After a decade of near zero residential development, the North Sydney CBD is once again alive with towering cranes and men in high-visibility work wear, according to a leading local real estate expert.
Duncan Grady, Principal of Raine & Horne North Sydney, says there are almost 1,000 residential apartments either under construction, or in the pipeline, within 300 metres of his office at 160 Pacific Highway, North Sydney.
“These developments include The Montrose, Skye Apartments, The London, Atria, The Heritage and Belvedere,” said Mr Grady.
“Buyer interest in these new developments has been exceptional, with all projects nearly fully sold before completion.”
A long-time North Sydney agent, Mr Grady is confident the major residential developments will breathe new life into one of Sydney’s busiest commercial precincts after hours.
“Take a walk around North Sydney between 9 am and 5pm on Monday to Friday and it’s full of activity, however it’s more like a ghost town after work and on weekends, which seems a massive waste given our proximity to Sydney and the harbour,” said Mr Grady.
“With an estimated two residents per apartment, we expect to have at least two thousand new residents living in North Sydney very soon.”
Mr Grady is confident that North Sydney’s proximity to the City is sure to be a massive appeal to young professional couples “who typically cook less and eat out more”.
“As a consequence, it’s fair to expect more trade for cafes, restaurants and retailers and hopefully the re-emergence of North Sydney as an after-5pm destination.
“This will result in a lot more life in North Sydney in the coming years and with this should come strong rental demand and good returns for investors,” he added.