Pictured above: Crows Nest over station development render
One of Australia's leading property development firms, Third.i, and real estate investment firm, Phoenix Property Investors, have further solidified their partnership in Sydney, acquiring the last two of Sydney Metro’s Crows Nest over station development sites via Private Treaty with Sydney Metro and the NSW Government. The deal was brokered by Third.i’s Head of Acquisitions, Florian Caillon, and Sydney Metro’s commercial team.
Strategically located above the upcoming Crows Nest metro station, one of six new stations for Sydney Metro City & Southwest, slated to be operational by 2024 and will extend the metro rail from Chatswood through the Sydney CBD to Bankstown.
The concept proposal for the over station developments was approved by the Minister for Planning and Public Spaces In December 2020.
The first site, Lot A, will feature a unique commercial and retail offering with a focus on health and wellness in its design. Meanwhile, the second site, Lot B, will comprise a mixed-use space with ground-floor retail and a residential component, solidifying Crows Nest as a top destination to live, work and play in Sydney’s Lower North Shore.
Third.i’s Co-founder & Director of Acquisitions, Bob Huxley, expressed his excitement for the project, stating “This will be a legacy development for Third.i, and we can’t wait to start working with all stakeholders to bring the Crows Nest over station development to life and add significant value to the Crows Nest community.”
This acquisition marks the fifth joint venture between Third.i and Phoenix Property Investors, with a strong track record of success in Sydney’s North Shore, including the successful sale of the Balfour Place residential project in Lindfield and the Blue & William commercial precinct in North Sydney to Keppel REIT via Lendlease. Trent Winduss, Head of Australia at Phoenix Property Investors, said, “We’re excited to continue our relationship with Third.i and look forward to delivering the Crows Nest over station development in partnership with them.”
With this acquisition, Third.i’s overall project pipeline has grown to over $4 billion across Australia and the UK.
