The partnership will deliver more than 600 apartments and around 10,000 square metres of commercial and retail space across four separate sites, which they will hold and lease.
Aqualand note that by taking advantage of the strong Sydney market conditions and potential of the residential property market, their “current residential pipeline will deliver approximately 4,500 apartments over the next 10 years.”
Develotek began their search for a development partner in 2018. Develotek director, Robert Sargis says, “After considering proposals from many developers we determined Aqualand to be suitably resourced to deliver this scale of development including capital, construction services and with a significant focus on the North Shore Market.”
“Develotek will utilise its internal resources to contribute design and planning and work collaboratively with Aqualand on creating the most community friendly developments to Chatswood,” he added.
A planning proposal to rezone the area has been underway for 18 months, with the partners waiting for the nod of approval from the NSW Department of Planning.
As well as dedicated community assets such as open space, pedestrian links, heritage restoration, enhanced public landscaping and road widening, the developers intend to retain a number of apartments for key workers in the area including school teachers and health care and emergency service employees. A community open space is also outlined for one of the four sites, including heritage restoration, vegetation enhancement and public domain improvements.
Aqualand is aligning its Chatswood development with Willoughby council’s 20-year strategy to grow the Chatswood CBD both as a major employment centre and residential precinct. This strategy encourages commercial office development to attract a larger share of major corporations.
Planning permitting, Aqualand are aiming to launch the project in 12 to 18 months.
For more information please visit Aqualand.
All images via The Urban Developer.
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