Diversified property group Stockland has lodged plans for a $70.6 million high-density development in the inner city Sydney suburb of Rosebery.
The country's largest developer will now look to build 145 apartments across three 7-storey buildings, creating a new "high density community" which will comprise 13,571sq m of gross floor area as well as a ground floor cafe and basement parking for 152 cars.
Upper levels of the buildings will have 2-storey "sky terraces" providing a "house-like configuration" in an apartment building format.
The 6,168sq m site, located at 5-15 Dunning Avenue in Rosebery, is currently occupied by a two-storey industrial building set among a number of residential apartment buildings as well as existing warehouse developments.
Stockland has enlisted architect Rothelowman to interweave the new residential project into its surrounding context.
Neighbouring the proposed development, located at 1-3 Dunning Avenue, is a new 6-storey project comprising 54 apartments and ground floor retail.
The architects have drawn inspiration from the prevalent housing typology in the area, with the Georgian-styled Mentmore House located directly to the south of the subject site.
“We see this project as a landscape with architecture interwoven,” the development application said.
“The massing of the development is of an appropriate scale which is sympathetic to the emerging character of the locality.”
The proposal, which the developer says remains true to the original town planning vision for "garden suburb" of Rosebery, will enhance the streetscape through the reinstatement of a historical landscape with the provision of a large communal landscape space.
“The spaces between the buildings will become the place and provide the new lifeblood to a unique residential urban community.”
“What results is the creation of a collection of buildings that respond to the history of its place, anchoring its occupants firmly in the present with opportunity to inhabit the thresholds of landscape — a new 'garden urbanism'.”
The proposal, to be considered by the City of Sydney, is on exhibition until 1 June.
Stockland boss Mark Steinert said the company was benefitting from a "flight-to-quality" in the slowing residential market.
“Our residential portfolio is skewed to the most resilient part of the market, with over 85 per cent of sales for the quarter to owner-occupiers.”
“We are seeing solid demand for our new launch projects which, consistent with the portfolio, are focussed on affordable, liveable communities that are connected to transport and jobs.”
“We expect further price declines in residential land of around 5 per cent over this calendar year, concentrated in Sydney and Melbourne.”
Stockland reported a hit to its half-year statutory profit, declining 56.2 per cent to $300 million, in the February reporting period.