Property, hospitality and investment group Aqualand has revealed plans for a 40-storey hotel and build-to-rent tower on Sydney’s North Shore.
The developer has filed a request with the New South Wales Department of Planning for Secretary’s Environmental Assessment Requirements (SEARs) for a 240-key hotel across 12 storeys and about 225 apartments over 25 levels above the hotel.
The proposal, which will also include ground-floor food and drink facilities, a hotel lobby and conference spaces, and three levels of basement parking, will sit on a 1070sq m lot at 132 Arthur Street, North Sydney.
It will be Aqualand’s second build-to-rent project in the street.
In August last year the prolific NSW-based developer announced it was planning a 300-apartment tower at 146 Arthur Street.
In a written statement, Aqualand said the latest proposal would be about 450m from North Sydney Station and 250m from the Victoria Cross Metro Station, which is due to open next month.
Property development monitor BCI Central estimates the development will have construction costs of about $200 million.
Aqualand said the proposal would bolster its commitment to build-to-rent as an effective model to help alleviate the restricted rental market, which it said remained an important segment of the local housing sector.
Online documents show Aqualand acquired the property in September 2016, paying paid $70 million. It’s currently occupied by a 13-storey B-grade office building.
Aqualand’s Group managing director Jin Lin said it was the company’s third residential project within the North Sydney Council.
“This project will also see our first foray into the hotel space, which demonstrates our unique ability to pivot to whatever best suits the location,” he said.
“It will increase North Sydney’s appeal in the tourism sector and help generate a thriving 18-hour economy.”
Most recently Aqualand finished its Aura apartment tower at 168 Walker Street and in 2021 completed the 20-storey Blue residential tower at 61 Lavender Street, Milsons Point.
