St Leonards, Chatswood, North Sydney build to rent developments planned in housing overhaul

Hundreds of units built exclusively for renters have been earmarked for three north shore suburbs – but not all residents have supported the plans.

Hundreds of units built exclusively for renters have been earmarked for three north shore suburbs – but not all residents have supported the plans.

Three separate proposals have been released to build high-rise ‘build-to-rent’ housing projects in the fast growing suburbs of Chatswood, St Leonards and North Sydney.

The developments are designed to address a shortage of rental housing in Sydney that has seen average rents across the three suburbs soar as high as $800 per week.

The largest project is being proposed by developer Aqualand which wants to build a 40-storey tall build-to-rent project at 146 Arthur St in North Sydney.

There are also plans for a 220-unit build-to-rent development at 763-769 Pacific Hwy in Chatswood.

An early concept image of the development in St Leonards.

The proposal – led by Perpetual Corporate Trust Limited – would become one of the tallest skyscrapers in Chatswood, topping out at 31 storeys tall.

In St Leonards, a 276-unit build-to-rent project is also planned at 46-52 Nicholson St and 59-67 Christie St.

An overview of the Chatswood development.

The 29-storey development, planned by developer Jemalong, would include four levels of commercial office space and retail tenancies.

The build-to-rent housing model is defined as purpose-built rental housing that is held in single ownership and professionally managed, typically by the developer of each site.

Supporters of the model say it can improve rental housing choice and provide tenants with long-term security over their leases.

Unlike most run of the mill rentals, tenants are also often allowed to make changes to units such as painting walls and in some cases keeping pets.

The heritage fire station would be demolished if the Chatswood development goes ahead.

Willoughby councillor Jam Xia has raised concerns over the Chatswood proposal due to its location on a site currently occupied by the heritage-listed former Chatswood Fire Station.

Mr Xia has objected to the proposed demolition of the fire station which dates back to 1900 and is considered be of “aesthetic and historical significance to the community”.

Council staff, in a meeting with the developer, are understood to have “raised the point that build-to-rent is not envisioned by council on the site or anywhere in the CBD zone”.

Each of the proposals are classified as ‘state significant developments’ and have been lodged with the Department of Planning.

Detailed plans for each project are expected to be released this year

The proposals come after this year’s federal government budget included measures to support build-to-rent developments including through tax incentives for developers.

Latest figures published by the NSW Tenants Union show the average weekly rent in St Leonards is currently $800. Renters meanwhile pay an average of $720 per week in Chatswood and $700 in North Sydney.