Investa Files BtR Conversion for MLC Building

North Sydney’s first commercial tower could be converted into build-to-rent as the MLC Building saga takes a new turn.

Investa now wants to turn the iconic MLC Building into a mixed-use development with 340 apartments and 2500sq m of retail at 105-153 Miller Street, North Sydney.

While the office space would be converted, the project would retain the existing squash courts and give residents access to a recreational roof-top, playroom and gym. 

It is a big change from Investa’s $500-million commercial tower plans which including demolishing the MLC Building, prompting a heritage listing from the NSW government architect.

The MLC Building currently provides 600,000sq m of floor space across 14 storeys. The “existing layout does not permit individual tenancies” and “is not considered a viable offering”.

“The site’s zoning prohibits uses other than commercial or similar uses, which is not considered economically viable,” the Ethos Urbin report said. 

“The proposed use as build-to-rent is considered the most appropriate based on the site’s strategic context.”

▲ A render of the office tower Investa planned to replace the MLC Building with.

The 6640sq m site south of the future Victoria Cross Metro Station may instead improve housing supply and diversity in the area.

“The building was constructed in 1957 and represents a pre-eminent example of post-World-War II high-rise office building,” the report said.

“The building was recognised as a refinement of the multi-storey office building in Australia, and it was the first office building to be built in North Sydney, a catalyst for decentralisation away from the Sydney CBD.”

▲ The modernist post-war international tower by architects Bates, Smart & McCutcheon has been vacant since 2022.

The state significant project’s scoping report was completed and the next step in the application process was for an enviromental impact statement to be submitted.

North Sydney is about to undergo rapid transformation with the approved 42-storey over station development by Lendlease taking shape.

Meanwhile, Billbergia Group topped out its 88 Walker Street project last week marking the tallest tower in North Sydney. It is cantilevered over the heritage-listed Firehouse Hotel.