Alternative investment manager Barings has secured State Significant Development approval for a Build to Rent development in St Leonards in Sydney.
Located at 12–20 Berry Road and 11–19 Holdsworth Avenue, the 5,015 sqm site, which previously comprised of ten low density residential dwellings, will accommodate 188 new units, a childcare centre and community facility.
Owned by Aware Super and developed by Barings, the development will contribute meaningfully to local housing supply and is expected to account for close to 5% of Lane Cove’s five-year housing target.
“This approval represents an important step in delivering much-needed housing supply in a well-connected Sydney location.
“We are pleased to be working with Aware Super, and remain focused on delivering a high-quality residential development that integrates affordable housing and community infrastructure, supporting the long-term needs of the local area.”
Warwick Dowler, Senior Director and Head of Residential, Barings Real Estate Australia
The development has been designed to support the evolving needs of the local community through a mix of private and affordable housing, together with integrated social infrastructure. A total of 15.6% of the development’s floor space has been allocated to affordable housing, which equates to a total of 37 affordable housing units.
“Many of our members are essential workers, and a development like St Leonards helps them live closer to the hospitals, schools and services our communities depend on.
“Aware Super is proud to invest in the housing Sydney needs, while putting our members’ retirement savings into a strong, long-term asset that builds their financial future. This is Super working for our members and the community.”
Deanne Stewart, CEO, Aware Super
The proposal will also enhance the public domain, including the delivery of part of a planned through-site link connecting Holdsworth Avenue and Berry Road as the surrounding precinct is developed.
