Tall & Urban News

A well-known developer plans to modify its Sydney North Shore over-station towers project to create over 100 residences for frontline healthcare workers. Thirdi and Phoenix Property Investors, in collaboration with Evolve Housing, will allocate 15% of the development as affordable housing for nurses, midwives, and health professionals working at Royal North Shore Hospital and nearby facilities. These dedicated homes have an estimated value of $130 million.

The modification is driven by a decreased demand for office space, the need for more residential density, and the government's commitment to addressing the low supply of affordable housing. Thirdi and Phoenix Property Investors propose to modify the development, incorporating affordable housing, residential, retail, and commercial spaces.

Pending stakeholder approval, Thirdi and Phoenix Property Investors will deliver the asset to Evolve Housing, who will collaborate with the NSW Nurses and Midwives Association and the Health Services Union to provide a range of apartments and amenities to their members. This project aims to address the residential needs of the community and stimulate economic activity.

The agreement with Evolve sets a precedent in the industry and could lead to the creation of up to 500 more affordable homes in Sydney. If approved, the affordable tower will be transferred to Evolve, allowing them to finance more affordable housing across their sites in NSW.

Gerard Hayes, the secretary of the Health Services Union, emphasized that Australia's housing crisis is becoming a health crisis. Affordable housing solutions are crucial to ensuring that healthcare workers can afford to live near the facilities they serve.

This initiative will also help recruit staff for hospitals and healthcare facilities, as there are currently over 114 job vacancies at Royal North Shore Hospital alone. The demand for affordable housing far exceeds the current supply in the market.

Read more about this story at The Urban Developer.