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Cromwell Reopens $130m Northpoint Development

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Cromwell Property Group has officially opened the doors at its Northpoint redevelopment in the heart of North Sydney with hotel guests soon to check-in at a new boutique hotel.

The $130 million integrated redevelopment has reached practical completion with anchor tenant, Woolworths Metro and BWS, now open for business.

Cromwell purchased the Northpoint Tower in 2013 for $278 million with its South African-backer Redefine Properties and lodged plans for the $130 million refurbishment of the tower including a boutique hotel with Toga Group. The tower was originally built in 1977 and last refurbished in 1997.

“Northpoint was designed to meet the retail, dining, and leisure needs of the ever-growing professional population in the area,” Cromwell Property Group head of property, Bobby Binning said.

“We are very excited to see our vision for the North Shore realised.”

Related reading: Property Heavyweights Shortlisted for Tower and Sydney Metro Contract

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Earlier this month it was reported that an Asian investor is in talks to buy a half stake in the $600 million development from Redefine Properties. Redefine has since sold down greatly from its holding in Cromwell selling a 19.5 per cent stake to a Singapore-based asset manager.

Located on the corner of Miller Street and Pacific Highway, Northpoint will be directly across from the proposed Victoria Cross Metro station to be opened in 2024.

Retailers throughout the precinct are set to progressively open in the coming months. The lower retail level focuses on convenience and includes Woolworths and BWS. Fit-outs are nearing completion for Westpac and a suite of speciality retailers.

Related reading: North Sydney Building Sales Continue After $52m Transaction

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The upper retail level is dedicated to dining and leisure, with its “eat street” concept. Additionally, a rooftop bar is pending final council approval.

The 187-room North Sydney Vibe Hotel, managed by Toga, will welcome guests from 3 April.

“In the last few years, the North Shore precinct has gone through an extended period of development and rejuvenation,” Binning said.

“The population of North Sydney suburb is set to boom, with an increase of 27 per cent by 2036 predicted.”

Commercial leases have also been in high-demand with the Northpoint Commercial Tower edging closer to capacity. Fresenius Medical Care has secured 600sq m on level 27 for five years, and Thinktank, a commercial lender, has secured 614sq m on level 24 for five years.

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Article originally posted at: https://theurbandeveloper.com/articles/cromwell-reopens-130m-northpoint-development-