Zurich fires apartment scheme as North Sydney takes off

The Zurich Australian Insurance building in Blue Street, North Sydney, is set to be redeveloped.

In a sign of the advancing apartment development boom one of North Sydney’s best-known offices, the Zurich Australian Insurance building, will be demolished to make way for luxury units.

The proposal for the Blue Street block has come from the international finance house which is looking to join a series of developers that have proposed new towers, changing the face of the precinct.

Other blocks, including those owned by Aqualand, have been proposed for use as build-to-rent or hotels, Asian-backed Freecity bought a site off a GPT fund and is planning a residential complex.

Zurich already has experience in developing properties and its new headquarters, the Zurich Tower in nearby Mount Street, stands as the company’s new 20,000sq m headquarters. That tower is a 29-storey landmark on the North Sydney skyline.

Now a major redevelopment is being lined up for the Zurich Australian Insurance building at 5 Blue Street, which will see the 14-storey commercial tower make way for a mixed-use development containing about 400 residences.

Zurich’s is looking to deliver high-density housing above North Sydney Railway Station, working off the site’s centrality and connectivity to respond to the city’s housing supply challenges.

The proposed redevelopment would retain and enhance the adjacent Blue Street Plaza, a 700sq m forecourt space that offers views across Sydney Harbour.

The plan also anticipates co-ordination with the separate redevelopment of 15 Blue Street, where Aqualand has proposed a 30-storey mixed-use tower with 200 units.

The proposed redevelopment is intended to act as a catalyst for precinct renewal, complementing the shift in development momentum northwards following the opening of Victoria Cross Metro Station and its associated uplift in planning controls.

Zurich said the building was nearing the end of its operating life and the company was pleased to have the opportunity to pursue the redevelopment opportunity.

“Zurich will continue to liaise with neighbours, community and stakeholders to develop the design with a view to lodging a planning application to the Housing Delivery Authority within the set time frames of the NSW government’s process,” a spokesman said.

“Since its first investment in North Sydney in 1984, Zurich has remained dedicated to the area’s growth and development.”