Central Element and MaxCap receive planning approval for $150m residential development in Chatswood

Property developer Central Element and real-estate investment specialist MaxCap Group have received planning approval for their $150 million mixed-use luxury apartment development joint venture in Chatswood.

Designed by Melbourne-based architects SJB, the mixed-use project will consist of a collection of 49 premium one, two and three-bedroom residences across 16 levels.

“We’re excited to announce that our development Ethos in Chatswood has received planning proposal approval and that we have submitted the development application. Offering close proximity to the thriving Chatswood CBD, Ethos benefits from uninterrupted views of Sydney and beyond to the Blue Mountains,” Central Element managing director Nathan Chivas said.

“We’re also excited to be leading the revitalisation of residential living in Chatswood, with Ethos being the first offering of new apartment product in the area in the last four years.

“We’ve worked closely with the State Government and Willoughby City Council throughout all stages of planning to ensure our development facilitates future growth and employment, achieves exceptional design and contributes to a distinctive, resilient and vibrant CBD in Chatswood.”

With planning approval now in the bag, a development application for the site on the corner of 15 Ellis Street and 753 Pacific Highway has now been submitted.

With circa 1,200sqm of retail and commercial space, the Lower North Shore development will offer communal wellness spaces for the residents, including a sky lounge and public art.

Expected to be complete in 2024 and aligning with the Chatswood CBD Planning and Urban Design Strategy 2036, Ethos will be the suburb's first premium residential offering in almost four years.

The project will be jointly led by Central Element, a privately-owned developer led by Wayne Chivas, Shane Smollen and Nathan Chivas, known for its premium and environmentally sustainable developments in Sydney’s metropolitan area.

The Sydney-based company is currently completing developments in Neutral Bay, Balmoral, and Coogee. Its Hyde Park mixed-use development on the site of the Hyde Park Inn at 271 Elizabeth Street is expected to be completed in 2023.

Melbourne-based MaxCap Group, the joint-venture partner, is one of Australia’s leading commercial real estate debt and equity investment managers, with current funds under management and advice of roughly $5 billion.

An earlier proposal, lodged in June 2021, was amended after the Willoughby Council backed the Chatswood Croquet Club’s concerns about the development encroaching on its land.