Apartments at Crows Nest derailed by Sydney Metro plans
TWO multi-million dollar residential projects have been shelved to make room for the new Sydney Metro station at Crows Nest, ruining the dreams of 91 potential homeowners.
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TWO multi-million-dollar developments have been scrapped to make way for a new Sydney Metro station.
Oxley in Crows Nest would have been worth about $90 million and was to have about 75 apartments.
The nearby 479 retail and residential development on Pacific Highway would have been worth $15 million.
The land on which Oxley and 479 were due to be built is part of a strip that is set to be bought by the government for the new rail line.
“They had completely no idea,” a source said about the Oxley developer, DA Property Group.
“They were unaware of the situation and just received a phone call from Transport for NSW.”
It is understood that two-thirds of the Oxley apartments had already been sold off the plan, with prices ranging from about $700,000 to $1.5 million.
There was a mix of one, two and three-bedroom apartments planned for the site at 521 Pacific Highway.
DA Property Group’s lawyer is understood to have issued apartment purchasers with letters to inform them of the situation.
The developer is negotiating compensation with the government. It is not yet known how much compensation will be awarded.
“Internal negotiations are still going on,” a DA Property Group spokesman said.
Wyndel Property Group had already started building the 479 development.
CEO Tony Blanche said he was shocked when the government told him about the plans for the site.
“It’s over, it’s finished,” he said. “It’s a little hard to believe.”
Fourteen of the 16 apartments had been sold and the prices ranged from $650,000 to $850,000.
The company had been working on the development for two years and work has now stopped on the site.
Transport for NSW would not comment on the developments, saying that individual negotiations between property owners and the government were “commercial-in-confidence”.
“Transport for NSW is now in negotiations with all land owners,” a spokesman said.
THE DETAILS
● The land earmarked for the station runs from Oxley St along the Pacific Highway and past Hume St
● It is currently home to several furniture shops and the post office
● Plans say the platform will be 25m deep
● A new train station will also be built in North Sydney
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