Developer Thirdi and funder Phoenix Property Partners have acquired two sites above Sydney Metro’s Crows Nest station on which they will develop up to 38,000 square metres in a project worth as much as $1 billion.

Privately owned Thirdi and Hong Kong-based Phoenix – in their fifth joint project – are planning a residential tower up to 17 storeys and a commercial tower with hotel of up to 200 rooms and between 15,000 and 25,000sq m of office space.

Having secured the site with a five-year settlement term that allowed it and equity partner Phoenix to ride out the current time of uncertainty, the next task was to work up detailed designs for the two sites, said Thirdi director Luke Berry. He declined to say how much the sites had cost.

“We’ve been approved to develop within that envelope of 38,000sq m and now it’s up to us to cut it up and put in different elements,” Mr Berry told The Australian Financial Review.

“That five year window allows us the time to get it right. It’s also time for the market to get on board with what we’re proposing.”

Crows Nest station, one of 18 new stations being developed for Sydney’s Metro City & Southwest rail line – which will link Chatswood on the lower north shore under Sydney Harbour and through to the CBD and Bankstown in the west – is due to start operating next year.

Under the concept proposal for the above-station development approved in 2020, the first site, Lot A, will have one or two towers with retail, office and the hotel, Mr Berry said.

The second site, Lot B, will have ground-floor retail with 140 apartments ranging from one- to four-bedroom dwellings.

With one-bedroom units selling from about $800,000, two-bedroom units from about $1.8 million, three-bedroom-apartments from “high” $2 millions and penthouses that carried $5 million-plus price tags, the units would sell in the $25,000-$30,000 per-square-metre range, he said.

“It would be comparable to the lower north shore current range,” he said.

Thirdi hopes to launch the residential project next year.

“If everything goes to plan, I’ll be in the market selling apartments by this time next year,” Mr Berry said.

“We see 2025-26 as boom years for off-the-plan apartments. That’s going to coincide really well with Crows Nest.”

The commercial building – or buildings – will be six green stars – with floor plates ranging from 500sq m to 1500sq m.

Mr Berry who called the financing market more challenging now than at any other time during his 20 years of development, said there was still a lot of debt available, higher-returning equity funding, was harder to secure.

“Equity needs to take a position on the development,” he said. “Do they believe in it? Believe you’re going to be able to build for a price? That you’ll be able to build in certain time? Sell at certain square-metre rate?”

Phoenix, which funded Thirdi’s 10-storey, 14,000-square-metre office building Blue & William in North Sydney – which Lendlease and Singapore-based Keppel REIT acquired for $327.7 million in 2021 – said it had a strong track record of success with the developer.

“We’re excited to continue our relationship with Thirdi and look forward to delivering the Crows Nest over station development in partnership with them,” 

Read more.

One of Australia’s leading property development firms, Third.i, and real estate investment firm, Phoenix Property Investors, have further solidified their partnership in Sydney, acquiring the last two of Sydney Metro’s Crows Nest over station development sites via Private Treaty with Sydney Metro and the NSW Government. The deal was brokered by Third.i’s Head of Acquisitions, Florian Caillon, and Sydney Metro’s commercial team.

Strategically located above the upcoming Crows Nest metro station, one of six new stations for Sydney Metro City & Southwest, slated to be operational by 2024 and will extend the metro rail from Chatswood through the Sydney CBD to Bankstown. 

The concept proposal for the over station developments was approved by the Minister for Planning and Public Spaces In December 2020. 

The first site, Lot A, will feature a unique commercial and retail offering with a focus on health and wellness in its design. Meanwhile, the second site, Lot B, will comprise a mixed-use space with ground-floor retail and a residential component, solidifying Crows Nest as a top destination to live, work and play in Sydney’s Lower North Shore.

Third.i’s Co-founder & Director of Acquisitions, Bob Huxley, expressed his excitement for the project, stating “This will be a legacy development for Third.i, and we can’t wait to start working with all stakeholders to bring the Crows Nest over station development to life and add significant value to the Crows Nest community.”

