A landmark 1970s office tower in the heart of North Sydney is set for demolition to make way for a towering 39-storey, $195 million apartment block that will add 175 new homes to the community under a state-supported plan to revitalise the area.
From Boardrooms to Living Rooms
The $195 million proposal for 275 Alfred Street will completely transform the 1,334-square-metre site. The new 80-metre tower, designed by owner Fivex, will feature 175 modern apartments. Its lower levels are planned to include retail shops, commercial spaces, and amenities for residents, creating a lively street-level atmosphere that serves both the building’s occupants and the wider public. This mixed-use design marks a significant shift from the site’s previous life as a purely commercial building.
The project is moving forward under a State Significant Development classification, a status recommended by the Housing Delivery Authority that helps to streamline the approval process for projects of major importance. According to a report prepared for the owner, the project was recognised for its strategic location and readiness for delivery.
Building a More Inclusive Community
A key feature of the development is its focus on addressing the local housing shortage. As part of the plan, 15 per cent of the apartments will be set aside as affordable housing for 15 years. This move aims to provide more housing options for essential workers and residents on lower incomes, helping to create a more diverse and inclusive community in a high-demand area.
The site’s location is ideal for residential living, situated within a short walk of both the North Sydney train station and the new Victoria Cross Metro. This easy access to public transport supports the government’s broader strategy of encouraging new housing in areas that are well-connected to jobs and city infrastructure.
A Sign of the Times
The existing 20-storey tower, originally known as Fund of Australia House, was built during the office boom of the 1970s. At the time, it was marketed as a premier commercial address, symbolising postwar business confidence. One advertisement from the era cheekily read, “Would the last tenant to leave the city please turn out the lights?”
Today, the building, most recently occupied by the firm Bayer, is considered “visually dated” and ready for renewal. Its transformation reflects the changing needs of the city, moving away from single-purpose office districts toward more integrated neighbourhoods where people can live, work, and socialise.
The Path Forward
The project has a clear timeline. All current leases on the site either expire or contain demolition clauses that become active from May 2026. This would allow construction to begin within twelve months once the development receives its final approval.
The proposal is now with the NSW Department of Planning for its final assessment. The decision will follow a period of public consultation, where local residents and stakeholders can provide their feedback on the future of this key North Sydney site.
