Build-to-RentHarrison CaithnessMon 12 Oct 26
Century-Old Substation to Anchor Ultimo’s Latest BtR Tower Plan
A decommissioned 1909 electrical substation would be transformed into a shop at the foot of a 15-storey build-to-rent tower at Ultimo under plans now before the City of Sydney.
Apt.Residential is behind the proposal for a part-7, part 15-storey project in the NSW capital's inner south.
The heritage-listed Federation-era electrical substation is one of the oldest of its kind in the state.
The 1452sq m site at 41-49 Mountain Street on Gadigal land is in Sydney CBD’s south-west fringe education precinct, about 1km west of Central Station, and within walking distance of Victoria Park.
The tower would yield 114 build-to-rent homes, including 20 per cent affordable, comprising 73 single-bed, 28 two-bed and 13 studio apartments.
Two cold shell retail tenancies at ground floor would bring total shop floor space to almost 600 square metres.
Electrical Substation No. 5, which heritage inventory documents describe as being in “fair to poor condition”, occupies the north-east corner of the otherwise vacant site.
Apt.Residential purchased the site and substation from Ausgrid in 2025, two years after it was decommissioned.
Two decades earlier, the city greenlit a five to eight story office block on the site, but it did not progress and the approval has since lapsed.
A concurrent planning proposal would more than double height and floor space ratio controls to 52m and 5.35:1.
A single basement level would provide 12 car spaces and 51 bicycle spaces.
Apt.Residential’s project is expected to cost $66 million to build.
BVN architects drew inspiration for Ultimo’s early 19th century masonry warehouses for the tower's brick and metal facades.
Next to the site at 1-3 Smail Street, the city greenlit Apt.Residential’s $53.6-million development two years ago for adaptive reuse of an eight-storey heritage warehouse into a 167-unit co-living shoptop.
About 13km north-east across the Parramatta River, the developer’s $250-million eight-storey Meadowbank village has launched to market.
In February, HBB swapped out office block plans for a 137-unit student co-living tower at 86-90 Bay Street, abandoning adaptive reuse of the existing four-storey building off the southwest corner of 41-49 Mountain Street.
A suburb over and 1.6km north at Pyrmont, Toohey Miller has been waved ahead for another BVN-designed project of up to a possible 36-storeys.
