This article is from the Australian Property Journal archive
STOCKLAND has been given the green light for its $1.4 billion, 51-storey Affinity Place development, which will be North Sydney’s tallest office tower and deliver 59,000 sqm of new commercial space.
The development brings together three sits at 110-122 Walker Street. Stockland had owned part of the site for two decades before spending $121 million on two buildings in 2019 to create a 2,300 sqm holding. It unveiled plans for Affinity Place at the beginning of last year.
The tower will also have bicycle parking, end-of-trip facilities, car parking and loading facilities. The development will include a publicly accessible pedestrian link from Walker Street to Little Spring Street, providing access to the new Victoria Cross Metro station that will be completed in 2024. A sky garden at the top of the building will offer views to the Sydney Harbour and CBD.
The Victoria Cross Metro Station will connect North Sydney to the Sydney CBD in around three minutes and has spurred a number of developments. North Sydney Council has also just approved property developer Third.i and Toohey Miller’s 22-level, $650 million Warada on Walker (WoW) development on Walker Street, while Billbergia has nearly completed 88 Walker Street, and recent years have seen Dexus deliver the 100 Mount Street tower, home to NBN Co, and the completion of the home of Nine Entertainment Co at 1 Denison Street.
Stockland’s site is also accessible by train, bus, ferry, bike and road.
“Tenants will enjoy floor plates that maximise harbour and city views, daylight, access to outdoor landscaped terraces and a rooftop sky garden – a unique offer for North Sydney, reimagining the future of workplace and reinforcing connection with the local community,” said Stockland executive general manager of development for commercial property, Gavin Boswarva said.
“We believe organisations will continue to be attracted to landmark workplaces that exhibit design excellence within a dynamic and prosperous city centre. Our design will create a contemporary tower with efficient and flexible floors that will allow the curation of a variety of workspaces to suit preferred working styles and prioritise employee wellbeing.
Net effective rents in North Sydney increased in the March quarter to $520 per sqm, according to CBRE, and yields firmed to 4.8%. The vacancy sits at about 6%.
Louise Mason, CEO commercial property at Stockland, said. “A priority of Stockland’s strategy is to increase our portfolio of quality workplace assets, capitalising on long term trends in urbanisation and urban renewal”.
