North Sydney's landmark 'SBS Building' on Alfred Street is set to be demolished to make way for a new mixed-use residential tower in the booming North Sydney.

Commercial property group FiveX is behind the plans for a <a href="https://www.apartments.com.au/new-apartments/275-alfred-street-north-north-sydney-nsw-2060">39-storey tower</a>, the latest project to advance under the NSW Government’s Housing Delivery Authority pathway.

They are proposing 184 apartments above retail spaces, which will replace the existing 20-storey commercial building. FiveX was set up more than five decades ago by Joshua and Marko Berger. It is currently led by Joshua's son Lesli.&nbsp;

<img alt="First look: Fivex plans 39-storey residential tower at 275 Alfred Street, North Sydney" data-entity-type="file" data-entity-uuid="2efa0980-53fa-4cca-9f9e-9c3c845d4746" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29%20%281%29_0.png?VersionId=y_YyPMq3NQLfYRs84pP4os9UgWiMLp75" />

According to the Architectural Design Report by <a href="https://www.apartments.com.au/architects/fjc-studio">FJC Studio</a>, the slender tower form has been deliberately designed to respect the site's transitional setting at the southern gateway to the North Sydney CBD, where high-rise towers give way to lower-scale residential precincts.

"The slender tower form and articulated podium establish a respectful relationship with nearby heritage and low rise buildings, including the Whaling Road Heritage Conservation Area,” the architecture firm noted, adding that the tower “completes a missing link in the urban fabric” while enhancing the Alfred Street streetscape.

The proposed building will include a mix of one-, two- and three-bedroom apartments, with 15 percent of the gross residential floor area allocated as affordable housing. There is an agreement already in place that those apartments will be managed by Evolve Housing.

The project aligns with broader state housing objectives, including the National Housing Accord target of delivering 1.2 million new homes by 2029. The Scoping Report filed with the State Significant Development Application (SSDA) suggests the site "presents no impediments to rapid delivery,” with construction able to commence within 12 months of receiving consent.

North Sydney has been one of the most popular suburbs in Sydney for new and off the plan apartment development, but hasn't had the supply to keep up with demand, until recently.

AURA by Aqualand was, for a long time, the only off the plan apartment building on the market. That completed last year, and has sold the majority of its 386 luxury apartments. Recently ALAND launched <a href="https://www.apartments.com.au/new-apartments/the-walden-173-179-walker-street-north-sydney-nsw-2060">The Walden</a> on the same street, selling over $100 million within just a few hours of its launch, while developer CASA also launched&nbsp;<a href="https://www.apartments.com.au/new-apartments/the-mclaren-north-sydney-45-mclaren-street-north-sydney-nsw-2060">The McLaren</a>&nbsp;in the same precinct.

Joel Robinson

First look: Fivex plans 39-storey residential tower in booming North Sydney

Kokoda Property Group has announced the Sydney-based Versatile Construction as the builder for its landmark $1.5 billion <a href="https://www.apartments.com.au/new-apartments/teneriffe-banks-17-27-skyring-terrace-teneriffe-qld-4005">Teneriffe Banks</a> precinct.

Construction of the 17,612 sqm site is scheduled to commence in December 2025 and is expected to be delivered in stages from 2028. Once complete, <a href="https://www.apartments.com.au/new-apartments/teneriffe-banks-17-27-skyring-terrace-teneriffe-qld-4005">Teneriffe Banks</a> will comprise 212 residences across four architecturally distinct buildings, alongside Brisbane’s first Kimpton Hotel, extensive retail, hospitality, and wellness amenities.

[smartcode_project:default project_id=139896 project_image_fid=295098]

Kokoda Property Group Founder and Managing Director, Mark Stevens, said appointing Versatile Construction marks a significant milestone for <a href="https://www.apartments.com.au/new-apartments/teneriffe-banks-17-27-skyring-terrace-teneriffe-qld-4005">Teneriffe Banks</a>.

“Partnering with Versatile Construction gives us confidence in delivering a precinct that sets a new benchmark for luxury living, curated experiences and vibrant riverfront activation," Stevens said.

"Together, we will bring the vision for <a href="https://www.apartments.com.au/new-apartments/teneriffe-banks-17-27-skyring-terrace-teneriffe-qld-4005">Teneriffe Banks</a> to life, creating a destination that residents and visitors will enjoy for generations."

