A site sale in Crows Nest which billionaire retailer Gerry Harvey claimed to have quietly sold in 2015 for a little over $30M has been registered at the land titles office for $34.5M. The site at 27 Falcon Street was earmarked for an 88 residential apartment development with 1,400 sq.m. of office/retail space.
A planning proposal and draft voluntary planning agreement (VPA) for the site was presented to Council in 2015. The planning proposal had sought to rezone the site from B4 - Mixed Use to R4 - High Density Residential, to amend the building height control from the existing maximum building height of 10m, to stepped heights of 19m, 16m and 10m; and to remove the non-residential floor space ratio requirements. The VPA was to provide $1.0M to Council for affordable housing.
The Council rejected the planning proposal and the site remains zoned B4 - mixed use and the maximum height remains at 10 metres. The recent St Leonards / Crows Nest adopted by Council in 2015 and the Crows Nest Urban Design Study prepared by the Department of Planning in October 2018 do not extend to this site, which is destined to remain constrained by the current planning controls.
It is not clear whether the sale registered this week is a deferred settlement (or alternative new sale) from Gerry Harvey's or a subsequent sale by the purchaser.