Three major developers shortlisted for Sydney site worth more than $100m

One of three Sydney developers – Deicorp, Hyecorp Property Group and Thirdi
Group – is poised to restock its development pipeline after being shortlisted by
the NSW government to buy a key residential site in Sydney’s lower north
shore, likely to exchange at more than $100m, Green Street News can reveal.

The government is selling the rezoned the site at 1 Reserve Road, also known
as Lot 4B Herbert Street, in St Leonards for a transport oriented development.
The unused, surplus land was released for sale in May as part of the
government’s property audit.

Coveted by developers, TODs, one of the goverment’s newest rezoning policies
to encourage residential development, allow higher density mixed-use
construction around transport nodes.

The developers beat six others to the shortlist and will submit detailed proposals
for their projects in the next round.

The rare, vacant 3,301 sq m site can accommodate nearly 450 units, including
up to 60 affordable homes targeted at healthcare workers at the Royal North
Shore Hospital next door. It’s near the main St Leonards train station and the
new metro station at Crows Nest.

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