Investa Pursues Twin Strategy for North Sydney MLC Tower

Investa is running a twin-track strategy for one of North Sydney’s most contested heritage landmarks. The developer now holds approval for a $364.7-million commercial redevelopment ( pictured above ) of the state-listed MLC Building and has a separate $354-million state-significant proposal before the department for its conversion into a university campus. Only one will proceed but together they give Investa two ways to unlock the 6640sq m site at 105-153 Miller Street. The twin-consent strategy gives Investa flexibility—an approved DA providing a commercial fallback and a pending SSD keeping open the option of an education partner. An Investa spokesperson said the strategy aimed “to maximise optionality on the site, it’s a great location”, describing the twin pathways as a response to market shifts and North Sydney’s renewal. Both schemes have drawn sharp criticism from heritage advocates who argue the plans blur the line between adaptive reuse and demolition. Completed in 1957 to designs by Bates, Smart &amp; McCutcheon, the MLC Building introduced Australia’s first fully glazed curtain-wall facade—reshaping office design across the country. At 56m and 14 storeys, it was the tallest structure north of Sydney Harbour and a marker of North Sydney’s post-war ambitions. ▲ The MLC Building, photographed by Max Dupain in the 1950s ( left ) and in its contemporary skyline. The building has stood vacant since 2022, its condition described in planning documents as “substantially deteriorated”. The path to redevelopment has been long—a 2021 council refusal, a failed Land and Environment Court appeal and, in 2023, its addition to the State Heritage Register following a public campaign to save it. According to the Environmental Impact Statement for the state-significant proposal, Investa and fjcstudio—working with Bates Smart—tested four redevelopment paths before landing on the current dual-consent approach. A “do-nothing” scenario was rejected as unsafe, with planners warning the long-vacant building had become “hazardous” and “highly detrimental” to the surrounding CBD. Full demolition was explored “in great depth” but ruled out after council and court refusals. Earlier design studies dating back to 2002, including a five-storey addition above the Denison Street wing ( pictured below, top left ), were described by the Heritage Council as “sympathetic” yet blocked by overshadowing and structural costs. Planning documents said the current design—two versions of the same scheme, one commercial, one educational—was developed through “several meetings with Council, the North Sydney Design Excellence Panel and the NSW Heritage Council” to balance heritage and viability. “Investa has concurrently been advancing two versions of the scheme,” planning documents said, “one for an education facility (this SSDA) and one for a commercial office building (DA 387/24) ... a separate planning pathway is being sought for the commercial development scheme.” ▲ Investa’s evolving designs for the MLC Building in North Sydney, from earlier commercial and residential concepts (left) to the latest dual-consent scheme by fjcstudio and Bates Smart (right). The approved commercial scheme, determined by the Sydney North Planning Panel in September, allows partial demolition of the heritage-listed structure and construction of a new 22-storey tower behind the retained Miller Street wing. Bates Smart’s design rebuilds demolished sections “like for like”, reinstating the original glass curtain wall and raising the ground floor to address flood risk. The reworked entry forms a double-height lobby facing Miller Street, restoring the building’s civic scale while adapting it for modern office use. Plans include 38,743sq m of office space, 2889sq m of retail and 644sq m of event areas across a three-level basement. The Miller Street facade would be dismantled and reconstructed, described in documents as the project’s “heritage anchor”, while the Denison Street wing and central core would be replaced entirely. Running in parallel is the state-significant proposal for tertiary education use, also led by Investa. Designed by fjcstudio, the university scheme adopts the same building envelope but reconfigures interiors for education, with retail and a new public forecourt connecting Miller and Denison streets. The proposal provides 48,276sq m of gross floor area for educational use. The $354-million scheme remains in the response-to-submissions phase until October 31, with feedback from Heritage NSW and the State Design Review Panel under review. Planning documents note both proposals are “similar in most regards” and “share the same overall height and building envelope” to maintain design and heritage consistency. The documents said the SSD was lodged “due to uncertainty in relation to leasing” and described the office DA as “a separate and parallel pathway reflecting the difference in intended uses”. The Heritage Impact Statement said the education scheme “adopts the same design scheme” as the office proposal and confirmed the developer was prepared to ensure “continuity and alignment between the two schemes regardless of end use”. But heritage advocates said both go too far. Docomomo Australia described the approach as “effective demolition”, while Heritage NSW said “the SSD would involve the demolition of more than 90 per cent of the Miller Street Wing” but that the retention of facades “will help protect the building’s legacy through adaptive reuse”. Investa said the approval followed “significant and collaborative consultation with North Sydney Council and Heritage Council NSW” and positioned the building “to take advantage of its proximity to Victoria Cross Metro station and North Sydney’s rejuvenation”.

Investa Pursues Twin Strategy for North Sydney MLC Tower

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