Thirdi Group Lists Development Site in North Sydney

By Ted Tabet

Sydney-based developer Thirdi has listed a mega development site—comprising five buildings in North Sydney— which could pave the way for a $330 million mixed-use development.

The site comprises the consolidation of a series of residential apartments across five buildings—located at 2-4 Blue Street and 1-5 William Street— a few hundred metres from North Sydney’s bus and rail interchange.

The deal took more than a year to complete including three apartment blocks that were company-titled, while the other two were strata-titled.

The 2,326sq m site is being listed by CBRE and JLL, potentially paving the way for a circa $330 million office or residential project with eventual views of the city skyline, Harbour Bridge and Barangaroo.

“We saw a massive opportunity, regardless what type of development we ultimately delivered to maximise its strategic location in North Sydney’s CBD core and also take advantage of the outstanding views of Sydney Harbour, the CBD and Barangaroo,” Thirdi Group’s Robert Huxley said.

“Even with the unsolicited offers, from our point of view, it’s business as usual.

“We will continue to work with our architectural firm Woods Bagot and other consultants to create an outstanding building.”

North Sydney’s CBD has benefitted from major office developments including 100 Mount Street, which was close to fully leased when it completed recently and 1 Denison Street, which has pre-commitments from major corporate tenants moving into the market including Nine Entertainment Co. and Microsoft.

CBRE’s Scott Gray-Spencer and Ben Wicks in conjunction with JLL’s Paul Noonan, Rob Sewell and Mitch Noonan have been appointed to gauge market interest.

“The size of the project means a nimble developer could capitalise on the current strength in the North Sydney office leasing market and potentially deliver a new office building by 2021 to coincide with a forecast spike in tenant demand,” Gray-Spencer said.

“North Sydney’s ongoing revitalisation — underpinned by the new Victoria Cross Metro Station and council-driven infrastructure improvements and public domain – is attracting significant interest from office occupiers.”