MORE than 280 new homes have been approved at the Telstra Exchange site in St Leonards.
The State Significant Development proposal will include 272 build-to-rent homes, 10 affordable housing units, 84 serviced apartments, and retail stores within the 43-storey mixed-use tower. The proposal is valued at $209 million. The Telstra Exchange will retain operations, with the building being integrated with the new development.
The site was rezoned under the Crows Nest Transport Orientated Development Accelerated Precinct.
The Minns Labor Government is speeding up new home delivery by streamlining planning assessments, allowing sites to be concurrently rezoned and assessed.
Development at the St Leonards site will create 250 construction jobs and 40 ongoing jobs. From the project, Lane Cove Council will receive up to $9.8 million in development contributions for local infrastructure such as parks, community facilities, and local roads. Further, $3 million will be providing by the NSW Housing and Productivity fund for infrastructure projects such as roads, parks, hospitals, and schools.
‘This project is a great example of an innovative infill development proposal which will provide nearly 290 new homes plus new short-term accommodation within six kilometres of the Sydney CBD,’ says Paul Scully, Minister for Planning and Public Spaces. ‘This rezoning and assessment pathway is similar to what proponents will have access to when working with the Housing Delivery Authority, this will speed up the delivery of good projects.’