$33 million Crows Nest block to be converted to high-rise “retirement lifestyle” village

A prime row of Crows Nest shops has been bought by aged care provider Moran Group, which plans to redevelop the site into high-rise housing for retirees.

What happened: The 891-square-metre row of shops on Falcon Street was sold earlier this month for $32.6m in a private treaty sale that attracted offers from several property developers.  

Moran Group told the Lorikeet it is looking to redevelop the block into a “retirement lifestyle” property. 

The sale comes with a previously approved application to lodge redevelopment as a State Significant Development, which means any project could be fast tracked, and potentially receive leeway regarding height restrictions. 

How big? The current height limit of the site is 50 metres, equating to around 14 storeys. Height concession granted by the state in exchange for affordable housing could bump this up by around three to five storeys.

Nick Lowry, the real estate agent who brokered the sale, said it was likely Moran Group would maintain retail shopfronts on the ground floor while building aged-care housing on top. Moran Group, however, declined to comment on this “until the designs and plans are further developed”. 

The ground floor retail spaces are tenanted by the likes of restaurants Sumibi Yakiniku and Lola Cocina, a masseuse, martial arts studio and health food store. 

The owner of Lola Cocina, Ashok Chand, told the Lorikeet he intended to keep his business in the Crows Nest area, preferably at the same location. He said many of the retail shops had only recently signed new leases, his own extending to 2031.

Thumbnail: Lowry Property Group