Sydney Metro and the state government have awarded Third.i and Hong Kong’s Phoenix Property Investors the tender to develop apartments, offices, shops and a hotel across two sites over the Crows Nest Metro.
Expected to contain at least two towers, it will be the fifth project for the joint venture, also behind North Sydney’s Blue & William complex which it sold on a funds through basis in late 2021.
The pair have developments at Lindfield and the UK as well.
Third i’s head of acquisitions, Florian Caillon, brokered the Crows Nest deal direct; the price is as yet undisclosed.
“The Crows Nest overstation development is situated in a strategic location over the new Crows Nest Metro station – one of six new stations for Sydney Metro City & Southwest, which will extend the new metro rail from Chatswood, under the Sydney Harbour and through the Sydney CBD to Bankstown,” the buyer said.
Crows Nest overstation development
The master plan for the Crows Nest overstation project was approved for the two sites by the minister for Planning and Public Spaces in December, 2020.
Lot A, with at least one tower, mooted to rise c21 storeys, is expected to contain a 200-key hotel and c20,000 sqm of A-grade office space.
Lot B will accommodate at least 140 apartments in a c17 level tower.
Shops will spread over both plots (story continues below).
‘Third.i is extremely excited to commence a relationship with Sydney Metro and the NSW government and work with them to deliver what will be an outstanding, market-leading project for the Sydney region,” the group’s co-founder and Acquisitions director, Bob Huxley, said.
“We have an established network of retail operators and have already had a number of world class businesses express an interest in pre-committing to space…which is just incredible” he added.
“It really demonstrates the demand and need for this type of development in Sydney’s Lower North Shore,” according to the executive.
Phoenix Australia head Trent Winduss said the partnership has a local track record.
“This include the selling out of the major residential project Balfour Place in Lindfield as well as the sale of the Blue & William commercial precinct in North Sydney to Lendlease that was acquired by Keppel REIT,” he added.
Including the project, Third i’s development pipeline is worth over $4 billion.
Crows Nest Metro is set to open in 2024 – about when marketing of the apartments and offices is expected to start.
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