North Sydney readies for $1.5bn commercial property boom
North Sydney is set for a commercial development boom worth more than $1.5 billion, and major tenants are believed to already be interested in crossing the bridge.
Lendlease has secured development approval for the Victoria Cross over station development – a brand new $1.2 billion commercial tower rising more than 42 storeys above the future Victoria Cross metro station.
The news came hot on the heels of an announcement by Oxford Investa Property Partnership that it had lodged a development application with North Sydney Council for a major redevelopment of the landmark MLC Building.
The $450 million project proposes a revitalised 27-level commercial building with a large publicly accessible indoor and outdoor space with food, and retail offerings.
Both projects are expected to generate thousands of jobs.
Mark Tait, Investa’s Group executive and head of Commercial Development, says the project is expected to generate 1700 jobs during construction, and house 6200 workers when fully occupied.
Jeheon Son, Lendlease’s head of Development NSW, said the Victoria Cross development would create about 2800 jobs during construction and house up to 7000 local workers once completed.
He says the NSW Government’s rapid transit Sydney Metro network – currently under construction – will forge an unprecedented link between the Sydney and North Sydney CBDs.
“It is a huge investment (for Lendlease),” Son says. “We haven’t had a presence in North Sydney in decades.”
He says the new metro system will mean commuters could be in North Sydney from the Sydney centre within minutes.
He says discussions are already underway with several high profile potential tenants, but was tight-lipped about the nature of their business. Both developers acknowledged the COVID-19 pandemic would change the landscape of many commercial operations.
But they are confident proper planning will meet the demands of future work practices, and are looking to incorporate new smart building initiatives.
This article from the Mosman Daily originally appeared as “More than $1.5b worth of new commercial development for North Sydney”.