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Property developer Central Element is laying plans for a mixed-use seniors’ project on Sydney’s Lower North Shore after snaring a development site at Greenwich along the Pacific Highway for $17 million.
The Sydney-based company, which last year forked out $51 million for an amalgamated site overlooking Bondi Beach, says it plans to create “a product like no other” for the over-60s market.
The 1,232sqm site is currently occupied by a three-storey office building with Central Element preparing to lodge a development application for a boutique eight-storey project comprising at least 20 apartments of two and three bedrooms each, a street-level retail precinct and communal spaces including a rooftop bar with harbour views.
The site, located at 126 Pacific Highway, offers three-street frontages with uninterrupted views of the Sydney Harbour Bridge and CBD skyline.
“We recognised the opportunity this Greenwich site presented for a world-class mixed-use seniors living development,” says Nathan Chivas, the managing director of Central Element.
“Our intention is to create an environment for those over 60 that is hyper-focused on ageing well and enjoying their third phase of life.”
Chivas notes that the site is located within a short walk of St Leonards Railway Station, Crows Nest Metro Station and Royal North Shore Hospital.
The sale pf the property was negotiated by Tom Appleby, Steam Leung and Joseph Lin, of Colliers.
“Given the vacancy rates in aging office middle markets assets, a diverse range of savvy buyers are increasingly assessing opportunities through an alternate lens”, says Appleby, director of Sydney North Sales at Colliers.
“Central Element appreciated the adaptive use potential in line with the favourable underlying planning controls, the property’s panoramic Sydney Harbour views enjoyed from its elevated ‘island’ site positioning and its proximity to the North Shore's pre-eminent health precinct.
“St Leonards has become one of Sydney’s most exciting new precincts, as it is set to transform with the impending Crows Nest Metro Station opening, and the affiliated St Leonards and Crows Nest 2036 Plan.”
Central Element, which is led by Shane Smollen and father-and-son team Wayne and Nathan Chivas, says it plans to work closely with the Lane Cove Council, building on its previous collaborations for the development of its Aston and Battique projects locally.
The company has a multibillion-dollar portfolio of residential and mixed-use projects under its belt, including a joint venture with MaxCap Group to redevelop the Hyde Park Inn in Sydney’s CBD into 42 luxury apartments.
The development group has extensive experience in seniors living projects including The Balmoral Collection in Mosman and Malton in Beecroft.
“We look forward to further redefining the seniors’ living category by catering to the ever-changing wants and needs of older Australians,” says Chivas.
“With Greenwich, we will take a holistic approach to wellbeing, with a design and amenity that will promote daily movement, a shared community and purpose for its residents.”
Central Element plans to lodge its development application by July and, pending approvals, expects to start construction in mid-2026.
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