Throughout the construction phase, more than 2,000 jobs will be created, supporting hundreds of local contractors and suppliers.

[smartcode_project:default project_id=139896 project_image_fid=352274]

Marco Fahd, Chairman &amp; CEO at Versatile Group, said the company is looking forward to&nbsp;expanding their footprint in the state, taking on their inaugural project in Brisbane.

"We are proud of the unwavering commitment our team of experts have to quality and certainty in delivery and are excited to work with Kokoda to bring their vision for this unique project to life," Fahd says.

Sales reached $285 million on the launch of <a href="https://www.apartments.com.au/new-apartments/teneriffe-banks-17-27-skyring-terrace-teneriffe-qld-4005">Teneriffe Banks</a>, with sales momentum continuing to "exceed all expectations."

Stevens says the overwhelming response from buyers validated the group’s vision for <a href="https://www.apartments.com.au/new-apartments/teneriffe-banks-17-27-skyring-terrace-teneriffe-qld-4005">Teneriffe Banks</a>.

“The demand for a luxury product in this enclave has been extraordinary, we’ve never seen anything like it before. It reinforces everything we’re doing around quality, design, and creating genuine lifestyle precincts. Buyers are recognising the enduring value of Brisbane’s riverfront and are responding to the opportunity to live within a world-class destination that celebrates both place and lifestyle.”

[smartcode_project_cta:default project_id=139896]

Kokoda appoints builder for $1.5 billion Teneriffe Banks waterfront precinct

Castle Hill’s booming development market is set for another boost, with builder-developer Buildex proposing a new mid-rise apartment building near Castle Towers.

Buildex has submitted plans to The Hills Shire Council for a <a href="https://www.apartments.com.au/new-apartments/197-old-northern-road-castle-hill-nsw-2154">nine-storey building comprising 57 apartments</a> on Old Northern Road. The company acquired two adjoining sites earlier this year, totalling more than 2,683 sqm.

Texco Design has prepared the scheme, which includes five one-bed plus study apartments, 37 two-bedrooms, and 15 three-bedrooms.

Castle Hill has become a hotspot for developers in recent years, undergoing significant transformation driven by the opening of the Hills Showground Precinct to development and the introduction of two metro stations servicing the suburb.

Developers including Deicorp and Kassis Homes have already completed projects, and are progressing future developments, while Meriton, Arada, and Ellipse are currently delivering new projects in the rapidly evolving area.

Staff Writer

First look: Buildex plans 57 apartments near Castle Towers

Gold Coast developer&nbsp;<a href="https://www.apartments.com.au/developers/immerse-projects">Immerse Projects</a>&nbsp;has unveiled what it intends to deliver at its recently acquired Toowong site, its debut apartment development in Brisbane.

Immerse, founded by John Kearney who is also the founder of regarded construction company Greyburn, secured the prime Sylvan Road site <a href="https://www.apartments.com.au/news/qld/first-look-immerse-projects-moves-into-brisbane-apartment-market-with-toowong-site-acquisition">earlier this year</a>, in an area which has historical significance to Kearney who&nbsp;studied at the nearby University of Queensland.

"It feels like a full circle moment," Kearney told&nbsp;<a href="https://www.apartments.com.au/" target="">Apartments.com.au</a>.&nbsp;

“I spent many nights at the Regatta Hotel just down the road, as have most people in&nbsp;<a href="https://www.apartments.com.au/developments/brisbane-qld" target="">Brisbane</a>. It’s one of the city’s most well-known hotels, and with several cafes, restaurants, and a CityCat stop nearby, it’s become an even more attractive place to live.”

He is planning a <a href="https://www.apartments.com.au/new-apartments/22-24-sylvan-road-toowong-qld-4066">15-storey project with 88 apartments</a> above an activated ground plane with a shop and hospitality spaces.

<img alt="Toowong podium" data-entity-type="file" data-entity-uuid="c350436b-9d64-46cc-ab6f-defc009e1b65" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/podium_0.png?VersionId=zt7A0_14M62TkZ61YHnGmEck9KM9HqDA" />

The architecture, led by <a href="https://www.apartments.com.au/interior-designers/bda-architecture">BDA Architecture</a>, presents a tower massing that responds to the area's evolving mid-rise context. The scheme incorporates podium and rooftop communal spaces, while the commercial elements aim to activate the Sylvan Road frontage and enhance the site's interface with the adjacent parkland.&nbsp;

Landscaping plans by Ivy May Landscape Architects include subtropical planting and deep soil zones to support stormwater management and visual integration.

