New Australian developer Freecity Group is expanding its Build to Rent portfolio, with plans to deliver over 5,000 homes across 12 developments in Sydney over the next seven years.
The developer recently acquired two office buildings at 153 and 157 Walker Street in North Sydney from The GPT Group. Located in the North Sydney CBD and near the Victoria Cross Metro Station, the site offers strong transport links, including access to the M1 Warringah Freeway.
Freecity intends to convert the 44-level office development application (DA) into a mixed-use Build to Rent and aparthotel tower, which comprises 387 Build to Rent apartments, 177 hotel rooms, and street-level retail. The scheme is subject to DA approval, with completion targeted for mid-2029.
The site spans 1,928m² and has an office DA for approximately 50,000m². The developer sees the transition from office to residential as an opportunity to address demand in the rental market while adapting to post-pandemic trends.
“The market opportunity for Build to Rent in this location is excellent, with limited competition and good access to public transport and amenities.
“This area is becoming the new heart of the North Sydney CBD with the opening of the Victoria Cross Metro Station. Subject to DA approval, the proposed concept includes approximately 177 hotel rooms and 387 Build to Rent apartments, with street-facing retail, aiming for completion by mid-2029.
“The emergence of Build to Rent has been slower in Sydney, than in Melbourne and it is well overdue that we add this high-quality rental option to the housing mix in Sydney – Australia’s global city.”
Steven Mann, Chief Strategy Officer, Freecity Group
The Walker Street acquisition is part of a larger investment by Freecity, which also includes two sites in Parramatta. Located on George Street and Barrack Lane, these sites already have office redevelopment approval and will be converted into mixed-use residential developments.
The plans include over 900 Build to Rent units, co-living spaces, and commercial and retail areas. Freecity’s focus on Build to Rent and mixed-use developments will aid Sydney in addressing its housing needs.
