Government sheds North Sydney mixed-use site
IGLU – backed by Macquarie Capital and Singapore sovereign wealth fund GIC – has dug deep for a Lower North Shore development site.
The student accommodation provider has paid $86.94 million for 52 McLaren Street, North Sydney.
The 3132 square metre holding immediately north of the North Sydney CBD was offered by Sydney Metro targeting groups able to deliver a project aligned with the emerging Victoria Cross Metro Station precinct.
The North Sydney planning framework approved for the site allows for a part eight and 24-storey mixed-use development, also with childcare and a publicly accessible through-site link.
The maximum floor space ratio of 5.3:1, with the site capable of supporting up to about 16,947 sqm of gross floor area.
A concept scheme prepared as part of the planning process proposed also includes three basement levels containing 121 car parks.
IGLU already operates purpose-built student accommodation assets across Sydney, including at Chatswood, Central, Redfern, Waterloo, Mascot and Summer Hill (continues below).
Government sells site
Sydney Metro acquired the site from Uniting for $162.5m in 2017 as part of land assembly associated with the station development before pursuing rezoning to permit a higher-density mixed-use outcome.
The disposal forms part of a broader strategy facilitating transit-oriented development around major transport infrastructure investments.
Knight Frank’s Mark Litwin, Jeff Moxham and Dominic Ong were the agents.
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