The NSW Government plans to rezone a Telstra exchange site on Sydney's North Shore so build-to-rent developer Home can build and operate a $209-million mixed-use tower.
The 43-storey tower would comprise 272 build-to-rent apartments, 10 key-worker housing units, 84 rooms for serviced apartments, and a retail component.
It was an interesting move by the state government after Sydney North Planning knocked back Aware Super’s 130-apartment build-to-rent development in the same suburb.
The state significant application for the site at 524-542 Pacific Highway site at St Leonards went on exhibition this week.
The 1671sq m plot is owned by the Telstra Corporation and the developer behind the plans, GFM Investment Group.
The plan to rezone the site has also been placed on public exhibition.
The rezoning would facilitate the delivery of the build-to-rent project, which would be operated by GFM entity Home Apartments.
Home already operates build-to-rent projects in Melbourne’s Southbank and Richmond and has other projects on the way at Parramatta, Docklands and St Peters.
In 2020, the Lane Cove Council approved the demolition of the four buildings on the St Leonards site, with the exception of the Telstra Exchange building.
The latest plans, designed by DKO, did not contain changes to the operation of the existing building and telecommunication infrastructure in it.
NSW planning land use strategy and housing deputy secretary Monica Gibson said the development could provide more housing options, foster diversity and enhance housing affordability.
“It proposes new homes just 6km from the Sydney CBD that are close to public transport, including the coming Sydney Metro station in Crows Nest,” Gibson said.
“In line with the department’s priorities to accelerate the delivery of homes, the rezoning and development application for this project are being considered at the same time.”
The planning report by Ethos Urban said the location was part of a string of sites that recently underwent or are undergoing urban renewal facilitated by council rezoning.
“The St Leonards Centre has recently been undergoing a transition from smaller, ageing commercial buildings to new multi-storey, mixed-use development,” the report said.
“The area immediately surrounding the site is undergoing wholesale renewal.”
The tower would slot in next to the AMA commercial building and Landmark by New Hope residential building at the corner of the Christie Street and the Pacific Highway.
