Crows Nest Metro station apartment project on track for launch

Developer Third.i Group and its partner Phoenix Property Investors are poised to launch a major apartment tower over the new Crows Nest Metro station, just north of the Sydney CBD.

An artist impression of the view from the rooftop pool at the apartment tower called Elevate at Hume Place.

Property developer Third.i Group and its joint-venture partner Phoenix Property Investors are poised to launch a major apartment tower over the recently opened Crows Nest Metro station, just north of the Sydney CBD.

Stage one at the Hume Place Metro Station, to be known as Elevate at Hume Place, will feature 130 one-, two-, and three-bedroom apartments designed in a contemporary style by major architectural firm Woods Bagot.

Prices start from $930,000 for the one-bedroom apartments with one bathroom but no car space.

Residents will be able to access the CBD within seven minutes, and the suburban hub of Chatswood within four minutes, given the tower’s proximity to the newly opened rail station beneath.

Stage two of the project, a mixed use development, is to be launched in 2025.

The tower will be pitched at first-time owners and investors, as well as downsizers wanting to be close to the Crows Nest Village.

According to the developers, a recent global study of the impacts that metro stations have on residential property on or directly next to metro stations, those properties can demand premiums ranging from 20 per cent to 30 per cent higher than neighbouring properties. Importantly for investors, a nearby metro can help secure 15 per cent to 20 per cent higher premiums in rents, compared to similar properties in the area.

“There are plenty of projects claiming close links to the Crows Nest Metro, but there

is only one project getting built above it all,” said Third.i co-founder and director Luke Berry in a statement.

“Having Elevate built directly over the station is why this project will outperform any other local projects in the future …

“Elevate is also a one-of-a-kind development in terms of the value the metro will bring long- term to its owners.”

JLL Residential Project Sales will market the apartment block, which will be launched in next month.