In what was once an almost solely commercial CBD, Sydney now has a rapidly expanding mixed-use/residential apartment market. As Sydney Unit Cityscope research shows, in the 12 months leading up to July 2022 almost $3.5 billion was transacted in this market with many of the new buildings replacing existing commercial properties and showing no signs of slowing down.
175 Liverpool Street, Sydney is one such example. Currently a 28-level office block, the owner has lodged plans designed by Bates Smart for the construction of a mixed-use development comprising commercial, retail and residential uses at an estimated cost of $380 million. The development would include two buildings of 35 & 37 storeys with 289 apartments on levels 7-34, retail space of 812 sqm on the lower and ground floor and commercial offices on levels 1-5 (10,098 sqm).
Also in Liverpool Street, another commercial building is slated for redevelopment. The Polding Centre, currently a 20-storey office building is at 133 Liverpool Street. The developer and owner, Deicorp, has submitted plans for a $169 million mixed-use development comprising a 55-storey tower with podium and eight basement levels. The building will comprise 35 x 1 bedroom, 69 x 2 bedroom, 62 x 3 bedroom and 2 x 4 bedroom apartments, four commercial tenancies & three shops on the ground floor.
At 41-45 Erskine Street, Sydney, plans for the construction of a new 17-storey residential flat building, comprising 14 x 3 bedroom whole floor apartments including a three level penthouse at an estimated cost of $23.1 million, have replaced a previously approved 2020 application for a hotel. Owner, Erskine & Kent Pty Ltd, purchased the property for $20 million in 2021.
CoreLogic Australia