1-5 CHESTER STREET ANNANDALE 2038 Britley Property Planning Agreement

The Developer is seeking to demolish the existing structures and develop the Subject Land into approximately six (6) small non-residential tenancies and purpose-built student housing providing approximately fifty seven (57) self-contained studio apartments (up to 5 storeys in height above basement parking), generally in accordance with Development Application DA/2021/0518 which was lodged with Inner West Council (Proposed Development). The Developer has made an offer to the Minister to enter into the Planning Agreement in connection with the Proposed Development.
The Planning Agreement provides that the Developer will make a monetary contribution of $49,020 (subject to indexation in accordance with the Planning Agreement) (Development Contribution) for the purposes of the provision of designated State public infrastructure within the meaning of clause 6.23 of Leichhardt Local Environmental Plan 2013 (LEP).
The Development Contribution is based on a rate of $30 per square metre of gross floor area for the student housing component of the Proposed Development. If the approved gross floor area of that component reduces below 1,634 square metres, the Development Contribution will reduce accordingly.
The Development Contribution will be payable prior to the issue of the first construction certificate for the Proposed Development in accordance with Schedule 4 to the Planning Agreement.
The Developer is required to provide a $20,000 bank guarantee in accordance with Schedule 5 to the Planning Agreement.
The objective of the Planning Agreement is to facilitate the delivery of the Developer’s contributions towards the provision of designated State public infrastructure referred to in clause 6.23 of the LEP.