Over a five-year-period, two Sydney-based limited liability companies picked up 10 adjoining lots across three suburban streets on Sydney’s North Shore.
Now, more than seven years after making their first purchase—a 670sq m block with a three-bedroom house for $5.235 million—the investors have won approval for three residential towers up to 11 storeys on that 10-lot corner package at St Leonards.
According to online documents, between December, 2016 and October, 2021 the two companies— Marshall Land Pty Ltd and Holdsworth Land Pty Ltd—paid a total $63.75 million for the properties at Berry Road, Holdsworth Avenue and Marshall Avenue.
Combined, the lots make up 5874 square metres.
Both companies list Cheng Lu and Yuantao Wang, each from Sydney’s western suburbs, as directors.
The pair are also the only office holders for Modern Construction and Development Pty Ltd, which this week won approval from the Sydney North Planning Panel for 187 apartments in the three buildings.
Designed by PTW Architects, the three buildings of 10 and 11 storeys will comprise 82 two-bedroom apartments, 50 of three bedrooms, 12 of four bedrooms and 43 studio or single-bedroom apartments.
Five basement floors will allow parking for 249 vehicles while plans show about 2215sq m given over to public open space.
Single storey and two-storey houses on the lots will be demolished to make way for the three buildings, which have an estimated construction cost of $110.72 million.
Town planners Urbis, which lodged the application with the Lane Cove Council, said the area had been undergoing significant transition from low-density residential to high-density residential development after recent changes to planning controls.
“This is to support higher density residential development in locations that are proximate to existing and planned new (metro rail) transport infrastructure,” Urbis wrote.
The town planner said in response to the new planning conditions, several big sites—with a total of more than 730 apartments—had secured development approvals.
Urbis said the developers had met on a number of occasions with Lane Cove Council, including three meetings with the council’s Design Excellence Panel.
In unanimously approving the development, the five-member panel said it was consistent with the supporting planning scheme and the desired character of the area.
