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.