Oxford Investa Property Partnership announced this week the lodgement of its development application to redevelop North Sydney’s MLC Building into a revitalised, mixed use, 27-level commercial building with a large publicly accessible indoor and outdoor space.
This proposal reinforces OIPP’s support for the North Sydney market and the revitalisation of the CBD. The new space will mean a more open, habitable and light filled CBD and will host unique food, beverage and speciality retail offerings, boosting the potential for night-time and weekend trading.
If approved, the redevelopment of 105 Miller Street would provide the dual benefit of preserving the MLC Building’s heritage elements whilst improving the quality of the North Sydney’s public domain and commercial centre for businesses and residents.
Mark Tait, Investa’s Group Executive and Head of Commercial Development, said the project represented an overall investment of $450 million in North Sydney and was expected to generate 1700 jobs during construction, and house 6200 workers when fully occupied.
He estimated that more than $500 million per year would be generated in value added by industry to the Sydney economy when the building is at full occupancy.
The proposal seeks to create a large public domain for North Sydney’s CBD by redeveloping the MLC Building into a revitalised 27-level commercial building with a large publicly accessible indoor and outdoor space with food, beverage, and retail offerings.
“After years of working closely with North Sydney Council to understand its vision for the area, Investa is confident this project will make a significant contribution to the council’s concerted planning efforts, bringing much needed public space and sunlight to North Sydney,” Mr Tait said.
“We have carefully considered the needs of the local business and residential community and believe that the proposed redevelopment plans for a forward-thinking mixed-use space will make a significant contribution to the growth of the North Sydney CBD.
“The new space will host unique food, beverage and speciality retail offerings, boosting the potential for night-time and weekend trading and offering a greater range of activities for workers, residents, students and visitors.”
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