Central Element has scooped up a site on Sydney’s North Shore and filed plans for a $250-million seniors living scheme.
The developer is proposing 59 homes at 130 Pacific Highway, Greenwich, about 7km by road over the Sydney Harbour Bridge from the CBD.
Collier’s Tom Appleby was engaged by Central Element to help unlock the site’s 22-owner strata scheme, which will now integrate with the developer’s previously held 126 Pacific Highway property, creating a dual site aimed at downsizers “seeking luxury, community and convenience”.
The plans now before the Lane Cove council comprise two mixed-use buildings with an estimated end value of $250 million.
As well as the homes, the plans detail ground floor retail, communal spaces and amenities that “prioritise comfort and wellbeing of its residents,” the developer said.
Designed by architects Marchese Partners, the site includes 1000sq m of landscaped communal areas “reflecting the leafy North Shore location”.
Shared amenities include indoor and rooftop pools, gym, meeting spaces, group dining areas, and a library.
“The site offers connectivity to St Leonards and the Lower North Shore while preserving the tranquil charm of Greenwich,” the developer said.
Central Element holds a multibillion-dollar portfolio of developments across Sydney, including five projects due to complete next year.
In April of this year, the developer paid $17 million for the first of the Lower North Shore sites.
That same month its Ballamac House development at Coogee set a suburb record when its three-bedroom penthouse sold for $20 million prior to the project launch.
The 241sq m penthouse has 77sq m of external area to give a combined return of nearly $90,000 a square metre.
The previous record in the Eastern suburb was $13.1 million for a four-bedroom house at Wolseley Road.
