Cbus Property, with Galileo Group as minority partner, is purchasing one of North Sydney’s last low-scale residential blocks with plans for a 30 storey residential building.
The 4000 sqm site – seven parcels covering 173-179 Walker Street and 11-17 Hampden – is costing $150 million.
The vendor, Avenor, amalgamated the holding over four years.
Its initial plan for a 43 level apartment building was refused by council.
Also known as the East Walker Site, the land until 2017 formed part of the council defined Ward Street Precinct, which would have allowed 50 plus storey structures.
The sale to Cbus and Galileo comes two months since Active Super paid $25m for a former substation on 966 sqm next door to its headquarters at the north west corner of Berry and Walker streets.
Also in June, EG outlaid a speculated $95m for a commercial building at 32 Walker.
Earlier this year, Stockland unveiled plans for the suburb’s tallest tower – an office set to rise 53 levels; it will neighbour a 48 floor hotel the same builder has earmarked for the holding, 110, 118 and 122 Walker.
East Walker site
The Cbus and Galileo property abuts the Bradfield Highway at is eastern boundary, offering view security over Neutral Bay to the CBD.
It is also near the proposed Victoria Cross metro station, set to open in 2024 (story continues below).
Avenor won permission for the 30 level, c200 unit apartment complex in July.
Cbus’ chief executive officer, Adrian Pozzo, said it plans to resubmit an application; it has appointed FJMT for the design expected to contain c250 dwellings.
“The intention is to develop high-end owner-occupier residences in this fabulous location with views across the eastern side of Sydney Harbour and northern Sydney,” according to the developer.
Galileo CEO Neil Werrett added the proposed tower would have Opera House and Harbour Bridge views which can’t be built out (image, top, the CBD view from an apartment at neighbouring 171 Walker St).
Construction could start next year and be complete by 2023.
FMJT teamed with Galileo for the King & Philip project in the CBD.
It has also worked with Cbus for a residential complex under construction at 111 Castlereagh St, again in town.
In Melbourne, Cbus was last year shortlisted to buy a 1.4 hectare block at the south eastern edge of the CBD, opposite Treasury Gardens, from VicTrack.
The developer is currently replacing the ex-Mercure Hotel at nearby 13-23 Spring St with a 35 storey apartment building.
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