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Residents buy off-plan to tower above Chatswood

9 Feb

9 Feb 11 by Kat Adamski

CHATSWOOD’S newest apartment blocks will soar 260m above sea level – the North Shore’s highest.  The $450 million Chatswood Interchange project, which went into receivership in 2008, is back on track after it was revived by the Sydney’s Galileo Group.

The highest of the three towers would be 140m, which would make it the North Shore’s tallest.

Liquidator CRI Chatswood sold the rights to build the three towers to Galileo, which teamed with ISPT, one of Australia’s largest unlisted property funds, to buy the site late last year.

The consortium is relying on off-the-plan apartment sales so construction can start on two of the towers as early as June.

They will be built above Chatswood station.

In the past, Willoughby Council general manager Nick Tobin has been critical of the site, saying the State Government had approved the residential towers without contributing to the public services and amenities that 1000 residents would need.

Metro View (31 storeys) and Metro Spire (42 storeys) will be built on the north-eastern edge of the already completed retail podium, which is unleased.

Together they will provide 292 apartments, with prices from $488,000 for one-bedroom units to a penthouse for $1.725 million.  The third and highest tower, Metro Grand, at 56 storeys, would follow on the western side of the site with 261 apartments.

Willoughby Mayor Pat Reilly said he was disappointed that the residential component was progressing before the retail podium negotiations were finalised.  “(The overall development) was approved by the State Government beyond our control, but we believe the retail component should be the main concern,” Cr Reilly said.

“While council has advocated for an office building, the location of the three towers in the heart of the Chatswood CBD has assisted us in meeting the government’s increased dwelling requirements.”

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