Central Element Rethinks Strategy as Reforms Reshape Sector

Bondi Beach is about to become even more exclusive as changes to low and midrise development policies in NSW reshape the subsector. Off the back of those changes, Central Element head of acquisition Ryan Bennetts says they are rethinking their entire acquisition strategy, including for across the Harbour at Sydney’s Lower North Shore. “As developers we need to differentiate ourselves in the market when there will be a lot more supply coming through,” Bennetts says. “The density of Mosman, Neutral Bay and Cremorne will change. “We will be much more considered in terms of what sites we do acquire because we need to look at potential surrounding development and what the area will look like in quality and ilk.” ▲ Central Element ’ s head of acquisitions, Ryan Bennetts. The policy is expected to pave the way for 112,000 homes across NSW over the next five years. The reforms change planning controls for sites within 800m, or a 10-minute walk, of 171 town centres and stations, allowing increased density. “Looking at the extent of how widespread the rezoning areas are we need to be really methodical on how we assess opportunities,” Bennetts says. “Those areas that aren’t included in the reform will definitely be a focus for us. “We are seeing land owners reach out from some of those affluent areas that have been impacted by the reforms expressing interest to potentially relocate.” Central Element acquired its second Bondi Beach site and filed plans for a five-storey apartment building while working with Waverley Council to come to an agreement for an “ultra-premium” development in the hillside. The independent developer picked up three homes, at 46 and 48-50 Lamrock Avenue, for an undisclosed price to create a 1200sq m amalgamated site. MHN Design Union and Dangar Barin Smith are behind the design for the $100-million plans for the site that is in the village area of Bondi Beach, The project comprises nine apartments—two of two bedrooms, six of three bedrooms and single four-bedroom penthouse, all atop 15 carparking spaces. Planned are two apartments per floor aside from the penthouse and the ground-floor residences, which extend into private gardens. ▲ A rendering of Central Element’s Sandridge Street project, designed by MHNDU. Central Element’s first set of plans in the area include a duplex at 20-22 Sandridge Street and five apartments at 21 Wilga Street, Bondi. They are under council consideration. Bennetts says they have a strong appetite to invest in Bondi Beach and secure additional sites. “It’s such a changing landscape at the moment in Sydney—you can see with these lower and midrise reforms will change these high-end areas,” Bennetts says. “We are fortunate that some of our projects, like those in Bondi Beach and Coogee Beach, are essentially protected from these planning changes. “It speaks to the rarity of these offerings when we do bring them to the market because you won ’ t get that increased density through those areas.” While the planning process for the projects are under way, sales records at its Ballamac House at Coogee are enough to encourage Central Element to keep moving ahead. The penthouse of Ballamac House set the suburb record with an off-market $20-million sale, topping the $13.1 million apartment sold in 2022. “A lot of developments are coming to completion now and there’s been record sales achieved in Bondi Beach of late, so to see new price points crystallised on the market shows how resilient it is,” Bennetts says. ▲ Central Element received DA approval for the restoration of Ballamac House as part of its development at Coogee in August of 2023. Central Element managing director Nathan Chivas said the company was focusing on the eastern suburbs for this very reason. “Sydney’s Eastern Suburbs market is one of the most sought-after in Australia,” Chivas says. Construction at the historic Ballamac House, Coogee, began in November to create eight three-bedroom residences—and the record-breaking penthouse. The private developer appointed former Mirvac NSW construction manager Hayden Callaghan in May to lead the construction team along with Andrew Westbrook and Callum Schrader.

Central Element Rethinks Strategy as Reforms Reshape Sector

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