panel declared this year that the proposal was consistent with the urban context, and that the height and scale of the tower was “generally supported”. 

It had concerns the proposed setbacks were not consistent with the Development Control Plan (DCP), and the panel suggested they “may have led to an overintensification of use”. 

The capital investment value of the project would be $340 million with a gross floor area of nearly 52,000 square metres. 

A five-storey podium would include two retail tenancies, restaurants and communal terraces above five basement levels of parking with 40 levels of office floorspace with a total lettable area of 46,745 square metres. 

GPT bought the two sites for an estimated $185 million last year with the aim of building a major office tower next to Victoria Cross Station.

▲ The Sydney Metro rail line extension has prompted major interest in the area.

The ASX-listed group announced its 2023 interim results last month in which GPT chief executive Bob Johnston admitted that “the office leasing environment remains challenging with hybrid and remote working impacting tenant demand”.

“We continue to see a flight to quality as tenants seek out workplaces and quality fitouts and amenity and this trend has supported GPT’s office leasing outcomes during the first half.”

Sydney councils have been on the receiving end of complaints about blown-out lead times for development applications in recent years, echoing similar sentiments from Melbourne developers, some of whom have suggested that going through VCAT is a better option than a council-dependent development process.