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21 July 2023
21 July 2023
Sydney’s Lower North Shore is set to be transformed as multiple development applications have been submitted, signalling the arrival of taller towers in the area. In the past month alone, more than four towers were lodged in Chatswood, contributing to the 4,000 homes planned for development by the Willoughby City Council.
Chatswood, a suburb located 10 kilometres north of Sydney’s CBD and featuring a bustling Westfield shopping centre, has benefited from recent changes made to the Willoughby Local Environmental Plan and Development Control Plan, which were drafted last year. These changes aimed at developing Chatswood as a prominent commercial centre and expanding the CBD from the Pacific Highway and Chatswood station towards the east.
Under the new plan, mixed-use buildings of up to 90 meters in height are permitted, with the goal of propelling Chatswood into Sydney’s top 10 suburban office markets. Additionally, thirteen rezoning proposals in and around Chatswood have been approved, facilitating high-density residential development and addressing the area’s housing supply and growth requirements.
Despite the anticipated increase in development, the housing market in Chatswood is predicted to remain stable. According to Hotspotting’s price predictor, the median price of an apartment in the area is $1,150,000, while houses have a median price of $2,850,000. Willoughby Mayor Tanya Taylor has emphasised the council’s commitment to meeting the community’s housing needs by providing an appropriate supply and mix of housing options, including affordable and essential housing. Already, approximately 1,500 dwellings have been delivered in Chatswood, with more developments in the pipeline.
The recently constructed Metro Line in Chatswood is seen as valuable infrastructure, which the council intends to leverage to address the ongoing issue of housing affordability. Hotspotting’s General Manager, Tim Graham, reported that Sydney’s property market has been consistently recording strong sales quarter by quarter. Inner-city precincts, particularly those with a high concentration of apartments, continue to attract solid demand. The stronger markets tend to be in the more expensive areas, where interest rates have less impact due to the presence of cash buyers, whereas the cheaper outer-ring precincts are experiencing more difficulties.
The changes in zoning and planning regulations have stimulated investment in the area, with Coronation Property acquiring a 2000-square-meter site at 57-61 Archer Street, Chatswood, last year. In addition to this acquisition, four other large-scale development applications have been lodged with the council since June 20.
One of the notable developments proposed is a 55-storey shop-top building designed by Make Architects for 44-52 Anderson Street, Chatswood. This mixed-use development, estimated to cost $90 million, will comprise commercial premises on the first three floors and 95 apartments above. The majority of the apartments (77 percent) will feature three bedrooms, with the remaining units divided between two-bedroom and one-bedroom layouts. The building will also include a swimming pool on the podium level and ground-level landscaping.
Another significant project is a 25-storey tower on 5-9 Gordon Avenue, Chatswood, planned by LFD Chatswood Unit Trust. This tower will offer coworking space, apartments, and retail spaces. It is designed by FJC Studio and will feature 64 apartments above a podium with retail and commercial tenancies, as well as basement parking. The estimated cost for this development is $67 million, and it aims to replace aging apartment buildings on the site.
The Willoughby City Council is currently assessing a proposal for a 27-storey residential building, which would create 100 apartments of various sizes above four levels of basement parking. The concept plans for this project, designed by DEM Architects for DPG Project 38 Pty Ltd, have an estimated cost of $38 million. The building is proposed for a diamond-shaped block across three lots at 691-699 Pacific Highway, Chatswood.
Furthermore, a 15-storey shop-top development has been recently lodged for 58 Anderson Street, Chatswood. The plan, designed by Drew Dicksonnn Architects, includes 13 large apartments and has an estimated cost of $31 million. Additionally, an application for a seven-storey shop-top tower at 688-692 Pacific Highway, Chatswood, has been submitted, but the associated documents are not yet available.
Lastly, Hong Kong-based developer Polytec Group has submitted plans for a 25-storey tower at 629-637 Pacific Highway, Chatswood. This slender tower is poised to bring further changes to the area.
With these development applications, Chatswood’s skyline is set to evolve, reflecting the region’s growth and the ongoing efforts to meet housing demands in Sydney’s Lower North Shore.