Vacant North Sydney Site Adjacent to Metro Station to Be Developed Following Sale

A mixed-use development site in North Sydney is destined for a mixed-use tower following its sale.

The 3,132sq m property at 52 McLaren Street was taken to the market by Sydney Metro, with the intention of finding a buyer to develop the site in a way that would form part of the creation of a vibrant metro station precinct.

The sale was negotiated by Knight Frank agents Mark Litwin, Jeff Moxham and Dominic Ong.

The vacant North Sydney site, which is adjacent to the new Victoria Cross Metro Station, has the potential for a development of up to of 16,947sq m in gross floor area (GFA) including residential, commercial, retail, childcare.

A conceptual design for the project included twin towers of 24 and eight levels, with 121 car parks over three basement levels.

Mr Litwin said there had been significant buyer interest in the asset during the Expressions of Interest campaign, including from domestic and international capital pools

“Potential buyers were looking at a wide range of options for the site, and following its sale we are excited to see a development take shape and continue with activation of the area around the Victoria Cross Metro Station,” he said.

“This property not only presented an exciting future development opportunity adjacent to major transport infrastructure, but also occupies a prime location in one of Sydney’s most tightly-held urban markets.

“It occupies a highly strategic position on the fringe of the North Sydney CBD, within the Civic Precinct, a key area earmarked for high-density, transit-oriented development.”

Mr Moxham said the sale demonstrated that there was solid demand for well-located development sites that offered strong growth potential.

“You don’t find sites of this scale very often in a location so close to the CBD, with the potential for a range of outcomes.”