Supporting documentation from Mewing Planning Consultants notes that "the proposed development will deliver a mixed-use outcome that enhances the vibrancy of the Sylvan Road corridor" and highlights its proximity to high-frequency public transport and community facilities.

<img alt="First look: Immerse Projects moves into Brisbane apartment market with Toowong site acquisition" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/22-24%20Sylvan%20%20Rd%20Toowong_Markups.jpg?VersionId=u4_IGzpYLPFfAZSsgCZynov3bm7umwJ." />

&nbsp;

There's been little new apartment development in Toowong in recent years. The most notable is Consolidated Properties two-tower Monarch Residences, which is approaching completion with nearly all of its 224 residences sold.

Kearney describes&nbsp;<a href="https://www.apartments.com.au/developments/toowong-qld-4066" target="">Toowong</a>&nbsp;as a suburb with real depth.

"The suburb attracts everyone, from students to retirees, and that's what makes it interesting."

First look: Immerse Projects reveals debut Brisbane apartment development in Toowong

<a href="https://www.apartments.com.au/developers/hyecorp-property-group">Hyecorp</a> is down to its final three-bedroom apartments at Audrey, the developer’s parkside St Leonards South project, pairing the remaining homes with a limited-time offer.

The developer is extending a five per cent deposit and a $50,000 settlement rebate on selected apartments, aiming to help owner-occupiers secure one of the final homes ahead of move-in in early 2026.

[smartcode_project:default project_id=110379 project_image_fid=311393]

Located on Canb​erra Avenue opposite Newlands Park, <a href="https://www.apartments.com.au/new-apartments/audrey-st-leonards-13-19-canberra-avenue-st-leonards-nsw-2065">Audrey</a> comprises 102 residences, including a mix of three-bedroom residences and a double-storey, five-bedroom terrace with two outdoor areas.&nbsp;

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a> and delivered by <a href="https://www.apartments.com.au/builders/north-shore-property-construction">North Shore Property Construction</a>, the project reflects Hyecorp’s focus on owner-occupier planning, with open-plan layouts, extensive storage integration, and a material palette built around stone, oak timber flooring and bespoke joinery. Many of the three-bedroom apartments capture views toward the city and Harbour Bridge.

[smartcode_project:default project_id=110379 project_image_fid=207373]

Hyecorp’s internal design team, Jackson Teece, has emphasised a consistent level of specification across the building, including Miele appliances, integrated refrigeration, brushed metal tapware and large-format stone detailing that conceals cabinetry.

The Tiffany Collection, crowning the development on Levels 12 to 15, features added luxury of fluted standalone baths, heated bathroom floors, custom walk-in robes and upgraded appliance packages across its spacious 155 to 159 sqm homes.

[smartcode_project:default project_id=110379 project_image_fid=301367]

Beyond the private residences, Audrey carries a strong amenity focus. Residents have access to an indoor lap pool and spa, personal training studio, private cinema, music room and private dining room.

A landscaped rooftop terrace with CBD views anchors the communal offering, complemented by an onsite café and an integrated daycare centre within the project.

[smartcode_project:default project_id=110379 project_image_fid=198680]

The location continues to be a drawcard for buyers, with new retail additions at Mall 88, including Coles, alongside Woolworths and the established offerings of Forum Plaza. St Leonards Station and Crows Nest Metro is within easy reach, as are local health precincts such as the Royal North Shore Public and Private Hospitals. Nearby green spaces include Newlands Park, Gore Hill Oval and Naremburn Park, supporting strong day-to-day amenity for families and downsizers alike.

Hyecorp is expected to welcome residents to Hyecorp in early 2026.

[smartcode_project_cta:default project_id=110379]

Audrey St Leonards nears completion – settlement bonus now available

Sydney Development

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A plan to reinvent a section of Sydney’s unused harbour foreshore – with the historic White Bay Power Station as a centrepiece – has been launched by the NSW Government.