This acquisition marks the fifth joint venture between Third.i and Phoenix Property Investors, with a strong track record of success in Sydney’s North Shore, including the successful sale of the Balfour Place residential project in Lindfield and the Blue & William commercial precinct in North Sydney to Keppel REIT via Lendlease. Trent Winduss, Head of Australia at Phoenix Property Investors, said, “We’re excited to continue our relationship with Third.i and look forward to delivering the Crows Nest over station development in partnership with them.”

With this acquisition, Third.i’s overall project pipeline has grown to over $4 billion across Australia and the UK.

Read more.

Third.i and Phoenix Property Investors have announced the acquisition of the remaining two development sites located above the future Crows Nest Sydney Metro station.

One of six new stations, Crows Nest’s above-station lots will feature vibrant mixed-use precincts that will boost the economy in the area. Third.i and Phoenix plan for the first site, referred to as Lot A, to be an innovative commercial and retail development, with health and wellness to be at the forefront of the design.

Lot B will be a mixed-use site comprising ground floor retail and residential apartments that will provide occupants with a centrally located complex complemented by retail and commercial offerings.

“Third.i is extremely excited to commence a relationship with Sydney Metro and the NSW Government and work with them to deliver what will be an outstanding, market-leading project for the Sydney region,” says Third.i Co-Founder, Bob Huxley.

“We have an established network of retail operators, and have already had a number of world class businesses express an interest in pre-committing to space at the Crows Nest over station development, which is just incredible. It really demonstrates the demand and need for this type of development in Sydney’s Lower North Shore.

“This project will be a legacy development for Third.i, and we can’t wait to start working with all stakeholders to bring the Crows Nest over station development to life and add significant value to the Crows Nest community.”

Read more.

Australian developer Third.i, and real estate private equity group Phoenix Property Investors have further expanded their partnership in Sydney, acquiring the last two of Sydney Metro’s Crows Nest over station development sites in the Lower North Shore.

The joint venture acquired the site via Private Treaty with Sydney Metro and the NSW Government, with the deal negotiated by Third.i’s Head of Acquisitions, Florian Caillon, and Sydney Metro’s commercial team.

The Crows Nest over station development is situated over the new Crows Nest Metro Station, which is due to be operational by 2024. As one of six new stations planned for the Sydney Metro City and Southwest regions, the new developments will extend the Metro Rail from Chatswood, under the Sydney Harbour and through the Sydney CBD to Bankstown.

The concept proposal for both over station developments was approved by the Minister for Planning and Public Spaces in December 2020, with the first site, referred to as Lot A, set to deliver an innovative commercial and retail development above the station, with plans to have health and wellness at the forefront of design.

The second site, Lot B, will deliver a mixed-use site consisting of ground floor retail with an overhead residential offering, helping Crows Nest secure its place as one of the best areas to live, work and play on Sydney’s Lower North Shore.

Co-founder & Director of Acquisitions at Third.i, Bob Huxley said the project will be a legacy development for Third.i and will add significant value to the Crows Nest community.

“Third.i is extremely excited to commence a relationship with Sydney Metro and the NSW Government and work with them to deliver what will be an outstanding, market-leading project for the Sydney region,” said Huxley.

“We have an established network of retail operators, and have already had a number of world class businesses express an interest in pre-committing to space at the Crows Nest over station development, which is just incredible. It really demonstrates the demand and need for this type of development in Sydney’s Lower North Shore.”

With the acquisition bringing Third.i’s overall project pipeline to over $4 billion across Australia and the UK, the project will also mark the fifth joint venture for Third.i and Phoenix Property Investors.

Trent Winduss, Head of Australia at Phoenix Property Investors, said they were excited to continue their strong track record with Third.i, which has proven success especially across Sydney’s North Shore. 

“This includes the selling out of the major residential project Balfour Place in Lindfield as well as the sale of the Blue & William commercial precinct in North Sydney to Lendlease that was acquired by Keppel REIT,” Winduss concluded. 

