Freecity Plots 51-Storey North Sydney Hotel-Apartment Tower

Freecity is progressing its 51-storey mixed-use tower in North Sydney after acquiring the site, which was approved for a 43-storey office building, late last year. The developer is planning 296 apartments and a 4.5-star, 164-room hotel for short-stay demand at a site at 153-157 Walker Street. This project responded to “market transformation, planning reforms and strong local demand for diverse housing and hotel accommodation”, Freecity said. With retail floorspace at street level, there would be 10 basement levels for 233 carparks. Of the 296 apartments in Freecity’s project, 3 per cent would be affordable units. The building is being designed by Architectus on the site 4km from Sydney CBD and 200m from the Victoria Cross Station, which opened in August 2024. It would have a $1.78 billion end value, and aligns with Freecity’s strategy of delivering large-scale, mixed-use urban precincts, according to Freecity executive director of development Michael Romano. “Walker Street gives us a foothold in the North Sydney market, where we see long-term structural demand for high-quality housing and hotel accommodation,” Romano told The Urban Developer . “It’s not just ‘typical’ Freecity—it’s a flagship project that showcases our integrated model and ambition to shape city-shaping precincts.” ▲ Freecity ’ s project designed by Architectus. The developer was given approval this year to fast-track the development as a State Significant Development by the Housing Delivery Authority, which last week put another 4400 homes on the SSDA path, bypassing council assessment processes. Former owner GPT acquired the Walker Street site for an estimated $185 million in 2022, and started planning a 43-storey office. The developer took a trip to the Land and Environment Court for its original project on site to get it approved in November 2024. But GPT sold the site that same month. They acknowledged that the office market was “challenging” and Freecity picked up the project. ▲ GPT ’ s original podium plans for the Walker Street address. Another project, which would have provided build-to-rent housing and a hotel on the site, was launched in October 2024, but the scheme was withdrawn by March 2025. Romano said that the team had originally looked at Walker Street through a build-to-rent lens. “However, after testing the numbers and considering the market at the time, we determined that the highest and best use was as a build-to-sell residential tower with a significant hotel component,” Romano said. “These decisions are always a balance of planning, funding, and market dynamics. “We remain highly committed to build-to-rent across the rest of our pipeline, but in this particular case, the fundamentals pointed towards a different outcome.” Freecity’s new plans will contribute to the North Sydney local government authority area’s requirements for 3000 new homes by 2029 under the National Housing Accord. On the Walker Street site there are currently two 12 and 14-storey office buildings from the 1970s. Freecity’s plans responded to the seismic shift in demand for commercial office floorspace in the North Sydney CBD, it said. Forecast commercial office market conditions did not support the “financial viability” of the project, it said. Land uses have trended towards residential, with projects on Arthur Street and Berry Street delivering build-to-rent—including Aqualand’s build-to-rent debut —and hotel accommodation . The Walker Street project joins Freecity’s $6-billion pipeline of 12 mixed-use projects, including a 40-storey development at Crows Nest and a $330-million trio of towers at Rouse Hill .

Freecity Plots 51-Storey North Sydney Hotel-Apartment Tower

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