St Leonards Telstra Exchange: 42 storey ‘build to rent’ tower planned to replace shops in $209m development plan
A row of shops has been earmarked for demolition to make way for a sky-high $209 million tower that would be built exclusively for renters. See what’s planned
North Shore
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Sky-high plans have been revealed for the next major development in St Leonards as part of a $209 million proposal that would add hundreds of rental units to the rapidly growing suburb.
The Telstra exchange site in St Leonards would be transformed into a 42-storey tower building with 272 build-to-rent homes.
The development at 524-542 Pacific Highway would also include 10 key worker housing units, 84 serviced apartments, and retail areas and the lower levels of the building.
The existing Telstra Exchange building – which provides key telecommunication infrastructure for Sydney’s north – would be retained and adapted in the tower.
The development site also incorporates four retail buildings, located next to the Telstra Exchange building, that would be demolished as part of the project.
The shops are among the last remaining undeveloped low-density buildings on the Pacific Hwy in St Leonards and are currently home to businesses including the Green Gourmet Vegan restaurant.
Development plans stated the new build-to-rent tower was aimed at providing an alternative choice for renters including those saving to buy their home or for those who choose to rent long term.
Plans stated the development would address demand for new low-cost housing on the lower north shore.
“(The development) will deliver important social and economic benefits to the community by contributing to housing diversity, stability and affordability for Sydney’s growing population,” the plans stated.
Plans by developer Home Apartments show the tower would also have community amenities, basement carparking areas and landscaping works.
If approved, the development would become the second tallest buildings in St Leonards standing 155 metres tall, two metres shorter than the suburb’s tallest tower at 88 Christie St.
Several other build to rent towers are planned on the north shore including a 40-storey tall development at 146 Arthur St in North Sydney, a 220-unit development at 763-769 Pacific Hwy in Chatswood and a 276-unit tower at 46-52 Nicholson St and 59-67 Christie St in St Leonards.
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.
Both the NSW and Federal Governments have implemented measures to support the development of build to rent projects including through tax incentives for developers.
Supporters of the model say it can improve rental housing choice and provide tenants with long-term security over their leases.
Tenants are also often allowed to make changes to units such as painting walls and in some cases keeping pets.
Plans by Home Apartments stated the proposed development is in line with the St Leonards and Crows Nest 2036 Plan which involves adding more than 5000 new units across the two suburbs over the next decade.
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