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Cbus Property partners with Galileo Group to acquire residential development site in North Sydney
Award-winning national integrated property investor and developer, Cbus Property, has partnered with leading Sydney-based real estate developer, Galileo Group, to acquire an expansive circa 4,000-square-metre residential development site in North Sydney.
The substantial East Walker Street site is located within the North Sydney Council’s Ward Street Precinct, a council-led masterplan initiative intended to stimulate the northern end of North Sydney’s CBD and create a best practice planning framework to optimise development opportunities emerging from the opening of the Victoria Cross metro station in 2024.
Comprising an aggregation of seven smaller sites, the site has been the subject of a planning proposal process originally submitted in March 2019. The site obtained approval from the Sydney North Planning Panel on 17 March 2021, with gazettal finalised on 30 July 2021.
Cbus Property’s Chief Executive Officer, Adrian Pozzo, said the company had seized the opportunity to partner with Galileo Group on the residential development opportunity, recognising the prime location of the site within close proximity of the “vibrant and burgeoning” North Sydney CBD, and acknowledging Platform Project Services’ assistance in relation to the acquisition of the site. “The intention is to develop high-end owner-occupier residences in this fabulous location with views across the eastern side of Sydney Harbour and northern Sydney,” Mr Pozzo said.
Galileo Group’s Chief Executive Officer, Neil Werrett, went on to say that the unrivalled “front row” views to Sydney’s CBD, Opera House and Harbour Bridge could not be built out. “In addition, the site is located close to the Victoria Cross metro station, which will offer outstanding access to public transport when the Sydney Metro opens in 2024,” Mr Werrett said.
FJMT Studio has been appointed to curate a world-class design for the project. “FJMT Studio has collaborated previously with Galileo Group on the recently completed King & Phillip project and with Cbus Property on the under-construction 111 Castlereagh, both recognised as benchmark luxury residential developments in Sydney’s CBD,” Mr Pozzo said.
A planning application is yet to be lodged but pending approval, demolition and excavation are anticipated for 2022, with construction anticipated to commence in 2023 and completion anticipated in 2026.