Read more.

Thirdi and real estate private equity group Phoenix Property Investors have inked a deal for the final two Sydney Metro over-station development sites at Crows Nest.

The joint venture acquired the site via private treaty with Sydney Metro and the NSW Government for an undisclosed figure but the end value of the projects is expected to be $1 billion. 

The NSW minister for planning and public spaces signed off on a concept proposal for Lot A and Lot B in December 2020. 

The approved proposal for Lot A included a commercial and retail development above the new Crows Nest Sydney Metro station, incorporating wellness at the centre of the design. 

Lot B is earmarked for a mixed-use development comprising retail and residential.

Thirdi’s head of acquisitions, Florian Caillon, negotiated the deal to secure the final over-station sites. 

Thirdi co-founder Bob Huxley said it was a strategic location as one of six new stations for the Sydney Metro City and Southwest, which would connect the area from Chatswood through the Sydney CBD to Bankstown. 

“Thirdi is extremely excited to commence a relationship with Sydney Metro and the NSW Government and work with them to deliver what will be an outstanding, market-leading project for the Sydney region,” Huxley said.

“We have an established network of retail operators and have already had a number of world-class businesses express an interest in pre-committing to space at the Crows Nest over station development, which is just incredible. It really demonstrates the demand and need for this type of development in Sydney’s Lower North Shore.

“This project will be a legacy development for Thirdi and we can’t wait to start working with all stakeholders to bring the Crows Nest over-station development to life and add significant value to the Crows Nest community.”

Read more.

PROPERTY developer Third.i and real estate private equity group Phoenix Property Investors have teamed up again, this time to acquire the last two of Sydney Metro’s Crows Nest over-station development sites which have an end value of $1 billion.

The joint venture acquired the site via private treaty with Sydney Metro and the NSW government for an undisclosed figure. The deal was negotiated by Third.i’s head of acquisitions, Florian Caillon, and Sydney Metro’s commercial team.

Crows Nest metro station is one of six new stations for Sydney Metro City and Southwest, which will extend the new metro rail from Chatswood, under the Sydney Harbour and through the Sydney CBD to Bankstown. Crows Nest station is due to be operational by 2024.

The concept proposal for both over-station developments was approved by the Minister for Planning and Public Spaces in December 2020.

The first site, referred to as Lot A, will deliver a commercial and retail development above the new Crows Nest Station, while the second site, Lot B, will deliver ground-floor retail with a residential offering,

“Third.i is extremely excited to commence a relationship with Sydney Metro and the NSW Government and work with them to deliver what will be an outstanding, market-leading project for the Sydney region,” said Bob Huxley, co-founder and director of acquisitions at Third.i.

“We have an established network of retail operators, and have already had a number of world-class businesses express an interest in pre-committing to space at the Crows Nest over station development, which is just incredible.

“It really demonstrates the demand and need for this type of development in Sydney’s Lower North Shore.”

The project will mark the fifth joint venture for Third.i and Phoenix Property Investors.

“We have a strong track record of success with our projects with Third.i, especially across Sydney’s North Shore,” said Trent Winduss, head of Australia at Phoenix Property Investors. Together they have sold out the residential project Balfour Place in Lindfield, and worked on the Blue & William commercial precinct in North Sydney that was sold to Lendlease and Keppel REIT.

The acquisition brings Third.i’s overall project pipeline to over $4 billion across Australia and the United Kingdom.

Read More.

One of the last pieces of the over-station development puzzle has fallen into place at Sydney’s Crows Nest, with developer Third.i and real estate private equity group Phoenix Property Investors emerging as the buyers of two major sites.

The pair have won the contract for the air rights above Crows Nest Station and will undertake two towers, adding to the new buildings sparked by the city’s new metro lines.

They will develop a 21-storey office tower on the corner of Pacific Highway, Hume St and Oxley St, and a 17-storey residential complex on the corner of Pacific Highway and Hume St above the station.