Minister for Planning and Public Spaces Rob Stokes said the draft Bays West Place Strategy aims to harness Sydney’s stunning “blue infrastructure” in the creation of a mixed-use precinct in the heart of the Eastern Harbour City.

Bays West will deliver a range of housing, including affordable housing, to support the jobs created in the precinct and the ongoing growth of the Eastern Harbour City.

“Bays West is so central and historically significant to Sydney that it is time to revitalise the area and make it a desirable place for people to live, work and visit,” Mr Stokes said.

“We have the chance to explore so many possibilities for this incredible location, such as extending the Sydney Harbour foreshore walk, creating a great new public space and repurposing the White Bay Power Station.

“With the vision of this strategy we can unlock the potential of this area as part of the innovation corridor, drawing new business and entertainment and cultural opportunities. The Government is putting a Metro station with the other big project for the Bays West rejuvenation being the urgent restorative works at the heritage-listed White Bay Power Station. The NSW Government is providing $14 million for the first phase of works on the site, which includes the investigation of structural integrity and safety as well as a program of critical repair and remediation works to begin later this year. Placemaking NSW Chief Executive Anita Mitchell said the building required urgent maintenance as the first of three stages expected to be completed in 2024. “As with all of our strategic plans, there will be thorough community and industry consultation as part of the process,” Mr Stokes said.

“This is a huge area – three and a half times the size of Barangaroo – so we are keen to listen to what people think of the plan and get feedback about how we can make Bays West even better.” The stretch of Country now known as Bays West has been known for millennia as Gari Gurad/ Nura (Saltwater Country) and Nattai Gurad/ Nura (Freshwater Country). Community consultation will include online seminars, face-to-face information sessions in the area and communication through advertising and letter-box drops. The draft Bays West Place Strategy is on exhibition from 22 March to 29 April, 2021. Further information is available at: https://www.planningportal.nsw.gov.au/bays-west

<h2>NSW properties on the market right now:</h2>

[smartcode_project:default project_id=7317]

[smartcode_project:default project_id=24323]

[smartcode_project:default project_id=32227]
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The first action for the Bays West rejuvenation is urgent restorative works at the heritage-listed White Bay Power Station

jchancellor

Bays West development to provide affordable housing

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A $1 billion curvaceous skyscraper at 60 Martin Place - that leans over the historic interwar-era St Stephens Church - has been completed.
Investa Commercial Property Fund (ICPF) and the co-owner Gwynvill Group (Gwynvill) developed the site.
The building was designed by Hassel and contains more than 40,000 square metres  of net lettable area. 
Norton Rose Fulbright, Mizuho Financial Group, Munich Re, Banco Chambers and Spaces are among the core tenants. 
The building will also home to a rooftop garden, as well as the new Toppi Martin Place restaurant on the street corner. 
The building has reached 100% practical completion of all digital assets (71,848 in total) within the 33-level building and the creation of a 'digital twin', driven by Willow and the lead contractor Lendlease.
Rather than an analogue asset register compiled offline, Investa will utilise a digital twin of their asset, i.e. a 'single source of truth'.
This digital twin records and validates all aspects of the building’s equipment, warranty information, operation and maintenance information within an intuitive 3D environment to drive more efficient depreciation planning in operations. 
The digital completion of a building this scale is of great significance, Investa claim.  
It says that previously facilities management teams would have spent months developing this information from scratch, resulting in a sub-standard digital record post-completion.
According to ICPF's group executive and head of commercial development, Mark Tait, the building is currently 80% leased. 
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wdavis-8cCN98p7xp

