More than 230 new homes on the way for North Sydney
A new residential development has been given the green light to deliver much-needed in-fill affordable housing in North Sydney.
The $256 million project by Cbus Property will consist of two residential flat buildings and one community facility building.
It will provide 239 new homes including 78 affordable housing units and 161 market units in a highly accessible location close to amenities including buses, trains, schools and hospitals on the Lower North Shore.
The approved development includes a 12-storey building facing Walker Street with several ground floor communal recreation areas as well as a 30-storey building at the corner of Hampden and Walker Streets.
A further four storey building featuring communal recreation spaces and services will be constructed along Hampden Street.
The development includes basement parking for more than 200 cars.
The approval of the buildings as State Significant Development (SSD) aligns with the Minns Labor Government's commitment to provide housing for people in need close to transport, shops and job opportunities.
The approved development will include 67 affordable housing units which will be managed as affordable housing for 15 years in line with Minns Labor Government's housing reforms launched in December 2023.
These reforms allow developers to access height and floor space bonuses of up to 30 per cent for residential developments which provides at least 10-15 per cent of their floor space as affordable housing for at least 15 years.
The affordable housing units will be managed by Community Housing Provider Bridge Housing.
An additional 11 additional units will be dedicated to North Sydney Council to be managed as affordable housing for the life of the development, as required by a Voluntary Planning Agreement between Cbus Property and Council.
The affordable homes will be rented out to low and medium-income families at reduced market rates.
They will provide homes for those who urgently need accommodation close to their workplaces, such as nurses, teachers, childcare workers and other frontline essential workers.
For more information, visit East Walker Street North Sydney.
Deputy Secretary David Gainsford said:
"This project is a great example the Department of Planning, Housing and Infrastructure working with industry and council to deliver crucial in-fill affordable housing.
"Those from low- and medium-income families as well as singles working in jobs which keep our communities running deserve to be able to put a roof over their heads.
"We are pleased to work with industry on this particular planning pathway to access more floor space and height to accommodate diverse housing for the future."