Thirdi and real estate private equity group Phoenix Property Investors have inked a deal for the final two Sydney Metro over-station development sites at Crows Nest.
The joint venture acquired the site via private treaty with Sydney Metro and the NSW Government for an undisclosed figure but the end value of the projects is expected to be $1 billion.
The NSW minister for planning and public spaces signed off on a concept proposal for Lot A and Lot B in December 2020.
The approved proposal for Lot A included a commercial and retail development above the new Crows Nest Sydney Metro station, incorporating wellness at the centre of the design.
Lot B is earmarked for a mixed-use development comprising retail and residential.
Thirdi’s head of acquisitions, Florian Caillon, negotiated the deal to secure the final over-station sites.
Thirdi co-founder Bob Huxley said it was a strategic location as one of six new stations for the Sydney Metro City and Southwest, which would connect the area from Chatswood through the Sydney CBD to Bankstown.
“Thirdi is extremely excited to commence a relationship with Sydney Metro and the NSW Government and work with them to deliver what will be an outstanding, market-leading project for the Sydney region,” Huxley said.
“We have an established network of retail operators and have already had a number of world-class businesses express an interest in pre-committing to space at the Crows Nest over station development, which is just incredible. It really demonstrates the demand and need for this type of development in Sydney’s Lower North Shore.
“This project will be a legacy development for Thirdi and we can’t wait to start working with all stakeholders to bring the Crows Nest over-station development to life and add significant value to the Crows Nest community.”
“We will be holding an internal design competition with a number of architects to ensure we deliver the best project possible for the community. Additional renders are attached for you,” Huxley said.
He said the towers would rise to 21 and 17 storeys with a view to completion in 2027.
It is the fifth joint venture between Thirdi and Phoenix Property Investors, which Phoenix head of Australia Trent Winduss said had a “strong track record of success” in Sydney’s North Shore.
“This includes the selling out of the major residential project Balfour Place in Lindfield as well as the sale of the Blue and William commercial precinct in North Sydney to Lendlease that was acquired by Keppel REIT,” Winduss said.
“We’re excited to continue our relationship with Thirdi and look forward to delivering the Crows Nest over-station development in partnership with them.”
The acquisition brings Thirdi’s overall project pipeline to over $4 billion across Australia and the UK.
