Darlinghurst mixed-use apartment development site listed

A Darlinghurst apartment development site has been listed for sale. The property is for sale by expressions of interest through Savills Australia and CBRE. Located at 10-24 Flinders Street, it is best known as the ARQ Nightclub premises. Situated on the corner of Flinders and Taylor Streets, EzyMart is another of the tenants. According to Harry George at CBRE the City of Sydney is currently undertaking a strategic review of the planning controls that govern the local area with the aim of future proofing the area as a vibrant cultural and creative precinct. “The proposed changes to planning rules will allow for taller buildings along Oxford Street, in a bid to transform the tired strip into a massive cultural and creative precinct. “ARQ represents an extremely rare opportunity for an incoming purchaser to secure a property within one of Sydney’s finest inner-city suburbs” he said. Nick Lower at Savills Australia said it was the first time the site had been offered for sale in 30 years. The site is zoned B2 Local Centre under the Sydney Local Environmental Plan 2012. It has a maximum permissible building height of 15m-18m and maximum FSR of 2.0:1-3.5:1 on each site respectively. Lower noted the City of Sydney recently earmarked nearby Oxford Street as a key priority area for renewal and revitalisation within the Local Strategic Planning Statement (City Plan 2036) endorsed in 2020. The draft planning proposal supports that the FSR and height limit is increased to 3.5:1-4:1 (with additional bonuses totalling 0.8:1 available) and 18m-23m, respectively, which will allowed for 6,000 sqm* (STCA) of allowable GFA across five to six storeys.