Prominant developers the Vakili family has lodged its latest mixed-use tower plans with the Willoughby City Council in the evolving Chatswood CBD.
Harry and Jilla Vakili lodged plans for 27-storey and 18-storey towers over a shared podium for the project, dubbed the Aeon, at 3 McIntosh, 2 Day and 40-42 Anderson streets on Sydney’s Lower North Shore.
The active property developers have large holdings across Sydney and are connected to other developments at Chatswood as well as Crows Nest and Hornsby.
The estimated cost of work for this latest Chatswood development is $98 million.
The pair took more than five years to buy up apartments across four buildings on the 3122sq m site, paying $950,000 to $3 million a piece.
Changes to the Local Environment Plan allowing 90m towers are tipped to add 4000 apartments to the Chatswood CBD alone, with multiple tower plans lodged in July.
Despite the influx, the market is expected to remain steady with the median price of an apartment at $1.15 million and houses at $2.85 million, according to Hotspotting’s price predictor.
Drew Dickson Architects designed the plans that show a 2-to-4 storey podium with ground-floor retail plus 162 apartments, and landscaping and green roof by Arcadia.
The apartments would be designed with accessibility in mind, replacing the aging apartment complexes on site, according to the developers.
“Integrating residential growth on this site will effectively aid the council in meeting its population growth targets while leveraging the inherent qualities of the urban design context,” the application said.
“The proposed development considers the existing context and responds to the future character of the site by providing a built form that will sit well within the urban setting.”