$1 billion curved skyscraper completed in Martin Place

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GUEST OBSERVATION
One of the biggest strategic planning challenges of our time in Australia is to re-imagine the Greater Sydney metropolis with more than one CBD.
My students in the capstone unit of the Master of Urbanism program at the University of Sydney have worked on preparing a strategic plan for a Central City CBD at the heart of the Greater Sydney Region. This work built on the Greater Sydney Region Plan proposed by the Greater Sydney Commission, aka <a href="https://www.greater.sydney/metropolis-of-three-cities" target="_blank">Our Greater Sydney 2056 – A Metropolis of Three Cities</a>.
<a href="https://images.theconversation.com/files/240952/original/file-20181017-17664-f4o3wt.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/240952/original/file-20181017-17664-f4o3wt.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=237&amp;fit=clip" alt=""></a>
Figure 1. A Metropolis of Three Cities: the Greater Sydney Commission’s 2018 Greater Sydney Region Plan. Greater Sydney Commission
In this plan, the Sydney metropolitan region is re-imagined around three cities:
<ol>
<li>Eastern Harbour City – built around the current CBD</li>
<li>Central River City – built around a new CBD located in Greater Parramatta on the area currently known as Parramatta CBD and Westmead district</li>
<li>Western Parkland City – built around the growth expected around <a href="https://theconversation.com/western-sydney-aerotropolis-wont-build-itself-a-lot-is-riding-on-what-governments-do-97462" target="_blank">Western Sydney Airport</a>, Penrith, Campbelltown and Liverpool.</li>
</ol>
A key objective of the metropolitan plan is to rebalance economic and social opportunity toward Western Sydney and the Central River City, or “Central City”. The vision is for most residents to live within 30 minutes of their job, education, health facilities, and other services.
The first step to fulfil this bold vision is to understand how far Western Sydney is from having its own metropolitan CBD; and to assess how the Central City (in Greater Parramatta) measures up against the existing Sydney CBD, also known as the Harbour City.
How do the Central City and Harbour City compare?
<a href="https://images.theconversation.com/files/240953/original/file-20181017-17680-rfhpy9.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/240953/original/file-20181017-17680-rfhpy9.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
Figure 2. A snapshot of Central City versus Harbour City. Image: Jamie van Geldermalsen, Mile Ilija Barbaric, Rao Umair Afzaal, Kun Fan, Author provided
Currently, <a href="http://www.abs.gov.au/websitedbs/censushome.nsf/home/tablebuilder" target="_blank">2.6% of jobs in Greater Sydney are in Central City, compared to 14.5% located in the established Harbour City</a>. While the Harbour City has many more jobs, the proportion of workers in the health and public sectors is much higher in the Central City – due to the presence of Westmead health precinct. While health will remain important in the Central City’s future, employment opportunities in the financial, tech and legal sectors need to grow significantly if the Central City is to become the next metropolitan centre.
<a href="https://images.theconversation.com/files/240955/original/file-20181017-17674-19t3v6u.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/240955/original/file-20181017-17674-19t3v6u.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
Figure 3. Central City versus Harbour City: economic comparisons. Image: Jamie van Geldermalsen, Mile Ilija Barbaric, Rao Umair Afzaal, Kun Fan, Author provided
Harbour City offers significantly more regional and local connectivity than Central City. Currently, <a href="http://www.abs.gov.au/websitedbs/censushome.nsf/home/tablebuilder" target="_blank">70% of Harbour City workers commute to work by public transport and only 13.5% by private vehicle, compared to the Central City’s 30% and 55.65% respectively</a>.
 
<a href="https://images.theconversation.com/files/240956/original/file-20181017-17689-zzxn66.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/240956/original/file-20181017-17689-zzxn66.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
Figure 4. Central City versus Harbour City: connectivity comparisons. Image: Jamie van Geldermalsen, Mile Ilija Barbaric, Rao Umair Afzaal, Kun Fan, Author provided
With the number of trips to Central City predicted to triple or quadruple during morning peak periods from current levels to 2056, forecasts indicate that Central City’s travel-to-work mode split will remain the same. This would lead to increased road congestion, impacting the economy, liveability and sustainability.
To represent the depth of connectivity problems, Figure 5 shows how long it takes to get to and from the Central City. It assesses travel times between 16 strategic centres and the Central City during peak morning and afternoon periods and on the weekend, for commuters on public transport versus those on the roads.
<a href="https://images.theconversation.com/files/240963/original/file-20181017-17664-1w7haxt.jpeg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/240963/original/file-20181017-17664-1w7haxt.jpeg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
Figure 5. How long does it take to get to and from Central City? Image: Jamie van Geldermalsen, Mile Ilija Barbaric, Rao Umair Afzaal, Kun Fan, Author provided
The results show the public transport commuters’ travel time from most strategic centres is already greater than 30 minutes. Commute time on the roads varies, going over 30 minutes during the morning peak. Moving commuters around Greater Sydney using the road network <a href="http://www.sydney.org.au/wp-content/uploads/2015/10/CfS-Issues-Paper-12-A-Fork-in-the-Road-1.pdf">is only a temporary measure</a>, as it does not have the capacity to cope with any of the proposed growth.
 