The first site, referred to as Lot A, will house the commercial and retail development, and will have a focus on health and wellness. The second site,Lot B, will be the mixed-use site, with ground-floor retail with a residential complex, and will capitalise on Crows Nest’s emergence as a residential hub. The new buildings will take advantage of their access to the under-construction station and, when complete, will add to another planned tower. AW Edwards, the station contractor, is delivering a nine-storey office building on the corner of Hume Stand Clarke St.

The station is slated to open next year. Over-station towers are already planned at Victoria Cross, Barangaroo, Martin Place, Pitt St and Waterloo stations.

The Third.i venture acquired the site via private treaty with Sydney Metro and the NSW government. It was negotiated by Third.i head of acquisitions Florian Caillon and Sydney Metro’s commercial team.

“Third.i is extremely excited to commence a relationship with Sydney Metro and the NSW government and work with them to deliver what will be an outstanding, market-leading project for the Sydney region, ”firm co-founder and director of acquisitions Bob Huxley said.

“We have an established network of retail operators, and have already had a number of world class businesses express an interest in pre-committing to space at the Crows Nest over station development, which is just incredible. It really demonstrates the demand and need for this type of development in Sydney’s Lower North Shore.”

The project marks the fifth joint venture for Third.i and Phoenix Property Investors. Phoenix head of Australia Trent Winduss said the company had a strong track record of success with its projects with Third.i, especially on Sydney’s North Shore.

“This includes the selling out of the major residential project Balfour Place in Lindfield as well as the sale of the Blue & William commercial precinct in North Sydney to Lendlease that was acquired by Keppel REIT, ”he said.

The acquisition brings Third.i’s overall project pipeline to more than $4bn across Australia and Britain.

Read More.

Balfour Place comprises a collection of one, two, three and four-bedroom apartments with sweeping views to the south-west, topped by a residents-only rooftop garden with communal facilities and a central podium courtyard with fresh greenery.

Following its full project sell-out amid commencing construction just last month, Third.i’s $180 million project, Balfour Place has taken home the win for two awards at this year’s PropertyGuru Asia Property Awards.

The Lindfield project was officially named the Best Low Rise Mixed Use Development of 2022 along with receiving the country award for Best Mixed Use Development (Australia) in the grand final.

The award-winning project sold over $100 million in sales in its launch weekend alone, shortly securing the final sales thereafter to achieve its sell-out status.

After conducting market research and listening to the needs of the community, Third.i reduced the number of apartments on its development application as there was high demand for spacious living arrangements. 

As a result, apartment numbers were dropped from 70 to 59, with the residences set to sit atop a new 4,500 sqm Coles Supermarket, a cafe and a heritage building that will be restored and leased as a commercial office space and beauty offering.

Balfour Place comprises a collection of one, two, three and four-bedroom apartments with sweeping views to the south-west, topped by a residents-only rooftop garden with communal facilities and a central podium courtyard with fresh greenery.

Construction crews have now kick-started works to bring the award-winner to fruition, with Australian builder Conquest appointed to the build, with completion slated for November 2024.

Third.i. Co-Founder, Luke Berry said Balfour Place is a prime example of how the group is building communities that align with the needs of the market. 

“The level of design and architecture has been carefully curated and I think it’s struck a chord with buyers who have recognised that we had larger living spaces on offer in an idyllic location  with lifestyle amenities on your doorstep,” he said.

“It truly will be a legacy destination for the area and we couldn’t be more thrilled to commence construction,” concluded Berry.

Read more.

Sable at the Jetty joins a growing list of developments in Third.i’s portfolio across Australia’s eastern seaboard, including Dairy Farmers Towers in Newcastle, Balfour Place in Lindfield, the Warada on Walker commercial precinct in the North Sydney CBD and the Merewether Residences in Newcastle.

Growth in regional cities has impacted Third.i’s first project in Coffs Harbour, with the group selling over 90 per cent of the residences within weeks on the market. 

