By ANNA USHER

A 20-storey North Sydney tower built during the 1970s office boom will be demolished to make way for a 39-storey apartment block under a $195 million proposal now before the NSW State Government.

Located at 275 Alfred St and originally known as Fund of Australia House, the site has been declared a State Significant Development (SSD), following a recommendation from its three-person Housing Delivery Authority (HDA) in June.

“The project was recognised for its strategic location, architectural merit, and delivery readiness,” a scoping report prepared for owner Fivex states, “all site leases expire or contain demolition clauses activating from May 2026, enabling construction to commence within 12 months of approval.”

Deemed “visually dated” and ripe for renewal, the 1,334sqm parcel of land is proposed to be rezoned and redeveloped into a mixed-use tower of 175 apartments, with 15% dedicated to affordable housing for 15 years.

The development will also include retail, commercial, and residential amenity space in its lower podium.

The project forms part of the state government’s broader push to fast-track “shop top housing” in areas close to transport and jobs. The site is within walking distance of both North Sydney Station and the Victoria Cross Metro.

At the national level, the Albanese government has pledged $32 billion for housing, including the $10 billion Housing Australia Future Fund, in a bid to deliver 1.2 million new homes over five years. NSW’s share of that target is 377,000 dwellings.

Once marketed as a premier office destination with “harbour views, carpeted floors, and restaurant facilities,” Fund of Australia House was a symbol of postwar commercial confidence. One cheeky ad from the era read:

“Would the last tenant to leave the city please turn out the lights?”

If approved, the development would significantly increase housing supply in a high-demand area, delivering new apartments just minutes from key transport links and North Sydney’s commercial centre. A decision from the NSW Department of Planning is expected following public consultation.

READ THE FULL SSD DOCUMENT HERE