<a href="https://images.theconversation.com/files/240958/original/file-20181017-17664-t6ssec.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/240958/original/file-20181017-17664-t6ssec.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
Figure 6: Central City versus Harbour City: housing, cultures and services. Image: Jamie van Geldermalsen, Kun Fan, Mile Ilija Barbaric, Rao Umair Afzaal, Anjani Rao Gandra, Nithila Rajave, Rachana Chandwani, Tamanna Sultana, Author provided
Central City is culturally diverse. More than 140 languages other than English are spoken at home, with more than 65% of people born overseas.
However, social infrastructure to support and celebrate this great diversity is lacking. Access to community facilities such as aged care, child care, schools and non-Christian places of worship are limited. Without investment, the social infrastructure deficit will only be amplified as the population increases.
Harbour City has 11 museums and seven cultural centres; the Central City does not have any museums and only two cultural centres.
The final word
These assessments, from economy, connectivity, and liveability perspectives suggest the Sydney metropolis has a very long and bumpy way to go before we can re-imagine it with more than one CBD. Visionary and bold decision-making, supported by significant investment, is required for the Central City to transition to a metropolitan centre.
<hr>
This article is inspired by the work of the students enrolled in the <a href="https://sydney.edu.au/courses/units-of-study/2018/arch/arch9093" target="_blank">Integrated Urbanism Studio</a> for the Master of Urbanism at the University of Sydney. I specifically would like to acknowledge the significant contributions made by Jamie van Geldermalsen, Mile Ilija Barbaric, Rao Umair Afzaal and Kun Fan.
Tooran Alizadeh, Senior Lecturer, Director of Urban Design, University of Sydney
This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/re-imagining-sydney-with-3-cbds-how-far-off-is-a-parramatta-cbd-102197" target="_blank">original article</a>.
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j.ballantyne1990-6AQqhLzZaK

Re-imagining Sydney with three CBDs: how far off is a Parramatta CBD?

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A top executive of one of Australia’s biggest home builders has warned of a growing land affordability crisis in Sydney.
Chief executive of MJH Group Andrew Helmers said while the cost of construction was rising at between 6-9% per annum, lot prices were rising at annual rates of 40-50%.
"We don't have a housing affordability crisis, we have a land affordability crisis,” Helmers told Fairfax Media.
"All the major tier one developers are continuing to lift their prices with each new land release. The slowdown in prices in Sydney has not been felt in the land market."
He said MJH completed 2716 housing starts in the 2017 financial year up from 2199 in fiscal 2016 making it the fastest-growing builder in the country.
The company builds homes in NSW, Queensland, the ACT and Tasmania under a number of brands including McDonald Jones, MOJO Homes, Wilson Homes and Hayman Homes.
He noted building product manufacturers were operating at 100% capacity.
The Newcastle-based company recently reported a big boost in revenue it accounts filed with the corporate regulator for the year to June.
They show that MJH Group – previously called McDonald Jones Homes – saw revenue up 48% to $621 million from home building and land sales.
Its after-tax profits were up 55% to around $16 million.
The company sold a 40% stake to Japan's Asahi Kasei Homes in August.
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Sydney lot prices rising 40-50% annually: MJH Group 

