Top Spring Australia has won permission to construct a luxury six level apartment complex on the former NSW Country Women’s Association headquarters site in Elizabeth Bay.
The project will replace a shorter office and accommodation building rising the same number of floors.
The not-for-profit sold 11-13 Greenknowe Street in 2014 to another China backed developer, SHMH Group, for $18.4 million – more than 20 per cent over guide.
Top Spring Australia agreed to buy it late last year following a public sales campaign with a $30m-plus guide.
It applied for the rebuild in May.
The R1 General Residential zoned parcel spreads 1347 square metres with rear laneway access.
Elizabeth Bay, an exclusive suburb three kilometres east of Sydney, carries a median one bedroom apartment value of $740,000, according to realestate.com.au.
It is nearly twice that for a two bedroom and $3.54m with three.
The NSW CWA division relocated to Mascot.
The Elizabeth Bay proposal
The developer said the PBD Architects project at 11-13 Greenknowe St, Elizabeth Bay will feature art deco features and a brick façade.
It is penned with 30 dwellings including one bedroom flats and a penthouse.
A single level basement will accommodate 31 car parks (story continues below).
Melbourne-based Miriam Fanning of MIM Design will create the interiors; Taylor Brammer Landscape Architects has been appointed for the gardens.
Top Spring Australia director and general manager, Sydney Ma, said the complex should showcase the company’s intention to incorporate the character of the local area into each of its projects.
In 2016, locals contested a plan by SHMH to refit the existing structure as a 52-room boarding house.
Completion expected in 2023: Top Spring Australia
“Elizabeth Bay is well known for its stunning architecture so with our Greenknowe Avenue project we are committed to delivering an exemplary level of quality and design, while respecting and honouring the distinctive architectural character of the local surroundings,” Mr Ma added.
“In this context, it will be of utmost importance for us to deliver an outstanding building…that complements Elizabeth Bay and its pleasing to know the City of Sydney approves of our vision.
“The project is also important because of the limited amount of new residential developments in Elizabeth Bay…a well established inner-city…suburb with a highly desirable harbourside location.
“While this is a major point of attraction…it also means there are not typically many opportunities for redesigning the…urban fabric.
“As a result, Top Spring Australia believes purchasers will be drawn to this offer of new luxury residences.
“The project will provide future residents with incredibly rare walkable access to superior amenity, including sophisticated fine dining and retail, as well as the chance to live within one of Sydney’s most vibrant communities”.
Completion is scheduled in 2023.