Lendlease has secured development approval for a new $1.2 billion commercial tower above the future Victoria Cross metro station in North Sydney.
Construction is expected to generate thousands of jobs across the life of the project, with flow-on effects through the rest of the economy in areas including manufacturing and building design and engineering.
The project is among the first to be approved by the New South Wales Government’s third tranche of projects under the Planning System Acceleration Program.
NSW Department of Planning, Industry and Environment’s approval gives Lendlease the green light for the project, which will include a 42-storey tower.
The tower aims to accommodate for up to 7000 office workers across 56,000 square metres of premium space for office and retail use.
- Lendlease construction fully carbon neutral
- Lendlease to build new AFP headquarters
- Lendlease tops out $750M Melbourne commercial tower
The design meets Property Council of Australia’s premium-grade office building guidelines and will have views of the Sydney Harbour, Harbour Bridge and CBD views from upper levels.
Below the new tower, a retail laneway and connections to the Sydney Metro rail network will be integrated.
Lendlease Managing Director, Development Matthew Mears said the approval signals an important milestone for the larger Victoria Cross development, which is in line with Lendlease’s strategy to deliver and support infrastructure projects that create better social and economic outcomes.
“Lendlease looks forward to working in partnership with the NSW Government, Sydney Metro and North Sydney City Council to deliver the next phase of our shared vision for a vibrant, connected North Sydney,” Mears said.
“Now more than ever it’s vital we continue to deliver projects that create employment opportunities and contribute to rebuilding the economy.”
The three-year construction project is expected to begin in early 2021.
The approval follows the announcement in December 2019 of Lendlease’s sale of a 25 per cent joint venture interest in the tower to the Australian Prime Property Fund Commercial.