THE New South Wales Government this week announced it has granted approval for a $145 million development in the North Sydney CBD. The development, located at 100 Mount Street, consists of a 38 storey commercial tower.
The approval follows Planning Minister Tony Kelly's approval of a $291 million development on Walker and Berry Streets. Mr Kelly said the North Sydney CBD is a "hugely important commercial centre for Sydney... This latest approval confirms that status and will provide for an additional 36,000 square metres of commercial floor space, with the capacity for around 2,700 new jobs, on top of the 4,000 jobs provided for under the March approval.
The NSW Government's Inner North Subregional Strategy identifies the need to create an additional 60,100 new jobs in Sydney's inner north by 2031, with 15,000 of these to be located in the North Sydney local government area (LGA). All but 2,500 of these new jobs are identified for the North Sydney CBD.
The proposal includes:
- Demolition of the existing buildings on the site;
- Construction of a 38-storey commercial tower with street frontages on Mount, Walker and Spring Streets;
- Streetscape improvements along the Mount and Walker Street boundaries of the site; and
- An upgraded through-site pedestrian and retail link.
The proposal was approved following a number of amendments, including a one storey reduction in height, increased setbacks, car parking space reductions and urban design improvements.
Mr Kelly said the development will provide significant economic benefits and public benefits including monetary contributions for local infrastructure and improvements to the vitality of the area.