NORTH Sydney is playing host to a growing party of developers who are snapping up older office towers for conversion into apartments.
In one of the latest plays, the suburb’s bus depot could become a residential complex after the NSW government called for interest in the former State Transit depot.
Developers were to present “innovative” uses for the site. Submissions closed at the end of last month, and the site is tipped to become a residential tower.
MacroPlan chief economist Jason Anderson said the trend was to develop North Sydney office blocks into apartment complexes, but that it was difficult to attain rezoning approval.
“It is much harder to achieve the level of development in North Sydney as the council is very conservative and (resistant) to change … there are a lot of people wanting to develop older office buildings,” he said.
“The question is whether the policy processes can catch up to that and allow more residential to come through, but it’ll take a few years.”
The limited supply has meant prices are strong and projects are selling well.
About MacroPlan: MacroPlan’s experienced and qualified economists align their understanding of macro-economic forces with micro-economic variables such as geographic and industrial characteristics, demographics, labour market shifts, resource demand and commercial realities. Contact Jason Anderson, Chief Economist today to discuss your property research requirements.