Australian property development and investment firm, Avenor, has been given the green light by the NSW Department of Planning for its luxury residential tower, East Walker Street, at 175 Walker Street in North Sydney.
The planning controls, gazetted by the department on 30 July 2021, can accommodate a 30-storey tower and up to 280 luxury residential apartments, with panoramic views of Sydney Harbour and the Sydney Opera House, and comes with endorsement from the Sydney North Planning Panel.
For Avenor, this is the second successful major project establishment and gazettal in 12 months, with the first being Atlassian’s 40-storey commercial mixed-use tower, which will anchor the Sydney Innovation and Technology Precinct at Sydney’s Central Station.
Avenor amalgamated the East Walker Street precinct from 2017 to 2019, to form the rare 4,000 square metre high-density residential zoned North Sydney site. Avenor’s Managing Director, James Paver, says East Walker Street will help bring life to the North Sydney CBD and Eastern Corridor.
“It’s the perfect time for the NSW Government and local councils to unlock projects like this. As the Australian economy recovers, migration starts opening up and the metro stations in Australia’s major cities move to completion in the coming years, together we can really help get the country moving again,” he said.
“With such a strong supply of major commercial projects coming online in North Sydney, this residential project will help North Sydney Council create the vibrant 18-hour economy that is so highly sought after for the city.”
“This project is right in the sweet spot of the Avenor playbook, being a creative structured acquisition that brings simplicity and life to a complex puzzle. It’s a thoroughly tested building envelope that caters to the myriad of stakeholders with various local agendas, and provides a focus on unlocking excellent public benefit.”
As well as navigating complex stakeholder management, Avenor facilitated two community consultation processes which informed the project’s key design principles, put the project on public exhibition, ensured the tower did not overshadow a nearby public park and voluntarily proposed to contribute towards a pocket park on Hampden Street and local affordable housing.
Avenor Executive Director, Peter Clemesha, added: “With the development being within 200 metres of two metro station entries and on the edge of North Sydney CBD, it is important the precinct provides quality residential design and is aligned with our purpose of creating appealing open spaces and amenity where residents thrive.”
“The approval adds to North Sydney’s current city-shaping developments, with a slender tower and podium design to maximise through-site views to Sydney Harbour and a contemporary unified streetscape,” Mr Clemesha said.
“It sets a great base of opportunity for best practice sustainability and placemaking, consistent with Avenor’s plan to leverage innovation initiatives across our broader development pipeline.”