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Guest Observer
The recent release by the Greater Sydney Commission of its Draft Greater Sydney Region Plan included policies on affordable housing but these have been misinterpreted by media and by local councils.
Media reports on the Greater Sydney Commission’s (GSC) approach to affordable housing have taken the simplistic statement that ‘targets generally in the range of 5-10 per cent of new residential floor space are viable’ without reading the detailed parameters that the GSC included. 
Many councils have also assumed that around 5-10 per cent of residential floor space being provided free of charge to local councils as affordable housing is supported by the GSC.
The GSC’s Draft Greater Sydney Region Plan makes it very clear on pages 57, 58 and 59 that the affordable housing target of 5-10 percent would only be applied in defined future precincts, only be applied to increased residential floor space following rezoning, would be tested for financial viability and would take into account other development charges. 
The policy then goes on to stress that the viability test would be undertaken ‘In order not to hinder the supply outcomes being sought’ (p57) which means that any affordable housing levy should not be so high that it made new housing projects unviable and therefore led to less new homes being built.
The Urban Taskforce is keen to support approaches for the provision of affordable housing where there is an incentive to do this through uplift in density and at levels that do not diminish economic viability of projects.
Our concern however is that a number of councils across Metropolitan Sydney simply want to take 10 percent or more of apartments as free of charge from the developer without any compensation. The result of this approach will be to increase the purchase price of the remaining 90 per cent of new homes or to make the project unviable such that it will not proceed.
With councils and media only taking headline figures from the Draft Greater Sydney Region Plan there is an important leadership role for the GSC to ensure a viable long term strategy is implemented.
This leadership needs to include the much touted ‘collaboration’ role with Sydney councils so that they take on board the GSC’s approach to housing affordability that is viable and based only on floor space uplift.”
The Urban Taskforce, however, is concerned that the City of Parramatta Council has recently released a draft affordable housing policy that introduces excessive inclusionary zoning targets that do not reflect the approach taken by the GSC.
This seems very strange as the GSC is located in Parramatta and it is clearly championing the River City as Sydney’s second CBD and a major centre.
It will be interesting to see if the GSC makes a submission on the Parramatta Council approach.
We have gone into the details of the economic advice that Parramatta has used to justify viability of their approach and we believe there are many errors that would in fact make projects unviable.
A year ago the Urban Taskforce proposed to the NSW Government an approach that modified the state’s own Affordable Rental Housing State Environmental Planning Policy 2009 (ARHSEPP) such that all projects could get a 20 percent floor space uplift with this being used for affordable rental homes for a 10 year period.
We estimated that 40,000 new affordable homes could be delivered over 10 years. If Sydney wants significant numbers of new affordable homes to be delivered then local and state government will need to work with the developers who supply our housing stock rather than adding another tax and hope it will have no impact on overall supply.
The hot Sydney housing market is beginning to cool, housing approvals are dropping and care needs to be taken with regulatory levers to not drive viability down leading to lower housing production.
The Greater Sydney Commission needs to lead the policy approach rather than delegating this to the many councils across Sydney each wanting to outdo their neighbouring council by having the highest affordable housing levy.
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CHRIS JOHNSON is chief executive officer of property development industry group Urban Taskforce and can be <a href="https://www.urbantaskforce.com.au/?option=com_content&amp;view=article&amp;id=97&amp;Itemid=126#.Vdaart55dFI" target="_blank">contacted here</a>.
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Leadership needed from Greater Sydney Commission on affordable housing: Chris Johnson

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GUEST OBSERVER
The data recently released by the NSW Department of Planning’s Housing Monitor indicates a drop in housing approvals while completions remain strong.
Over the last six months Sydney annual housing approvals have dropped from 58,618 in February 2017 to 51,119 in August 2017 through a consistent monthly drop.
This represents a drop of 13% which demonstrates that the housing market is slowing down. There is clearly a time lag from slowing approvals to slowing housing completions but it would appear that a trend is underway.
Housing completions are still strong with 36,097 annual completions at August 2017 down slightly from April’s 37,575 completions. On a four year average the percentage of approvals that become completions is 59% which is a worrying number. The NSW government should undertake some research into the relatively low number of approvals that transition into the construction phase.
Housing projects are becoming more difficult through tighter lending policies by banks and proposed increases in levies for affordable housing by councils which are influencing feasibility and therefore reducing the number of projects seeking approvals.
With the NSW government emphasising that the best way to help with housing affordability is through high supply numbers the current slowdown is of concern. The recently released Greater Sydney Region Plan calls for affordable housing levies to only be applied to floor space uplift where this is viable but many councils are proposing to apply levies to existing floor space as outlined in their planning documents. The removal of the cap on local development contributions also creates significant concerns for developers.
While the August annual housing completions are strong at 36,097 this figure is below the average required every year for 20 years of 36,250. In boom times Sydney’s housing completions should be above the average required.
The current housing approvals for Sydney while being below what is needed are still very high compared to the decade average. The Urban Taskforce urges the NSW government to do all it can to keep housing approvals at a high level.
Chris Johnson is chief executive officer of property development industry group Urban Taskforce and can be contacted <a href="https://www.urbantaskforce.com.au/index.php?option=com_content&amp;view=article&amp;id=97&amp;Itemid=126#.Vdaart55dFI" target="_blank">here</a>.
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Sydney housing approvals showing signs of slowing down: Chris Johnson

