This article is from the Australian Property Journal archive
DEVELOPER Central Element (CE) has spent $17 million acquiring a prime parcel of land on Sydney’s Lower North Shore, where it plans to build seniors’ living complex with views of the CBD and Sydney Harbour Bridge.
The Greenwich site at 126 Pacific Highway was purchased for $17 million in a deal negotiated by Tom Appleby, Steam Leung and Joseph Lin of Colliers.
CE said it intends to create a product “catering to the modern-day over-60 buyer”.
The 1,232 square metre site sits in an elevated position with uninterrupted views of the Sydney Harbour Bridge and CBD skyline. CE will look to utilise the three street frontages with for a ground-floor retail offering.
“Given the vacancy rates in aging office middle markets assets, a diverse range of savvy buyers are increasingly assessing opportunities through an alternate lens”, Appleby said.
“Central Element appreciated the adaptive use potential in line with the favourable underlying planning controls, the property’s panoramic Sydney Harbour views enjoyed from its elevated ‘island’ site positioning and its proximity to the North Shore’s pre-eminent health precinct. St Leonards has become one of Sydney’s most exciting new precincts, as it is set to transform with the impending Crows Nest Metro Station opening, and the affiliated St Leonards and Crows Nest 2036 Plan,” Appleby added.
CE intend to submit a DA, with plans for an eight-storey building with car parking, two and three-bedroom apartments, extensive communal space including internal amenity and a rooftop bar with expansive harbour views, and street level retail spaces.
CE will work very closely with the Lane Cove Council having collaborated with them previously on its Aston and Battique developments in the local area.
Nathan Chivas, managing director of Central Element, comments on the company’s latest acquisition;
“We recognised the opportunity this Greenwich site presented for a world-class mixed-use seniors living development. Our intention is to create an environment for those over 60, that is hyper-focused on ageing well and enjoying their third phase of life. It’s conveniently located within a five-minute drive or short walk of St Leonards Railway Station, Crows Nest Metro Station and Royal North Shore Hospital.
CE has a highly experienced background in seniors living developments, having delivered the highly regarded The Balmoral Collection in Mosman and Malton in Beecroft. We look forward to further redefining the seniors living category by catering to the ever-changing wants and needs of older Australians. With Greenwich, we will take a holistic approach to wellbeing, with a design and amenity that will promote daily movement, a shared community and purpose for its residents.”
The DA is anticipated to be lodged by July 2024, with construction commencing mid-2026.
