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.”