- 88 Walker Street reaches completion.
- A Hervey Bay self storage facility comes to market.
- A DA approved development site in Sydney is listed.
From the completion of a spectacular North Sydney tower to the listings of development sites and self-storage, today’s wrap includes a veritable mix of real estate activity.
88 Walker Street reaches completion
The completion of the $350 million, 50-storey, mixed-use tower development in North Sydney was recently announced, with the project taking out the title of North Sydney’s tallest building.
Developed by Billbergia, 88 Walker is leading the revitalisation of North Sydney. Aligned with North Sydney Council’s vision to create a vibrant, pedestrianised precinct, the new landmark tower connects with the surrounding network of lanes and through-site links delivering a new activated public space with engaging public art.
The newly-completed high-rise development delivers new office and hotel space, contributing to the transformation of North Sydney, with $11 billion forecast to be invested in commercial and public infrastructure, in addition to the almost complete Victoria Cross Metro station.
Standing 180 metres above street level, 88 Walker features a striking glass curtain façade and an innovative cantilever and was designed by fitzpatrick+partners. The tower features 19 levels dedicated to the new Citadines Walker North Sydney, the CBD’s newest hotel offering, and 24 levels of premium office space acquired by LaSalle Investment Management.
“88 Walker Street is a welcome addition to the North Sydney CBD. This elegant building, which retains the heritage Firehouse Hotel, is part of a new social business district emerging in the revitalised North Sydney CBD,” said Mayor of North Sydney, Zoë Baker.
Clyde North and Sunbury townhomes delivered ahead of schedule
Nostra Property Group has completed its ﬁrst cohort of ex-Porter Davis townhomes, following the acquisition of the group’s medium density division earlier this year.
The company put its hand up to complete 126 townhouses that were left in limbo across multiple projects, with the first 19 townhomes handed over to purchasers located in the Orana Estate in Clyde North and the Kingsﬁeld Estate in Sunbury.
The remaining homes are due to be completed within the next six months, with many ahead of their original build schedules.
Nostra’s managing director and founder, Anthony Caruana, said one of the biggest challenges when acquiring the Porter Davis medium density division was completing homes that were already half constructed.
“Building these townhomes was made possible by the assistance of the talented ex-staﬀ members employed by Porter Davis, who ensured what is delivered on-site is what is on the plans,” he said.
Nostra is also in the process of acquiring an additional 169 townhouses that have been pre-sold by Porter Davis but are yet to start construction.
DA approved Sydney site listed
A 4.56 hectare plot in Sydney’s South West Growth Centre has been listed with Colliers’ Nick Estephen, Thomas Mosca, Frank Oliveri, and Joe Sacco, with price expectations of over $20 million.
The landholding in the East Leppington Precinct, named Leppington Estate, has DA approval across three progressive stages, while also boasting additional residue land for further development.
The site offers access to essential utilities including town water and sewer services, while there is a direct link from an existing traffic intersection to Camden Valley Way that provides the benefit of over 200 metres of exposure to the main arterial road.
“A well-designed three-stage development on 4.56 hectares in Leppington Estate will create 100-plus diverse residential units appealing to various buyers,” said Estephen.
“Residents are well placed to access all amenities, including local schools, universities and the new Willowdale Shopping Centre which includes a dental surgery, pharmacy and family health medical centre,” said Oliveri.
Self-storage facility in Hervey Bay comes to market
iStore Storage in the Fraser Coast region has been listed with CBRE‘s Louisa Blennerhassett and Matt Marenko.
Located at Navelina Court, near the main entry to the coastal city, the property was developed by the current owners who were seeking to diversify their agricultural assets and invest in a high-returning, non-cyclical style of property.
The Hervey Bay iStore storage business currently returns a net profit of $701,000; based on similar assets, it is expected to sell at a circa 6% yield.
The sale includes the freehold properties across three titles, as well as long-term leasehold of a fourth property, and the profitable business itself.
“The current owners were seeking an off-farm investment, in contrast to their agricultural properties. Unlike agriculture, this investment is not dependent on weather or pricing cycles, it offers a strong stable return year-round,” said Blennerhassett.
“The business is set up to run remotely, with the owners only visiting a few times per year. The property also allows for future growth through development, with the opportunity to add further storage units and grow revenue with increased pricing.”