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New research into 'mega site' purchases around Sydney - buys greater than $100 million - has found a total of 50 residential development site transactions since 2014.
The emerging trend, according to Charter Keck Cramer's national director Bennett Wulff, is underpinned by buoyant market conditions and supported by factors including state and local government planning initiatives as well as the increasing activity of offshore - particularly Chinese - developers with the appetite and capacity to deliver projects of such scale.
“Since 2014, a total of 50 residential development sites transacted throughout the Sydney metropolitan area at price points each exceeding $100M, equating to a cumulative land price of over $9.4B and an average site sale price of circa $189M” said Mr Wulff. 
"This far exceeds sales of similar sites within the other major east coast capital cities of Melbourne (7 equivalent site sales) and Brisbane (no such site sales) during the corresponding period."
The research notes Sydney has an undersupply of dwelling stock, exacerbated by a growing population. 
<a href="https://www.propertyobserver.com.au/images/2017/02/01/Screen%20Shot%202017-02-01%20at%209.44.20%20AM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/02/01/Screen%20Shot%202017-02-01%20at%209.44.20%20AM.png" alt="">
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Sydney mega site sales trend ramps up since 2014

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GUEST OBSERVER
The revised Metropolitan Strategy for Sydney along with the six District Plans contains a 10 percent levy proposal on new housing to fund affordable housing and this could increase the cost of all new housing. 
While there is a lot of good work in the long awaited District Plans for Sydney there is an ominous proposal to add yet another levy onto new housing. 
The plans use a false logic that by requiring developers to provide up to 10 percent of new housing as affordable this will help with Sydney’s rapidly escalating house prices. Clearly the cost of giving away 10 percent of new homes will have to be distributed across the other 90 percent of new homes therefore forcing house prices up.
The Urban Taskforce has presented a better way to create even more affordable housing by allowing new projects an increased floor space of 20 percent provided it is for affordable housing. We estimate that this could provide 40,000 new affordable homes over the next 10 years.
The Greater Sydney Commission fact sheet is now targeting 189,100 new homes over 5 years which requires an average of 37,820 new homes a year. The highest number of new homes in recent years has been 30,000 last financial year so the most important task the Greater Sydney Commission has is to increase housing supply but by adding a new tax the opposite is likely to occur.
A Greater Sydney Commission Fact Sheet does suggest that the levy would be in areas where some floor space uplift would compensate for the levy but the approach to give away affordable homes under SEPP 70 rather than providing them as low cost rental for ten years as indicated in the Affordable Rental Housing SEPP will certainly impact of the feasibility of future housing development.
Sydney needs a plan to increase housing supply dramatically and to provide large numbers of affordable homes. The Urban Taskforce approach achieves both of these aims. 
The District Plans seem to be fairly general documents with little data on heights or density. There are broad jobs and housing targets but the real definition of built form would appear to be delegated to the development of Local Environmental Plans by councils. This could leave certainty in the planning system on hold for a few years particularly as elections for new amalgamated councils are a year off. The new data in the draft District Plans is likely to generate many planning proposals that want to vary existing controls.
We have a concern that the definitions of District and Strategic Centres now do not include residential accommodation. The Urban Taskforce supports mixed-use urban centres that are activated all the time rather than only being 9 to 5 work environments. With so much focus on providing transport infrastructure to major centres it is important that this investment supports a bustling 24/7 mixed use environment.
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The package of documents does not seem to address the issue of Value Capture that was recently raised by the Federal Government to help fund new infrastructure and this could become another tax on the cost of new homes.
The Urban Taskforce is keen to work with the Greater Sydney Commission to ensure housing supply is maximised and that quality mixed use urban centres can be achieved.
Chris Johnson is chief executive officer of property development industry group Urban Taskforce and can be contacted <a href="https://www.urbantaskforce.com.au/index.php?option=com_content&amp;view=article&amp;id=97&amp;Itemid=126#.Vdaart55dFI" target="_blank">here</a>.
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