The $35.5 million project, Sable at the Jetty, was met with a swathe of buyers searching for a sea-change, with only a handful of apartments still available, priced from $650,000 through to $2.35 million.

Early works are expected to commence this year, with the project due for completion by the second quarter of 2024.

Located on the corner of Collingwood and Edgar Street, Sable at the Jetty will deliver a collection of one, two and three-bedroom apartments upon completion. 

Combining high-end finishes with state-of-the-art appliances, the project will tap into the mid north coast’s beauty, with a number of lush communal spaces planned, including a landscaped courtyard for the use of all residents. 

Sable at the Jetty is within walking distance from the beach, local schools, cafes and shops, and also offers numerous transport links on the doorstep of the site. 

Sable at the Jetty joins a growing list of developments in Third.i’s portfolio across Australia’s eastern seaboard, including Dairy Farmers Towers in Newcastle, Balfour Place in Lindfield, the Warada on Walker commercial precinct in the North Sydney CBD and the Merewether Residences in Newcastle.

Co-Founder Luke Berry said drawing on the fact their debut project has been met with a swarm of interest, regional cities are seeing a steady increase in growth, with Third.i joining the drive behind the growth. 

“We’re delivering a much-needed transformation to other cities including Newcastle, but we’ve now set our sights on Coffs Harbour after recognising the growth potential of the area and how we can invest in the market,” Berry said.

“While real estate activity has slowed across much of the country this year, it’s been great to see regional cities, including Coffs Harbour, defy this downturn and we’re excited to see what further opportunities may exist in the region.”

“The northern New South Wales coastline, particularly around the Coffs Coast, is an underrated gem and is the perfect escape for those who want a peaceful and more relaxed lifestyle.” 

Read more.

Australian builder Conquest has been appointed as the project builders, set to bring Balfour Place to life, adding to an impressive project portfolio of over 2,000 properties, including the Crowne Plaza Sydney Burwood, The Greens Strathfield, La Luna Burwood and Soho Burwood.

Construction on Lindfield’s latest destination by developers Third.i, in conjunction with joint venture partner Phoenix Property Investors, has officially kick-started works this week, following a full project sell-out as demand for larger living spaces continues to grow. 

Demolition crews have moved in on the $180 million Balfour Place site, set to bring 59 apartments to Sydney’s Upper North Shore, which will be grounded by an urban oasis comprising over 7,091 sqm of retail and hospitality spaces. 

The project has been met with a swarm of eager buyers looking to secure their slice of Lindfield, acquiring over $100 million in sales since its launch to market earlier this year. The project, which is set to be built on the existing Coles supermarket site, is estimated to fast-track the development timeline, with construction expected to be completed by November 2024. 

Australian builder Conquest has been appointed as the project builders, set to bring Balfour Place to life, adding to an impressive project portfolio of over 2,000 properties, including the Crowne Plaza Sydney Burwood, The Greens Strathfield, La Luna Burwood and Soho Burwood.

Third.i. Co-Founder, Luke Berry said Balfour Place has struck a chord with the Lindfield community and surrounding areas, with the project accommodating the growing need for spacious living. 

“Our project provides larger living spaces in an idyllic location with lifestyle amenities at your doorstep,” Berry said.

“We’re proud to announce a project sell-out and that we’ve fast-tracked construction to help meet market demands. Conquest, who are well renowned for delivering buildings of exceptional quality, have been bought on board to deliver Balfour Place.”

“It truly will be a legacy destination for the area and we couldn’t be more thrilled to commence construction,” concluded Berry. 

The latest offering will comprise a collection of one, two, three and four-bedroom apartments with private courtyards and a shared rooftop garden space to be built on top of a brand new large format Coles supermarket.

The Coles grocery hub will be double the size of the existing store and will include a Liqourland and heritage commercial space fronting the Pacific Highway, overlooking the Blue Mountains. Over 237 car parking spaces will also be available spanning across two levels.

Read more.