Undeterred by Australia’s slowing residential market, developer Goldfields will push full steam ahead with its 85-unit residential tower after being green-lit by Willoughby Council.
With a gross development value of around $165 million, the Chatswood development in Sydney’s Lower North Shore will build upon Goldfields portfolio of developments along the nation's East Coast.
Goldfields managing director Marco Gattino said the Chatswood development approval is a significant milestone for the company, particularly given market conditions.
“It’s been a challenging 12 months for Australian property, however Sydney’s Lower North Shore is quickly becoming one of the most searched and desired places to live and work in Australia; and I see this trend continuing into 2020.”
Gattino says the Chatswood project will be one of the first approved developments under the Chatswood CBD Planning and Urban Design Strategy.
“So it's a great opportunity to bring high-quality mixed-use residential to an area that is demanding it,” he said.
Chatswood sits eight kilometres away from Sydney’s CBD.
Sydney's north shore has been a hive of activity, late last year developer Sun Property Group lodged a multi-million-dollar mixed-use project at 56-60 Burns Bay road with Land Cove Council.
In November, property developer Billbergia submitted plans for North Shore's largest tower, a 48-storey skyscraper cantilevered over the heritage-listed Firehouse Hotel on Walker Street.
Australia's largest office landlord Dexus topped out on its $600 million 35-storey tower at 100 Mount Street.
Last month Goldfields was approved for a $300 million office tower at 627 Chapel Street in Melbourne’s South Yarra.
“We’ve established a strong presence in Victoria and spent much of 2018 focussing on our developments in Queensland, so expanding our footprint into New South Wales is an exciting opportunity for Goldfields,” Gattino said.
Construction of the Chatswood tower is set to begin September 2020.