A CONCEPT plan proposing a $157 million commercial office development on the Pacific Highway at North Sydney has been approved by the NSW Government.
The proposed development, which could accommodate approximately 2,500 jobs and is located at 177-199 Pacific Highway, would feature a 31-storey building, four level basement with 112 car spaces, a publicly accessible plaza and a maximum floor area of 44,770 square metres.
It follows two similar approvals within the North Sydney CBD last year, which the government said would entrench the importance of North Sydney as a commercial centre.
A development application will now need to be lodged and approved by North Sydney Council before construction can commence.
Planning Minister Tony Kelly said the development was consistent with the Sydney Metropolitan Plan that identifies the need for additional employment capacity within the North Sydney CBD.
"The Government's draft Inner North Subregional Strategy identifies the need to create an addition 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," Mr Kelly said.
Mr Kelly said that while the assessment by the Department of Planning found a number of aspects of the proposal were inconsistent with Council's existing planning controls, "the development is appropriate to the commercial nature of the North Sydney CBD and its important employment-generating capacity."