New wave of units laps up on Sydney’s lower north shore

A new and more dense wave of apartments is expected to be built on Sydney’s lower north shore.

An artist’s impression of Loftex’s Embassy Tower on Sydney’s lower north shore.

A new and more dense wave of apartments is expected to be built on Sydney’s lower north shore after the NSW government completes plans to develop the surrounds of St Leonards train station and the proposed metro station at Crows Nest, with one site already gaining approval for a near 30m height increase.

Privately owned apartment developer Loftex received an approval to develop its Embassy Tower project on 1-13 Marshall Avenue late last month. The approval allows the company to increase the building height from 65m to 94m across 29 levels. Previously, the site would have housed a 21-level building.

About 1400 new apartments have been approved for the area with the new planning proposals likely to yield another 2700 new homes, according to Planning and Environment department.

A statement from NSW Planning Minister Rob Stokes confirmed that the expanded Loftex proposal had been approved “to allow for more homes, office space and shops”.

Loftex had worked on the ­development approval for six years, senior development manager George Banjanin said, adding that the company would soon be able to release the 269 apartments on the site.

The approval comes as the state government conducts investigations into how to revitalise the areas around St Leonards and Crows Nest, both on the doorstep of the proposed Sydney Metro.

“The strategic investigation will be looking at how we can provide more new homes and jobs in the precincts, along with new parks, schools and retail that may be required to support any growth,” a spokesman for the ­Department of Planning and Environment said.

“The department is commencing the investigations now and aims to build on the planning that has already been undertaken in the area.”

The state government is now working with Lane Cove, North Sydney and Willoughby councils to explore ways to redevelop the areas, including considering a special infrastructure contribution levied on new developments as an option to fund new infrastructure.

“There will a great amount of changes around that area definitely,” said Loftex’s Mr Banjanin. “For us it will be positive to go ahead. The access to infrastructure will be a great benefit.”

The government has yet to consider planning controls and levy rates at this stage.

Property giant Mirvac received the approval for its mixed-use development in the heart of St Leonards in May, which will include 526 apartments across two towers. The first tower has sold out since its February launch, and the second tower will be released to the market next weekend. The project known as St Leonards Square is Mirvac’s first development on the lower north shore since its Pacific Place project in Chatswood.

“It is a highly walkable suburb and is only going to become more so as the council’s vision for St ­Leonards is rolled out and new connections are established,” said Mirvac’s development director, Adrian Checchin.

Western Sydney-based developer Dyldam bought a prime ­development site at the centre of St Leonards last month. In a busy strip next to the St Leonards Forum and train station, the site has received approval for a mixed-use development by PTW architects, with capacity for 777 apartments and a supermarket and retail precinct.

Chinese-backed developer Aqualand also owns a commercial building in the area, at 33 Herbert Street, which is currently tenanted but with residential development potential.

St Leonards-based developer Auswin TWT is working on plans for its next project in the area, known as New Life St Leonards, with about 600 apartments.

“We are very happy to see the announcement of St Leonards and Crows Nest’s revitalisation,” said the company’s director Gavin Zhang. “The plan should and will use the maximise value of the land and public facilities.”